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Tired of Waiting

Ireland: 75% Fall In Land Values

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Ireland: 75% Fall In Land Values

LINK: http://www.daft.ie/report/

Could it happen here too??

:)

I would love to be able to buy a building plot, and have our own (modest, 3 bed) family home built on it.

- - - - - - - - -

Other data from Ireland:

House prices there, compared with April 2007 ( = 100)

2010-Q3-sale-asking.png

2010-Q3-sale-stock-flow.png

2010-Q3-sale-snapshot.png

Edited by Tired of Waiting

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During a crash, land falls by more than houses because the costs of building a house are largely fixed- bricks, blocks, labour- and the land in the only thing in the mix that can reduce significantly in price.

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Area of Ireland is 70k sq km, population approx 5m.

Area of Britain is 210 sq km, population approx 60m.

This gives Ireland 4 times as much land per head of population so it's pointless making comparisons, especially when you consider that approx 85% of the British population is crammed into England.

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course it gonna happen here.

I'm looking to buy some ag land to grow gerkhins,mans gotta dream

Well, if you don't want to build on it, land is already very cheap.

Here, 73.3 acres (29.66 hectares) for £250,000, in the South Downs (less than 50 miles from London) - http://www.rightmove.co.uk/property-for-sale/property-14638263.html

Just £3,410 / acre.

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During a crash, land falls by more than houses because the costs of building a house are largely fixed- bricks, blocks, labour- and the land in the only thing in the mix that can reduce significantly in price.

Exactly what I thought. I was just unsure if I was being, well, wishful thinking. Thanks for confirming it.

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Area of Ireland is 70k sq km, population approx 5m.

Area of Britain is 210 sq km, population approx 60m.

This gives Ireland 4 times as much land per head of population so it's pointless making comparisons, especially when you consider that approx 85% of the British population is crammed into England.

With the UK planning restrictions what is "pointless" is to consider total area.

What matters is area with planning permits.

This explains why plots in Sussex are much more expensive than in the Manchester-Liverpool area,

whilst at the same time population density would suggest the opposite.

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And yet, as i posted in response to the 'ghost estates of ireland' thread, even on those ghost estates they still want half a million euros for postage stamp plot newbuilds.

The curse of the zombie banks. Must be even more frustrating over there.

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I'm in Belfast. One house I've been watching here for a while was in a row of houses that were asking for £280,000 a house two years back. This one house is now on for £90,000. It's twice been Sale Agreed before coming on back for sale at a reduced price.

More of this is what we need.

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During a crash, land falls by more than houses because the costs of building a house are largely fixed- bricks, blocks, labour- and the land in the only thing in the mix that can reduce significantly in price.

What does this mean for the construction of new build inner city shoebox high rises, given that the land is a far smaller part of cost compared to detached houses?

There is no profit in them anymore?

No more scourge of the time travelling 1960s-esque newbuilds?

s_birminghamexterior2.jpg

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I'm sure I read last year from a link on HPC that building land was already down a lot, the biggest drop was 50% in the Yorkshire and Humberside region

Good news. Thanks. Good for them there. Let's hope it spreads to the rest of the country.

BTW, there must be some data about it around. Does anybody know where?

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I'm sure I read last year from a link on HPC that building land was already down a lot, the biggest drop was 50% in the Yorkshire and Humberside region

It seems to have bounced a lot like recent house prices. One plot not far from here, orignally on at £120k in 2007, reduced to £40k by 2009, didnt sell, now back on at £85k.

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It seems to have bounced a lot like recent house prices. One plot not far from here, orignally on at £120k in 2007, reduced to £40k by 2009, didnt sell, now back on at £85k.

Those are pretty big price changes there!

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Those are pretty big price changes there!

Hopefully a sign of things to come.

I'm hoping to get a plot for about £40K to £60K where I live up north to build a small detached bungalow for my retirement. Super insulated to guard against rising energy costs.

Anyway that's the plan.

Edited by oldsport

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Hopefully a sign of things to come.

I'm hoping to get a plot for about £40K to £60K where I live up north to build a small detached bungalow for my retirement. Super insulated to guard against rising energy costs.

Anyway that's the plan.

Around here (south coast) building plots are very very rare. I guess it would cost 100k for a small plot in a below average location.

I thought prices up north had crashed already. No? 40-60k sounds like a good budget. If not now, very soon. Good luck.

BTW, are you familiar with this? Building costs: http://www.homebuilding.co.uk/files/ascent-homebuilding/Buildcostguide2010_1.pdf

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I'm in Belfast. One house I've been watching here for a while was in a row of houses that were asking for £280,000 a house two years back. This one house is now on for £90,000. It's twice been Sale Agreed before coming on back for sale at a reduced price.

More of this is what we need.

Very nice! I really hope we get similar drops here in the south.

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Around here (south coast) building plots are very very rare. I guess it would cost 100k for a small plot in a below average location.

I thought prices up north had crashed already. No? 40-60k sounds like a good budget. If not now, very soon. Good luck.

BTW, are you familiar with this? Building costs: http://www.homebuilding.co.uk/files/ascent-homebuilding/Buildcostguide2010_1.pdf

I think large development plots have fallen a lot but there's still vey few single plots and none seem to have got cheaper. They must come eventually. Otherwise it'll have to be a derelict/demolish/rebuild.

Those figures are similar to what I'm hoping to spend. Although I've got family who can build it for me, which is very helpful because I'm so disorganised.

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I think large development plots have fallen a lot but there's still vey few single plots and none seem to have got cheaper. They must come eventually. Otherwise it'll have to be a derelict/demolish/rebuild.

Those figures are similar to what I'm hoping to spend. Although I've got family who can build it for me, which is very helpful because I'm so disorganised.

:lol: Me too! I'll have to go "Route D / Standard"!

Edited by Tired of Waiting

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Don't worry - you can still pick-up land for 1 million Euro per Acre near some small town in the middle of nowhere Ireland. :) It will even have development potential! :P

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Don't worry - you can still pick-up land for 1 million Euro per Acre near some small town in the middle of nowhere Ireland. :) It will even have development potential! :P

All these countries that "over-built" :rolleyes:, like the USA, Ireland and Spain, will have property prices fall by much more than here in the long term. And this will be brilliant for them. Both living costs and production costs will be lower there. Everybody needs buildings. Even governments! (See my sig.) Actually these will be good countries to emigrate to in a few years!

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In my village, bare plots of 1/3rd acre with planning permission were priced at 350-400K. (I offered 160K but was refused!)

This year, a different plot recently sold for 350-400K but had 1.5 acres (permission for one house only) so you can get 5x the land for the same money.

I'm now buying more than 2/3rd acre for less than 350K.... and it comes with a house which could be extended quite easily.

So land prices here have more than halved and you now get a free house.

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In my village, bare plots of 1/3rd acre with planning permission were priced at 350-400K. (I offered 160K but was refused!)

This year, a different plot recently sold for 350-400K but had 1.5 acres (permission for one house only) so you can get 5x the land for the same money.

I'm now buying more than 2/3rd acre for less than 350K.... and it comes with a house which could be extended quite easily.

So land prices here have more than halved and you now get a free house.

Land where it will be impossible to get planning permit is very cheap, like in the South Downs National Park:

73.3 acres, asking price £250,000. That means £3,410 per acre.

http://www.rightmove.co.uk/property-for-sale/property-14638263.html

I think in the examples you mentioned the value was given much more by the value of the permits, than the size of the land.

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In my village, bare plots of 1/3rd acre with planning permission were priced at 350-400K. (I offered 160K but was refused!)

This year, a different plot recently sold for 350-400K but had 1.5 acres (permission for one house only) so you can get 5x the land for the same money.

I'm now buying more than 2/3rd acre for less than 350K.... and it comes with a house which could be extended quite easily.

So land prices here have more than halved and you now get a free house.

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Area of Ireland is 70k sq km, population approx 5m.

Area of Britain is 210 sq km, population approx 60m.

This gives Ireland 4 times as much land per head of population so it's pointless making comparisons, especially when you consider that approx 85% of the British population is crammed into England.

This.......and the fact that no one wants to live in ireland

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  • 192 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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