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Northern Ireland House Price Crash "among The World's Worst"

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Even after those big drops, they're still too expensive, IMO. At least when you consider that interest rates are unlikely to stay as low as they are now.

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Ive just run a search on daft for Cookstown Co Tyrone. Of 193 dwellings for sale 149 had been on for more than a year. 64 have been on for more than three years. There were only twenty one price drops.

It would seem that not much is selling and that asking prices are not adjusting. You have to wonder what is in the mind of a vendor who still hopes for a 2008 price despite the evidence in front of their eyes.

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... and the crash is not finished yet ;)

Northern Ireland had a bubble on a bubble. The Northern Ireland housing bubble has burst. The falls that we seen so far has only brought N.I. prices back inline with UK. Prices are approximately 15% below the UK. Historically they have always been around 15% below UK prices. The UK bubble has yet to burst and will take prices down further.

Edited by Belfast Boy

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and what do buyers think of this amazing drop in prices?

I'm pretty happy about it - planning to buy soon (probably early 2012), actually. ;)

I'd say it's among the World's best house price crashes. :lol:

Case in point: House I'm currently renting.

Likely sale price mid 2007: circa £200k.

Likely sale price end 2011: £80-85k

(prices based on similar houses on market in same area)

I can see how people living around London would be gutted though - that place defies commonsense. I guess the government is determined to sacrifice the rest of the UK in order to prop it up, what with 'The City' being so vital and all ....

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I also just noticed that eighty of that sample are for sale having previously been to let. So the lettings market is in the ditch as well.

Anecdotally, seems to be the case. There's a house near to me which has had the 'to let' sign up for a couple of months now, still empty. The last tenants moved out at the end of last month.

Plenty of 'luxury executive apartments' starting to come onstream in Belfast for renting as 'savvy investors' are finally forced to complete on them and thus need to rent them out ASAP. Not 100% the same demographic as a small house but enough of an overlap that it will hit the house rental market as people fancy moving into a cheap new apartment that they naively believe is going to offer them a slice of 'executive living'. :P

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I guess the government is determined to sacrifice the rest of the UK in order to prop it up, what with 'The City' being so vital and all ....

Well that is where all their btls are afterall.

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http://www.bbc.co.uk/news/uk-northern-ireland-15757932

Missed this one last week(not sure if it was posted). Someone at the BBC has been doing some research?

Truly dire. I remember visiting in 2007 and thinking how mad must folk be to buy? But many did and the price they're paying is horrendous. But what the heck possessed them to purchase....? Apart from the mantra that prices will increase for ever... Madness.

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Truly dire. I remember visiting in 2007 and thinking how mad must folk be to buy? But many did and the price they're paying is horrendous. But what the heck possessed them to purchase....? Apart from the mantra that prices will increase for ever... Madness.

I saw some of it first hand. Youngesters buying and aspiring to flats in the city. Same as Leeds, Manchester, Birmingham ....

Loads of them empty now in England. In fact whole blocks. Yet asking prices still over £100K. Go figure.

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Really? I had heard it was one of the best house price crashes.

Good point. I guess an article is relative to the individuals position. Maybe they should use non-emotive terms such as 'biggest'.

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Strangely enough there are 50% less buyers than there were at peak prices. When everybody with a pulse wanted a house and the banks lent indiscriminately - sales were much higher.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=68834&view=findpost&p=3180629

Strangely? Mmm. People thought that since prices had been going up that they would continue to do so. The simplistic view. A bit less simplistic view would have been that since they had been going up they were probably over-priced and were due for a fall.

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At the peak it was unbelievable - I saw a crowded EA jammed with people shouting "Can I get this one?" just grabbing leaflets off the shelf. It reminded me of the films about gold fever and everyone desperate to get a share. Now that same town has empty estate agents with hundreds of houses dropping in price and untold misery as the dream turns into a nightmare for the last ones to join in.

Just remember that there is always a greater fool -- make sure it's not you.

Prospective buyers were queued in sleeping bags outside EAs - I drove past them - The professional classes were paying students to sleep in bags and 'place keep', the media thought this was brilliant, much of it was off plan.

I knew a couple that openly talked about how they and a couple of others clubbed together as a little cartel and borrowed to buy a new build, to rent out - it was a no brainer - like taking candy from a baby, they thought. And how lucky they were to snap one up and what they had to go through to secure it.

These buyers would have been average Joes - early/mid 20s couple of sprogs, £30k a year joint, 20 yrs left on their own mort, could just about afford a 6 yr old fiesta. I'm sure their friendships have been and are being severely tested. I wonder do they even still have jobs.

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Prospective buyers were queued in sleeping bags outside EAs - I drove past them - The professional classes were paying students to sleep in bags and 'place keep', the media thought this was brilliant, much of it was off plan.

I knew a couple that openly talked about how they and a couple of others clubbed together as a little cartel and borrowed to buy a new build, to rent out - it was a no brainer - like taking candy from a baby, they thought. And how lucky they were to snap one up and what they had to go through to secure it.

These buyers would have been average Joes - early/mid 20s couple of sprogs, £30k a year joint, 20 yrs left on their own mort, could just about afford a 6 yr old fiesta. I'm sure their friendships have been and are being severely tested. I wonder do they even still have jobs.

As I've written before, 'Beware no-brainers'.

I believe NI escaped the previous house bubble because of the troubles so they hadn't seen a bubble before. I was lucky. I learned about the south sea bubble at school.

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  • 285 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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