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Residential Property Price Index exclusive thread


2buyornot2buy
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20% more sales (how many at auction?) = 12% drop. Long may it last.

A large part of the drops recorded are, I imagine a result of the houses sold at auctions. However they make up such a significant group that they are correctly included in the report.

But with Belfast and greater Belfast (the largest catchment area I assume) not showing a drop this quarter I am happy enough for this to continue.

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A large part of the drops recorded are, I imagine a result of the houses sold at auctions. However they make up such a significant group that they are correctly included in the report.

But with Belfast and greater Belfast (the largest catchment area I assume) not showing a drop this quarter I am happy enough for this to continue.

We're both happy :lol:

Is this the Twilight zone?

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Happy for drops to continue @ 2-3% per Quarter (this will be July to Sept) - it covered the Olympics but not the recent confidence and sentiment sapping economic knocks - though to be fair, things were dire - they are just getting more dire.

Even if this Q disappoints, there are a further 2 quarters to take us up to March next yr which will push things along nicely.

I think the momentum is there for close to 3% drops per quarter for a good while yet - above 3% and Christmas will have come early.

If sales pick up and the mid market feels the cold winds of reality, drops could be higher.

Will be interesting to see what happens in Belfast, which apparently stayed static last Q, even though the (marginally representative) Nationwide said that at 14% pa it was dropping faster than anywhere else in the UK.

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Key Findings

• Over the year to the end of September 2012 residential property prices fell by 12%;

• Between Q2 (April - June) 2012 and Q3 (July - September) 2012 residential property prices fell by 1%;

• whilst prices are still falling the pace of decline is slowing: indeed Q3 2012 had the lowest price fall (1%) since Q2 2010 (0%);

• Around 3,400 verified residential properties sold between July and September 2012, a 7% increase on the number sold in the third quarter of 2011; and

• Residential property prices are now 10% lower than Q1 2005 and less than half of the peak value of the housing market in Q3 2007;

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volume wise. We only need around 2,000 sales in the 4th quarter to have the largest annual volume of sales since the hazy days of 2007.

According to the report - "since 2009 the annual number (of transactions) has stood at around 11,000 thus giving a 75% fall in transactions since 2006"

Hasn't stopped prices falling - in fact, may aid price discovery.

No repo effect this quarter??????

In the last 2 yrs, sales in Q4 have increased from Q3.

I'd be surprised if there weren't well over 2,000 sales in Q4 (following the 7% rise in Q3) not least due to more repos and a further push on co-ownership. Still a lot of negatives out there though to keep prices dropping irrespective of marginal quarterly/annual transaction increases..

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So basically all the houses that are still on the market since 2007 at peak prices can expect to get 50% less now. I wonder why they think their house is different.

To sell for less is a loss regardless of them paying peanuts for it at some point, they mentally banked the "profit" at some point and cant get their heads around it.

And 10% below Q1 2005 is that not around RV time? Having trouble finding decent places even remotely near RV, people think their house is the exception :(

EAs I had around to my current house perked up quite a bit when I said my target price was around RV ;)

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• whilst prices are still falling the pace of decline is slowing: indeed Q3 2012 had the lowest price fall (1%) since Q2 2010 (0%);

... and what happened after Q2 2010? The pace picked up again :rolleyes:

2013 is going to be a really interesting year. I expect that it won't just be cars sales that are affected by superstitious people.

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... and what happened after Q2 2010? The pace picked up again :rolleyes:

2013 is going to be a really interesting year. I expect that it won't just be cars sales that are affected by superstitious people.

2013 will be fine: wages will go up, energy prices will fall, benefits will be generously uprated, banks will have finished deleveraging and we'll all live happily ever after. Apart from almost all the remaining Patton workers who will be losing their jobs in the morning.

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Hope this one gets revised downwards as well

As a result of more up-to-date data, the Q3 2012 NI Residential Property Price Index has been revised from 90 to 89, therefore indicating that the residential property prices fell by 2% between Q2 2012 and Q32012 (as opposed to the 1% reported in the last statistics report) and fell by 13% over the year to Q3 2012 (as opposed to the 12 % reported in the last statistics report).

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Detached down 19% pa - 5% in 3 months

RPPI standardised average for all £91,553

Have these people not read the UUJ/EA script?

It is too early to say if apartment prices are bottoming out. The table also shows the NI RPPI for the fourth quarter of 2012

compared with the fourth quarter of 2011 (the same period last year). Over the year the Index for all properties has fallen but the

standardised prices for apartments and detached properties have fallen most.

.

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