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BelfastVI

Northern Ireland Sees First House Price Lift Since 2007

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Media Reports

Northern Ireland Sees First House Price Increase Since 2007

The official Northern Ireland Property Price Index (which unusually also included auction and repossessed house sales) is finally showing a increase in quarterly house prices for the first time since 2007.

What is encouraging is Northern Ireland has managed this without the Help to Buy, New Buy or First Buy government schemes.

Northern Ireland has its own C-Ownership model for the last 25 years which assists with between 500 to 900 houses per year in a shared equity basis.

Overall drops are in the region of 53% since 2007 making it one of the longest and steepest crashes in history. It occurred after one of the most dramatic house price booms in history.

There is a separate NI Forum but I thought this worth posting on the main forum.

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Things down south have picked up a little perhaps 1% to 2%, but this is mainly on the back of zero repossessions and nobody paying their mortgage.

I read a post on askaboutmoney where someone had not paid the mortgage for 7 years and they were wondering why the house had not been repo'd. :lol:

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Media Reports

Northern Ireland Sees First House Price Increase Since 2007

The official Northern Ireland Property Price Index (which unusually also included auction and repossessed house sales) is finally showing a increase in quarterly house prices for the first time since 2007.

What is encouraging is Northern Ireland has managed this without the Help to Buy, New Buy or First Buy government schemes.

Northern Ireland has its own C-Ownership model for the last 25 years which assists with between 500 to 900 houses per year in a shared equity basis.

Overall drops are in the region of 53% since 2007 making it one of the longest and steepest crashes in history. It occurred after one of the most dramatic house price booms in history.

There is a separate NI Forum but I thought this worth posting on the main forum.

In was in Belfast in Feb for an ice hockey game at the Odyssey Arena in the Titanic Quarter. There seemed to be loads of new build 'yuppie(ish)' riverside flats in what seemed to a a fairly heavily redeveloped ex industrial area. However, when we were strolling around at night, and looking around the Titanic Quarter in the daytime, there hardly seemed to be anybody living there. What's the story with those flats? Are there loads of unsold flats, or do people just stay indoors most of the time!

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Prices are currently 11% below 2005 and fell 3% in the last year.

If this increase was to be repeated it would take 6 consecutive quarters to reach 2005 prices - ie into 2015 (all things - including interest rates - being equal)

Even with this rise, the report acknowledges it is too early to tell whether the NI market has stabilised.

http://www.nisra.gov.uk/HousePriceIndex/hpi.html

The NI market has several "issues" which mark it out from elsewhere including an over reliance on public sector funding & jobs, benefits, a £10 billion annual subvention, 35% of households in negative equity, some 30% economically inactive, lowest average wage in UK, and an educational system that has 40% of 16 yr olds not meeting acceptable standards of numeracy & literacy.

House prices going up though (for 1 Quarter) so all good. :rolleyes:

£2.5bn of negative equity is a heavy debt

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/25bn-of-negative-equity-is-a-heavy-debt-29508858.html

35% of Northern Ireland households locked into a negative equity nightmare

Ulster is UK's worst for homes worth less than their mortgages

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/35-of-northern-ireland-households-locked-into-a-negative-equity-nightmare-29106563.html

NI violence 'back to 1990s levels'

http://www.u.tv/news/NI-violence-back-to-1990s-levels/8A690B7B-8571-4A77-9F94-C3EB327E5CAE

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I have long thought this would turn out to be case. As wealth grew in Eire terrorism fell out of fashion and with it support for the armed conflict of the IRA.

Clearly with wealth in Eire growing the natural conclusion was the Loyalists would start attacking Southern Ireland.

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Oh, forgot

We also have ghost estates and NAMA

The Co Down ghost estate where just two couples live

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/the-co-down-ghost-estate-where-just-two-couples-live-28762935.html

Up to 5,000 houses across Northern Ireland remain unfinished due to the property market collapse, according to recent figures.

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Of course BelfastVI quickly glosses over the fact our government funded co ownership scheme makes up roughly 6% of all transactions and probably closer to 10% of all transactions under 150k.

The official index is showing an average of 96k whilst the average purchase price using this co ownership scheme is 135k. The scheme is helping to inflate prices here. You have to actually prove you can't afford to buy and manage a house using conventional means to buy using co ownership.

Government sponsored subprime lending.

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Oh, forgot

We also have ghost estates and NAMA

The Co Down ghost estate where just two couples live

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/the-co-down-ghost-estate-where-just-two-couples-live-28762935.html

Up to 5,000 houses across Northern Ireland remain unfinished due to the property market collapse, according to recent figures.

This is the only 'ghost' estate that the media can find. The site has a major subsidence issue. The houses were piled and the sours undoing ground was not engineered. The houses stood still and the roads, serviced dropped 1m.

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This is the only 'ghost' estate that the media can find. The site has a major subsidence issue. The houses were piled and the sours undoing ground was not engineered. The houses stood still and the roads, serviced dropped 1m.

Come, come BVI - I can list dozens of unfinished estates - and I don't get out a lot!

Rates help call for residents of NI's 'ghost estates'

http://www.bbc.co.uk/news/uk-northern-ireland-17186129

MP for South Down Margaret Ritchie has called for a rates exemption for people forced to live on "ghost estates".

In Northern Ireland, it is thought that up to 5,000 homes remain unfinished.

Ms Ritchie said: "I have been inundated with representations from constituents who reside in unfinished private housing estates where the roads, water and sewage facilities, footpaths and street lighting provision have not been brought up to an adoptable standard," she said.

In a statement, the Department of Finance and Personnel said that there was no specific policy for "ghost estates".

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Come, come BVI - I can list dozens of unfinished estates - and I don't get out a lot!

Rates help call for residents of NI's 'ghost estates'

http://www.bbc.co.uk/news/uk-northern-ireland-17186129

MP for South Down Margaret Ritchie has called for a rates exemption for people forced to live on "ghost estates".

In Northern Ireland, it is thought that up to 5,000 homes remain unfinished.

Ms Ritchie said: "I have been inundated with representations from constituents who reside in unfinished private housing estates where the roads, water and sewage facilities, footpaths and street lighting provision have not been brought up to an adoptable standard," she said.

In a statement, the Department of Finance and Personnel said that there was no specific policy for "ghost estates".

unfinished.

'where the roads, water and sewage facilities, footpaths and street lighting provision have not been brought up to an adoptable standard," she said.' Hardly a ghost estate

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Report says Nama is selling NI property 'slowly'

http://www.bbc.co.uk/news/uk-northern-ireland-18283209

Nama is disposing of its vast property portfolio in Northern Ireland more slowly than in any other jurisdiction.

The agency, which took control of toxic loans from Irish banks, holds property worth a nominal £3.35bn in NI - making it the region's biggest landlord.

There had been fears that it would engage in a firesale in NI to raise funds for the Irish government.

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