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TheCountOfNowhere

Is Northern Ireland Crashing....81% Of Fails And Drops !

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Just looked at norther ireland on rightmove, not many properties listed so I did

Omagh ( in the centre of the country ) + 40 miles.

I got 57 listings. Of which.....wait for it.......46 were reductions or fails.

That's a rate of 81% for NI on rightmove.

So, I ask the question, is Northern Ireland crashing ( again ) ?

Do the NI eas not use rightmove or is no one selling ?

Edited by TheCountOfNowhere

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I've been checking out NI for a while now. The media will have you believe that everything is up this year, but the truth is that prices are mostly flat.

NI use PropertyNews more than RM.

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We never use rightmove. I'm only aware of one agent who advertises there. Property news and property pal are the big ones here.

A small sample size then. Property is never advertised in only one place though so the percentage of drops is I think still meaningful. Not as much as if it were on a mainstream NI site of course.

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There are still kite flyers with bubble price houses and eventually time and the tide will bring them back into line. I live in a rural area where prices for a 4 bed house were about 350k. Many of those houses are now for sale at 250K. Who is going to eat the loss?

Who is a rural area is going to pay it or has the money to pay it. Outside south and parts of East belfast, nothing is happening. 15% of the market here is supported by government deposit scheme. 15% ffs. My tax taken to enable people who can't afford to save a deposit to outbid me.

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We never use rightmove. I'm only aware of one agent who advertises there. Property news and property pal are the big ones here.

Thanks for the clarification, I knew there must be some other website.

It's pretty funny that 80% of listings on rightmove are drops though :lol:

I guess you dont have property bee on "property news", so you've no way of collating numbers of drops ?

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Belfast prices seem to have bottomed out about 2 years ago and have gained modestly since then. Thankfully to nothing like pre-crash levels.

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Belfast prices seem to have bottomed out about 2 years ago and have gained modestly since then. Thankfully to nothing like pre-crash levels.

Mostly in the South and East. Coownership and HTB is having an significant effect IMO.

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LL's still buying in these areas too. Be a different market without HTB CO-Ownership and LL's. A much fairer one IMO

Co Ownership ,it take it that`s equivalent to Northern Rocks together mortgage ? (two mates club together) words fail me

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Co Ownership ,it take it that`s equivalent to Northern Rocks together mortgage ? (two mates club together) words fail me

The assembly here created a special housing association about 25 years ago. They will buy a share of a house upto 50% and rent you the share at 2.5%. Basically yes, 100% mortgage at 2.5% interest only on the 50% the government funded housing association owns.

Interestingly the cap is 175k. The average house price in NI is 110k. They have a vested interest in high house prices. You buy the share back at current market value, share of the drops and the rises.

During the boom the cap was increased to 250K.

The government funded housing association has refused to publish accounts since 2010. They are required by statute to do so.

20,000 house sales in NI in 2014.

Approx 1400 were coownership.

1000 help to buy.

Oh and the rules of the scheme prohibit savings of over 5k. So my taxes go to fund the deposit of buyers that can't save even 5k to buy a 175k house.

Edited by 2buyornot2buy

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