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Realistbear

Ireland Down 8.1% Yo Y

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http://uk.biz.yahoo.com/080303/218/hupf9.html

Monday March 3, 01:04 PM

House Prices Down 0.7% In January

Prices fell by 1.3% in October, by 1.1% in November (Frankfurt: A0S9N7 - news) and by 1.5% in December last year.

The latest edition of the permanent tsb / ESRI House Price Index shows that in the 12 months (year on year) to January, national prices were down by 8.1%. This compares to a decline of 7.3% recorded in the 12 months to December last year.

The average price paid for a house nationally in January 2008 was andeuro;285,880, compared with andeuro;287,887 in December 2007.

'Sellers are adjusting to more realistic asking prices'

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http://www.independent.ie/business/world/p...ko-1303812.html

DOWN the road at Lisheen, another developer, Michael Murphy and his partner Michael O'Sullivan, have cut prices by over 25 per cent in a bid to shift its large family homes.

The 11 four-bedroom homes were launched last September. And none sold, despite being hailed at the time for having realistic prices.

All the houses, including one which sold in advance, are in the grounds of an older arts and crafts home which has been restored. It too is on the market for €2m, down from €2.8m last autumn -- a 28 per cent price cut.

That may now be realistic.

********

THE property blog propertywatch.ie has a raft of new statistics out.

The guys who analyse the price changes on Daft.ie found that the average price drop in the third week of February was around €24,668 or just over six per cent. Surprisingly this amounted to as many as 115 price drops per day.

They also found that the average time on the market increased again last week and now stands at 154 days.

Sligo and Mayo remain at the top of the list with average time on the market of over 187 and 186 days respectively.

Almost half of all properties on Daft.ie have been on sale for coming up to six months while 20 per cent have been on for 10 months or longer.

No matter what happens to prices, it will take some time to clear this backlog

http://www.daft.ie/discussions.daft?dcn[discussion_id]=108728&dcn[forum_id]=4

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Anybody based in the Republic? What's the atmosphere like on the ground?

Probably "experts" being wheeled out to say "it's not a crash" and "prices will pick up again".

As per usual.

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That TSB/ESRI survey is based on VALUATIONS only

never mind asking prices

never mind selling prices

My brother lives in Co. Meath, the feeling on the ground is, nothing is selling. It is not worth putting your house on the market as it will not sell

Despite all this, there are over 60,000 properties for sale on daft.ie

In the North, prices fell 8% in the last quarter alone. For sale inventory has gone up sixfold since Jan 2007

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Have a look in the pinned VI thread at the top of the forum to see what he VI's were saying at the start of the big Irish crash last summer. I'm guessing by July last year they were at the stage we are at now (please someone correc me if I am wrong).

There are some real classics and some things that sound familiar to what UK VI's have been saying recently.

I mean look at this quoted by Ken McDonald in March 2007: "

As one who has been involved in the Irish property market for 40 years and has experienced every type of market scenario, I am totally convinced that the market is currently in good shape and that anyone buying now will do extremely well in the years ahead. There is no better investment than Irish property at present, and I believethat I will be proved right in this conviction.

And in March 2008: Ireland is -ve 8% YoY. Good call Ken!!

Edited by hpc-craig

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"
As one who has been involved in the Irish property market for 40 years and has experienced every type of market scenario, I am totally convinced that the market is currently in good shape and that anyone buying now will do extremely well in the years ahead. There is no better investment than Irish property at present, and I believethat I will be proved right in this conviction.

And in March 2008: Ireland is -ve 8% YoY. Good call Ken!!

Ken is obviously a financial genius.

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Have a look in the pinned VI thread at the top of the forum to see what he VI's were saying at the start of the big Irish crash last summer. I'm guessing by July last year they were at the stage we are at now (please someone correc me if I am wrong).

Christ Almighty, look at the first one!

All things considered therefore, it makes little sense to hold off

making a purchasing decision. The level of choice and large supply of

properties on the market at the moment gives the buyer huge choice.

The "kid-in-the-sweet-shop" syndrome is very evident as buyers have

never had it so good. The longer a buyer delays however, the more

out of reach a price range becomes as financial institutions tighten

their stress-testing controls. Gradually those applicants currently in

the "green zone!" today for mortgage approval could very easily find

themselves in the "red zone" in 4-6 months time.

So the message is clear - don't delay. Buyers are spoilt for choice

but windows of opportunity are called windows for a reason - they

always close.

:blink::blink::blink:

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Watch this -> Kingspan expects dramatic slowdown in house construction [2:46]

http://dynamic.rte.ie/av/230-2344397-320-180.smil [realplayer required]

Concrete group Readymix has reported a 35% drop in pre-tax profits for last year to €27.8m. It had already signalled the drop in a trading statement.

Total sales were down 10% to €220m, while operating profits slumped 75% to €10.5m, a bigger drop than it had signalled last month. A dividend of 6.11 cent will be paid, giving a total of 7.76 cent.

The company blamed the poor performance on the decline in house-building and construction activity and the loss of earnings resulting from its sell-off of some parts of its concrete products business.

Shares in the company closed a cent lower at €1.54 in Dublin this evening.

Readymix reports expected profits slump

http://www.rte.ie/business/2008/0303/readymix.html

The VI's continue to spin like tops, 'word' on the street is that the ECB will drop interest rates in the Spring, Summer and the market will pickup in the Spring, back-end of the 2008, sometime in 2009, well basically the recovery to normal conditions is 6 months away. (they've been claiming this since the beginning of 2007)

Edited by Green Bear

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Have a look in the pinned VI thread at the top of the forum to see what he VI's were saying at the start of the big Irish crash last summer.

We'll be needing one of those on hpc.co.uk soon. Start saving up your quotes!

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  • 293 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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