Ni House Prices Falling Really Quickly

[tara747]

best website ever

Check out these reductions and weep!

NI is going down even faster than it went up. Lovely!

[right_freds_dead]

begorrah. me house price as fell so it has....

[Guest DissipatedYouthIsValuable]

best website ever

Check out these reductions and weep!

NI is going down even faster than it went up. Lovely!

That 'Total Number of Price Drops Detected on Daft' is an appalling graph. Similar colours used for different information and no real need to be stacked like that. Have people not read the entire collection of Edward Tufte's books on Viusalisation of Information?

Appalled of Dorset.

[tara747]

That 'Total Number of Price Drops Detected on Daft' is an appalling graph. Similar colours used for different information and no real need to be stacked like that. Have people not read the entire collection of Edward Tufte's books on Viusalisation of Information?

Appalled of Dorset.

I think it's a work of art - well, it's very attractive to me.

[The Masked Tulip]

Are these Ni houses owned by the Knights who say ni?

[drrayjo]

That 'Total Number of Price Drops Detected on Daft' is an appalling graph. Similar colours used for different information and no real need to be stacked like that. Have people not read the entire collection of Edward Tufte's books on Viusalisation of Information?

Appalled of Dorset.

This aint pretty either;

http://www.daft.ie/searchsale.daft?id=286746

Down from E765K to E575K! -24.8%

Oh I thimply can't WAIT for figures like this on propertybee (but they can keep the pistachio paintjobs).....

[VedantaTrader]

I think these are Ireland, not Northern Ireland? Northern Ireland is in some serious shit. In Belfast some people are already 100,000 grand in neg equity. A building site foreman who lives near me also told me that for the houses he was managing the construction site people were putting down a £90,000 deposit. The property was nearly a million queen heads. When the property first went on the market it was for sale at 400,000, I reckon the real value of this now is about £400,000, so a 60% drop is on the way.

I think Northern Ireland is the worst in the UK.

[Sour Mash]

I think these are Ireland, not Northern Ireland? Northern Ireland is in some serious shit. In Belfast some people are already 100,000 grand in neg equity. A building site foreman who lives near me also told me that for the houses he was managing the construction site people were putting down a £90,000 deposit. The property was nearly a million queen heads. When the property first went on the market it was for sale at 400,000, I reckon the real value of this now is about £400,000, so a 60% drop is on the way.

I think Northern Ireland is the worst in the UK.

Can't be long before this sort of stuff starts impacting on the general economy. So far, people are holding out but they can't keep taking losses forever.

The real question is how much will prices drop? 40-50% over 2-3 years is not at all unlikely for NI.

[VedantaTrader]

Can't be long before this sort of stuff starts impacting on the general economy. So far, people are holding out but they can't keep taking losses forever.

The real question is how much will prices drop? 40-50% over 2-3 years is not at all unlikely for NI.

yep, for sure. Couple of anecdotes. My local town(Ballymena) was like a ghost town on Friday evening. Bought a can of coke in shop, and the lady at the cashier commented on how expensive it was. 63pence. It was 50-55pence about a year ago. Some serious inflation, with deflation in credit assets. Nice mix.

I think prices will fall at least 40% here.

[Harry Crashman]

Can't be long before this sort of stuff starts impacting on the general economy. So far, people are holding out but they can't keep taking losses forever.

The real question is how much will prices drop? 40-50% over 2-3 years is not at all unlikely for NI.

With 30% drops already common (this is just asking prices- so probably selling at alot less) things are looking good!

The senitment has only turned within the last 6 months, the speed of this crash is unheard of I must assume.

The party has well and truely started over here!

Those charts don't really make it clear actually how much these places are being reduced so look below for this weeks report.

The figures for the past week

The report says that last week 17m has been wiped off the value of the N.I. property market.

[Yerman]

I think these are Ireland, not Northern Ireland? Northern Ireland is in some serious shit. In Belfast some people are already 100,000 grand in neg equity. A building site foreman who lives near me also told me that for the houses he was managing the construction site people were putting down a £90,000 deposit. The property was nearly a million queen heads. When the property first went on the market it was for sale at 400,000, I reckon the real value of this now is about £400,000, so a 60% drop is on the way.

I think Northern Ireland is the worst in the UK.

The site has information for N.I. and for the Republic of Ireland. N.I. is going down like a lead ballon. Houses that were 160,000-180,000 are now going for 110,000-120,000. Believe me, you don't want to live in Ardoyne ;-)

[pootle]

Top 10 falls (% terms) in Northern Ireland this week:

% POstcode Drop New Price Old Price

-32.9 BT38 7RX -134,950 275,000 409,950

-31.9 BT42 2LL -75,000 160,000 235,000

-30.8 BT40 2BG -40,000 90,000

-28.0 BT12 6LB -35,000 90,000 125,000

-25.0 BT52 2NU -100,000 300,000 400,000

-24.8 BT15 2GP -130,000 395,000 525,000

-24.5 BT61 8PF -34,000 105,000 139,000

-23.8 BT63 5WW -50,000 160,000 210,000

-23.1 BT62 3GJ -45,050 149,950 195,000

-22.9 BT62 3AR -27,500 92,500 120,000

[VedantaTrader]

The site has information for N.I. and for the Republic of Ireland. N.I. is going down like a lead ballon. Houses that were 160,000-180,000 are now going for 110,000-120,000. Believe me, you don't want to live in Ardoyne ;-)

OMG, those price drops are crazy. Why are the local banks not in trouble? Why are we not hearing about this on the local NI news? If this is a reflection of what will happen in the whole of the UK, then this is serious. Looks good all the same,lol.

[Yerman]

OMG, those price drops are crazy. Why are the local banks not in trouble? Why are we not hearing about this on the local NI news? If this is a reflection of what will happen in the whole of the UK, then this is serious. Looks good all the same,lol.

It will only get bad when more people HAVE to sell or remortgage (after a teaser rate ends). At that stage you can expect all property in N.I. to be down 40% from peak. The peaks were pure craziness. At the moment property is up for sale, but it just isn't shifting, these drops are just the start.

[StoppedClock]

Don't forget that a lot of these were bought by Southern speculators so they are enjoying a > 15% EUR GBP haircut too.

[YoungFTB]

Can't be long before this sort of stuff starts impacting on the general economy. So far, people are holding out but they can't keep taking losses forever.

The real question is how much will prices drop? 40-50% over 2-3 years is not at all unlikely for NI.

Absolutely! Northern Irelands boom really kicked off between 2005 - 2007, prices increased over 100% within 2 years.

I'm not surprised at all that prices are dropping so fast in NI, it's great to see though

[Nicholas Cage]

When you check out the BOE graphs it's even more insane, they had the biggest most crazy boom of anyone, AFAIK nobody boomed bigger than NI.

[kingsgate]

The N.I. economy. more than most parts of the UK, just CANNOT SUSTAIN the mad recent price rises, so will fall further and faster than average.

[Bloo Loo]

The N.I. economy. more than most parts of the UK, just CANNOT SUSTAIN the mad recent price rises, so will fall further and faster than average.

Wot, we got more money to prop ours up than they have? me thinks not.

[YoungFTB]

Wot, we got more money to prop ours up than they have? me thinks not.

Well I believe Northern Ireland has the lowest average wage of all regions in the UK.

The average wage in NI is £20,000 per year and our average house prices are now around £200,000 (At peak £250K)

So a FTB would need a mortgage 10 times their yearly salary, if house prices dropped another 50% to £100K that might still not be enought to bring stability to the market.

[talksalot81]

Wot, we got more money to prop ours up than they have? me thinks not.

Errmm, in light of your nonsensical statement, I am inclined to start my questioning along the lines of "do you even know where NI is?"!!

[tara747]

Don't forget that a lot of these were bought by Southern speculators so they are enjoying a > 15% EUR GBP haircut too.

Yup!

[VedantaTrader]

Errmm, in light of your nonsensical statement, I am inclined to start my questioning along the lines of "do you even know where NI is?"!!

LOL...funny. I went into a petrol station today. I asked for £25.00 and the man said, "£25.00?" I said yes. He said I thought you said £5. He said alot of people have been coming in for £5 of petrol lately. A sign that Northern Ireland is starting to feel the pinch. Heating oil is up to 56 pence per litre.

[irishhombre]

i am not surprised that the bubble has finally burst in NI (home).

I have a very simple rule when dealing in property....if the rent does not pay or almost pay the mortgage then do not buy.....in NI the most rent you get is £100/£125 a week (3/4 bed house in west NI) ...so if these houses are being mortgaged at 400/500k (which they were) then the rent would have to be about £2000 per month, or £500 per week.......thats 4/5 times what it is....mad.....

but i do understand that it is much harder to judge from within the bubble that it is from outside.....people got caught up in the hoopla and some just over extended themselves

but i do not think people should gloat on others mis-fortunes, as their loss will rarely turn to be your gain......

Tip: stick to the big cities..london, new york....etc, thats where the better paying jobs are and the rents are always better.

thats my thoughts on the matter...good luck all

[talksalot81]

I have a very simple rule when dealing in property....if the rent does not pay or almost pay the mortgage then do not buy.....in NI the most rent you get is £100/£125 a week (3/4 bed house in west NI) ...so if these houses are being mortgaged at 400/500k (which they were) then the rent would have to be about £2000 per month, or £500 per week.......thats 4/5 times what it is....mad.....

This should be a common sense assessment which everyone should carry out, whether they are inside or out of the bubble!

I am not as inclined to be as pleasant as you. I was insulted frequently for my views that the market was heading for trouble. many of these people made short term gains, gloated to me about their gains, bought new cars and had fancy holidays... if i was a "do onto other as one would have them do upon you" then I would agree. But I have learnt better, get your dig in while you can!