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Irish News Reporting Of The Ni House Price Slump/crash


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Hi all,

Just a quick heads up for all you hardcore NI HPC'ers out there in cyberspace to say that I believe that tomorrows (Saturday 19th April 2008) issue of The Irish News will feature a fairly high profile article on the crash/slump in house prices here. Check out your local newsagents tomorrow morning to see if I've read my tea leaves correctly. :lol:

I believe this article may be front page and inside page item (allegedly!)

It does raise the question as to why the other national papers here have been so loathe to tell the good folk of NI the facts and then I realised that The Belfast Telegraph is owned by the same company who own propertynews.com

Now I understand!

Edited by paul65
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I'll try to make sure I have a read! Especially if I end up on telly on Monday! :ph34r:

Good stuff Traktion. Go for it on Monday - you have my full support ! I'm currently considering the Jamie Delargy opportunity next month.

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Good stuff Traktion. Go for it on Monday - you have my full support ! I'm currently considering the Jamie Delargy opportunity next month.

Thanks! I'm not sure it would make me very popular in my neighbourhood though. Especially as there are builders here still... :ph34r: Maybe they know the game is up and there is nothing anyone can do to change it though? Still, I'm not sure about being the target of peoples aggression if they lose their houses etc :blink: I'll have a chat with the gf and see what she thinks!

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Hi all,

Just a quick heads up for all you hardcore NI HPC'ers out there in cyberspace to say that I believe that tomorrows (Saturday 19th April 2008) issue of The Irish News will feature a fairly high profile article on the crash/slump in house prices here. Check out your local newsagents tomorrow morning to see if I've read my tea leaves correctly. :lol:

I believe this article may be front page and inside page item (allegedly!)

It does raise the question as to why the other national papers here have been so loathe to tell the good folk of NI the facts and then I realised that The Belfast Telegraph is owned by the same company who own propertynews.com

Now I understand!

They have done so in the past.

20-FEB-08 headline "PROPERTY RECESSION ON WAY AS PRICES FALL", I've got a PDF of it knocking about somewhere.

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Thanks! I'm not sure it would make me very popular in my neighbourhood though. Especially as there are builders here still... :ph34r: Maybe they know the game is up and there is nothing anyone can do to change it though? Still, I'm not sure about being the target of peoples aggression if they lose their houses etc :blink: I'll have a chat with the gf and see what she thinks!

Decided not to go - the girlfriend has to be at work early the next day and the filming doesn't finish until 11pm. It would be gone midnight the time we got home. Having thought about it, I'm not sure I want all the neighbours and builders to see me there either. If things do go sour, I don't want to be the poster boy for their hate on the estate!

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Decided not to go - the girlfriend has to be at work early the next day and the filming doesn't finish until 11pm. It would be gone midnight the time we got home. Having thought about it, I'm not sure I want all the neighbours and builders to see me there either. If things do go sour, I don't want to be the poster boy for their hate on the estate!

courage ... convictions ... mouth ... trousers ... mmmmmmmmmmm

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courage ... convictions ... mouth ... trousers ... mmmmmmmmmmm

I don't think it's worth making enemies of my neighbours over, thank you. I have my views, you have yours and they have theirs. No matter what I say or do, the prices will come down regardless. I can follow my convictions, without the need for courage (it's a no brainer) without going on a TV show for.

Of course, we could all just resort to personal insults instead... <_<

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Decided not to go - the girlfriend has to be at work early the next day and the filming doesn't finish until 11pm. It would be gone midnight the time we got home. Having thought about it, I'm not sure I want all the neighbours and builders to see me there either. If things do go sour, I don't want to be the poster boy for their hate on the estate!

I fully understand Traktion - I think the next Insight programme with Jamie Delargy in May will be interesting though. I'm thinking long and hard about potentially being involved with this and I need to fully understand the risks on all sides first before I come to my decision. I don't wish to make enemies either - after all I do eventually want to buy a house. Maybe it is time that I made a call to my mate Max Clifford for a bit of advice.

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Hi all,

Just a quick heads up for all you hardcore NI HPC'ers out there in cyberspace to say that I believe that tomorrows (Saturday 19th April 2008) issue of The Irish News will feature a fairly high profile article on the crash/slump in house prices here. Check out your local newsagents tomorrow morning to see if I've read my tea leaves correctly. :lol:

I believe this article may be front page and inside page item (allegedly!)

It looks like I read my tea leaves correctly! Front page coverage "Property market's £17m fall in a week" and page 6 news feature "Estate agents slash prices as market continues to tumble" in today's Irish News. Sadly I don't have an electronic copy of the story to share but have a look in your newsagents - they'll have one there - unless you live in East Belfast.

The news feature on page 6 gives the NI HPC forum a mention too under the heading Online property-watchers on the ball alongside PropertySnake and TDGGTS

The introduction paragraph to the front page story is all you can get from the IN website (unless you are a subscriber) but here's how it reads:

DRAMATIC falls in house prices have led to £17 million being wiped off the Northern Ireland property market in just one week.

The asking price on one Co Antrim home fell by £134,950 last week - the largest recorded drop.

The number of estate agents slashing prices of properties for sale has more than doubled in just two weeks, according to a housing index tracker website."

And that housing index tracker website you ask ....... well it's our trusty weekly friend and regular property fix TDGTTS

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I had a flick through the Irish News while out and about today (but couldn't find a Belfast Tele in Newry today) and it was interesting reading. They showed a chart from TDGTTS and linked this site too. They also seemed to hint that we were on the ball and not doom mongers like some of the press has said. Let's hope it saves a few FTBs from making bad and expensive decisions.

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17million off in a week - price drops over 100k - prices slashed. Great article, they even had a picture of the price drop graph back to December(below), even a mention to the HPC site here. Not a bullish comment at all i.e. the the Bullsh1t Telegraph quoting a VI saying that prices will pick up next week blah blah blah. Basically it read like "wake up sheeple, the VIs are lying to you"

http://www.treesdontgrowtothesky.com/PN_NI_charts.php

Thank god for independent journalism, maybe the newsletter will pick it up?

Edited by Vespasian
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Property market’s £17m fall in a week EXCLUSIVE

By Bimpe Fatogun

19/04/08

BAD NEWS FOR many: Hundreds of sellers have been forced to set their sights lower PICTURE: Mal McCann DRAMATIC falls in house prices have led to £17 million being wiped off the Northern Ireland property market in just one week.

The asking price on one Co Antrim home fell by £134,950 last week – the largest recorded drop.

The number of estate agents slashing prices of properties for sale has more than doubled in just two weeks, according to a housing index tracker website.

Treesdontgrowtothesky.com an-alyses the north’s most popular internet house sale website, Propertynews.com.

At the end of March it recorded 429 price reductions compared to just 17 increases. That week the total price fall stood at £7,720,195.

By last week the asking prices on only 18 properties had been raised whereas 914 decreases had wiped £16,980,666 off the market.

A spokesman for the site, which also carries details of properties in the Republic, said that in ad-dition to a rising volume, it ap-peared that more “high-end” properties were being hit.

He said it seemed that “there

are more larger-valued houses decreasing in price”.

Like other analysts, the website believes the haemorrhaging of investors from the Northern Ireland market has caused the recent price tumbles.

“As soon as we see prices dropping slightly anybody buying a property with investment in mind will immediately start to disappear from the market,” the spokesman said.

“These investors have made up 20 to 30 per cent of the market in the last few years.”

So far the decrease in values is holding at between 7 and 8 per cent of the originally marketed prices.

This is a significant rise since the beginning of the year.

In January figures placed house price falls at 5 per cent or £12,000.

That survey of estate agents carried out by the Royal Institution of Chartered Surveyors (RICS) suggested the cumulative fall in prices since record highs last summer could have been as much as 20 per cent.

With the acceleration in the price plunge that figure is ex-pected to soar by this summer.

According to the latest survey from the Nationwide, despite the fact that at the end of 2007 house prices in the north were performing more strongly than those in Britain, for the first quarter of this year growth fell to -3.4 per cent – the lowest figure in any region.

However, it warns the annual fall in Northern Ireland’s house prices “must be seen in the context of the phenomenal growth achieved over the last several years”.

Over the last five years, house prices increased by more than 160 per cent – nearly three times as fast as values in Britain.

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Thanks for the heads up Paul65.

I picked up a copy of the Irish News on Saturday and, as a FTB, felt quite heartened by the article. Although I must admit that I also questioned the reporter's name.

I started looking at houses around this time last year. I looked at 20 plus houses and was quite close to buying a property with a fixed price of £250,000 in a new development based on the outskirts of Dunmurry.

I ended up feeling skitterish; I wasn't sure about the market, I wasn't sure about the location and I most certainly wasn't sure about all of the speed bumps I had to go over in order to get to the house.

I am hoping to buy with my boyfriend and we have a bit of a deposit saved up. I am keen to buy but, from reading this forum and other news reports, know that it is better to wait.

I found the forum a couple of weeks ago and was impressed to find that there actually are some sensible NI based people/opinions out there!

One question though... how will I know when to buy? I don't want to be caught in a bidding war with other FTBs. Especially since The Sunday Life featured a two page spread explaining that prices would just 'even out' in the coming year. Seemingly there are bargains to be had and all of the estate agents seem totally happy with this 'slight' correction.

All of these conflicting views/opinions are really confusing. Unless The Sunday Life is affiliated with propertynews.com too?

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Thanks for the heads up Paul65.

I am hoping to buy with my boyfriend and we have a bit of a deposit saved up. I am keen to buy but, from reading this forum and other news reports, know that it is better to wait.

I found the forum a couple of weeks ago and was impressed to find that there actually are some sensible NI based people/opinions out there!

One question though... how will I know when to buy? I don't want to be caught in a bidding war with other FTBs. Especially since The Sunday Life featured a two page spread explaining that prices would just 'even out' in the coming year. Seemingly there are bargains to be had and all of the estate agents seem totally happy with this 'slight' correction.

All of these conflicting views/opinions are really confusing. Unless The Sunday Life is affiliated with propertynews.com too?

Welcome to the forum beta_version. I'm glad that my tea leaves were correct and that the article was heartening. Rest assured the reporter is a bona fide award winner - NI Reporter of the year no less!

Like you and your boyfriend I too nearly bought as I was caught up in the herd mentality. Thankfully I had a lucky escape - it sounds like we have both had similar experiences.

Re. when is the right time to buy then as any good business consultant worth his/her salt would tell you "that depends" on your personal circumstances and the amount of groundwork and research you are prepared to put in. Note however I am definitely not a property consultant - I'm just a regular FTB like you and I've educated myself by reading this forum plus others, speaking to estate agents (EA's) and attending property auctions in order to get as wide a view as possible. It works for me although that is not to say this approach will work for everyone.

That said the smart money right now is on holding off. Personally I'm collecting as much information about the state of the market before I dip my toe in. Remember this will be the biggest investment in your life and you will want to go into the transaction with your eyes wide open and the full facts at hand. So in answer to your question "When is the right time to buy?". That depends. Just make sure you do your own research (DYOR).

And as for Sunday Life? Well just remember that Sunday life = Belfast Telegraph (of Homefinder and Helen Carson fame - see the various threads on the NI forum) = Propertynews.com.

The are all owned by the same company: Independent News and Media

I think you've answered your own question there.

Welcome to the forum once again!

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Re. when is the right time to buy then as any good business consultant worth his/her salt would tell you "that depends" on your personal circumstances and the amount of groundwork and research you are prepared to put in. Note however I am definitely not a property consultant - I'm just a regular FTB like you and I've educated myself by reading this forum plus others, speaking to estate agents (EA's) and attending property auctions in order to get as wide a view as possible. It works for me although that is not to say this approach will work for everyone.

I understand that no-one can make my decisions for me. I've being doing a lot of reading about the current market conditions (looking at the wider picture - not just house prices) and have been really impressed with the site. I think I share the same opinions as many people posting on the forum... many people in Northern Ireland are no better than sheep...

And as for Sunday Life? Well just remember that Sunday life = Belfast Telegraph (of Homefinder and Helen Carson fame - see the various threads on the NI forum) = Propertynews.com.

The are all owned by the same company: Independent News and Media

I have read the Helen Carson thread and found myself laughing. I read that article on the Belfast Telegraph website when it was first published and was astounded. There I was hoping for a price drop and Helen was telling me to buy buy buy - it seemed like there was no hope whatsoever for the FTB!

That said the smart money right now is on holding off

At the moment I am feeling quite settled and have pretty much come to the conclusion that I will 'wait and see'. I have a list of favourites on PropertyNews.com and am watching to see if the prices are reduced or not. I am noticing that, even though not all prices are dropping, houses are staying 'For sale' for much much longer than they did previously.

You guys all really seem to know what you're talking about. It helps to read about people in similar situations to myself and I am definitely glad that not everyone in Northern Ireland has a 'buy now as house prices always go up' mentality.

I definitely think you should go for the Jamie Delargy show by the way... people here need to hear a more educated person's opinion about the housing market - otherwise they will never be able to learn to stop being sheep!!

Edited by beta_version_squeak
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At the moment I am feeling quite settled and have pretty much come to the conclusion that I will 'wait and see'. I have a list of favourites on PropertyNews.com and am watching to see if the prices are reduced or not. I am noticing that, even though not all prices are dropping, houses are staying 'For sale' for much much longer than they did previously.

Hi again beta_version,

I was just thinking if you have a list of favourites that you keep an eye on regularly on pn.com then why not track their asking price (and description) changes historically over time using the property-bee tool? I tested it when it was in development before it went on general release to the world and it is a great little free addition to the FTB armoury and its a really innovative property tool. It only work with the Firefox web browser however - but you might already use this (judging from your username!).

Further information is available here: http://www.property-bee.com/

I definitely think you should go for the Jamie Delargy show by the way... people here need to hear a more educated person's opinion about the housing market - otherwise they will never be able to learn to stop being sheep!!

Hmm, well the good news is that I'm still thinking about it. There's lots to consider with appearing on TV especially when you have a good face for radio! :lol: It is an emotive subject for many and I need to think things through clearly before I make my decision. BTW I'm honoured that you consider me to be an educated person re. the housing market. You've made my day!

Edited by paul65
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Hi again beta_version,

I was just thinking if you have a list of favourites that you keep an eye on regularly on pn.com then why not track their asking price (and description) changes historically over time using the property-bee tool? I tested it when it was in development before it went on general release to the world and it is a great little free addition to the FTB armoury and its a really innovative property tool. It only work with the Firefox web browser however - but you might already use this (judging from your username!).

Further information is available here: http://www.property-bee.com/

I tend to be a bit of a Microsoft/Internet Explorer girl myself but I've seen a few of you guys 'buzzing' about that tool - I think I'll have to check it out for myself.

Hmm, well the good news is that I'm still thinking about it. There's lots to consider with appearing on TV especially when you have a good face for radio! :lol: It is an emotive subject for many and I need to think things through clearly before I make my decision. BTW I'm honoured that you consider me to be an educated person re. the housing market. You've made my day!

You could tell them that you're scared of all of the VIs and insist that they black out your face and distort your voice... It seems to be more of a current affairs type show than NI's Next Top Model - I'd say you would do just fine!

I smiled that I made your day - hearing that helps brighten up the working day - only 2 more hours til home time!!

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Welcome beta version, where abouts in Dunmurry was the place you were thinking of buying; I've lived there a few years myself near the village.

Also was in Inishowen at the weekend and read the Derry Journal with some mirth. An article was highlighting the opinions of a local EA who reckons Inishowen will avoid the property crash.....with a headline of NO CRASH HERE:

http://www.derryjournal.com/inishowen/It39...ket-.3997503.jp

:lol::lol::lol:

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