Tuesday, June 3, 2008
Is 24% in 3 months officially a crash?
From boom to frightening bust: where the UK housing market has been hit hardest
"Some locations have seen devastating price falls. In Craigavon and Armagh, prices fell 24.2 per cent in the first three months of this year alone. The largely rural Mid-Ulster area is down 17.7 per cent, and Antrim/Ballymena down 9.7 per cent, for the year." There are stories around NI at the moment of people in a 140K house that they payed 240K for......truly scary. Have the lenders who participated in this farce still got their jobs?
Posted by shipbuilder @ 06:35 PM (1159 views)
11 thoughts on “Is 24% in 3 months officially a crash?”
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Jayk says:
“Have the lenders who participated in this farce still got their jobs?”
Er, why is it the lender’s fault? They loan to the market value of the property at the time of the transaction! Pray tell what do you expect them to do?
mark wadsworth says:
“Research … shows that homes priced below £250,000 are in general doing significantly more badly …”
Is that some sort of Newspeak for “significantly worse”?
Dbc Reed says:
@ Titanic captain
Notice that having full rates on unoccupied properties (they charge 0.63% of market value in NI after their domestic rating review ) seems to be speeding things up nicely.Think how much a full tax on empty buildings AND EMPTY LAND might do.
Dbc Reed says:
@titanic captain
If a full tax/rate on empty buildings has this much effect ,think how much effect also taxing empty land would have.
Tara747 says:
Great article! NI housing market is going down as quickly as it went up!!
last_days_of_disco says:
This is just the beginning if you look at the USA. Man oh man, things are going to get very scary.
amjidk says:
Great news…
Davidg says:
Up 22% in Belfast, down 24% in Armagh, a very bizarre market. Although Armagh wouldn’t be my first choice of location.
the haunted says:
“Excellent… Smithers, release the hounds”
Yerhavingalaugh says:
Where is Richard Donnell (Hometrack) when you need him? He forecast 2008 house price growth of 3% for Northern Ireland in December 2007!
From their website “Hometrack is the leading housing intelligence business” “These services deliver accurate and reliable information which is vital for enhanced decision making and improved efficiency”
Now “enhanced” that’s a good word, I like “enhanced” it feels you with confidence.
Drop The Dead Donkey says:
Read the University of Ulster report more closely…. Have the vested Interests been covering up? The report has a glaring contradiction.. at one point they say average house prices are now 230908 (Q108)….. last quarter, in the UofU report Q407 the average house price was only marginally higher at 231100…… yet in this current report Q108 they state that house prices have dropped by 4.6% which should make a drop of around 10,000 to a new average of 220,000…… I think I smell a rat! Interestingly the DCLG figures (Not VI) which used to match those of UofU pretty closely are now dropping much faster and they now show an average price of 217,000 in keeping with a 5% drop from last quarter…. I called to enquire about this discrepancy but no-one has got back to me to explain the difference in figures….