N Ireland house prices down 18.6%!

talksalot81

I just love being right on here! So a big rasberry to all those on here who, 18 months ago, told me that prices absolutely and definitely would never fall.

It really is good news for the long term stability of the province. With our skill set and income levels, the level that housing had reached was risking the entire foundation of NI.

hnisc

Sigur wrote: »

Last summer was probably the worst time to buy. :rotfl::rotfl:

I'm glad you find it so funny! Remind me to ROFL when you have financial difficulties :mad:

Old_Git

considering prices doubled between 2006 & 2007 an 18% fall is still an overall rise .

Bigcammy

At the top right of each forum page in the forum etiquette box, is the following statement: -

Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.

There's really no need for people to be offensive in their posts. Not everyone is a greedy Builder, Property Speculator, Estate Agent or whatever and they deserve our sympathy and support at times like this, not just ridiculed, mocked or criticised.

leftieM

ballyblack wrote: »

Yes!

Two points to consider;

Renting a house is beholding to a landlord and a 24% saving is not worth that!!

Bye the way, what about the equity on a house after 25 years, have you forgot about that? Methinks buying is the long term way to go!

The definition of 'beholden' is to have a moral obligation to someone. Tenants don't have a moral obligation to a landlord. Financial, yes.
As for the equity argument - when houses are falling in value, renting makes more sense. Buying is good in the long term if you buy at the right time (i.e. when the costs of buying are comparable to renting and the house is affordable at a reasonable multiple of your salary 3-3.5 times single or 2.5 times joint.)
The buying versus renting debate is academic at the moment imo. House prices are so high and mortgages are so expensive and hard to get that it's not a choice any more for most people - you have to rent.

Old_Git

but to rent you also need landlords many off whom are being hit by the credit crunch .

leftieM

Old_Git wrote: »

but to rent you also need landlords many off whom are being hit by the credit crunch .

We're all being hit by the credit crunch in some way. What do you think it means for the rental sector?

Old_Git

leftieM wrote: »

We're all being hit by the credit crunch in some way. What do you think it means for the rental sector?

more people looking to rent ,less propertys to rent , maybe an increase in rents.

leftieM

Old_Git wrote: »

more people looking to rent ,less propertys to rent , maybe an increase in rents.

Or perhaps fewer people looking to rent (drop in population as migrant workers return home now building trade has stalled), more properties to rent (there are rumours of rates being charged on empty dwellings encouraging owners to let them out rather than let them rot) and decrease in rents (because of oversupply and loss of renters as market falls and more people can buy).

Anyway, who knows. The future is what it is. Arguing on a forum isn't going to make much difference.

Sigur_2

Rents usually increase as house values decline, I believe.