House prices....

x12yhp

qwert_yuiop wrote: »

Well, if my neighbour's house is not selling after 2 years, it's simply because it's no longer worth what they think it is. The house was left to several siblings, and in the intervening time it's deteriorated impressively. Some day, one brother is going to demand this millstone be sold for whatever they can get. An admission of defeat?

But why, after 2 years, is your neighbour not reducing? I presume because the property costs them very little to keep and they remain hopeful of a recovery. Short of that one sibling demanding cash, they have no real motivation to sell at this moment.

This situation is a bit special and OO props are different. If someone is paying a mortgage and feeling it is all a bit expensive, they are OK to tread water at present. If we actually get the ball rolling and expose them to the true cost of their debt, then the motivation will really come.

Indo77

tara747 wrote: »

With the OECD's forecast of a double dip recession for the UK, house prices will continue to fall in NI. IMHO.

Tara is there a housing post where you don't rub it in?

tara747

Indo77 wrote: »

Tara is there a housing post where you don't rub it in?

Rub it in?

Falling house prices are a good thing in general. Good for FTBs, trader-uppers, productivity and the economy, future generations etc etc.

Not so good for downsizers and those in negative equity, but do we all have to be sacrificed to protect those people? Thankfully, no. As a saver, I am already subsidising people's cheap mortgages - but hopefully not for *too* much longer...

I am certainly not rubbing it in. However, during the boom, I heard no end of 'canny' house buyers (in real life and online) rubbing it in to the poor FTBs about not being on the magic property ladder. Oh, how the tables have turned. But I am too well mannered to do the same to them.

warmhands.coldheart

But house prices are going up in the UK!!! Yeah!!

On NO.... this is one of those times when we're more in lined with RoI than the UK.... Still Falling.....

A.L.D.A

tara747 wrote: »

Rub it in?

Falling house prices are a good thing in general. Good for FTBs, trader-uppers, productivity and the economy, future generations etc etc.

Not so good for downsizers and those in negative equity, but do we all have to be sacrificed to protect those people? Thankfully, no. As a saver, I am already subsidising people's cheap mortgages - but hopefully not for *too* much longer...

I am certainly not rubbing it in. However, during the boom, I heard no end of 'canny' house buyers (in real life and online) rubbing it in to the poor FTBs about not being on the magic property ladder. Oh, how the tables have turned. But I am too well mannered to do the same to them.

Totally agree about the the benefit to the economy of having affordable houses and the nonsense that was churned out during the boom.

With regards saving and low interest rates let us not forget that the largest borrower of them all is the Government and policy will be set to reduce its costs. The Government was also the largest beneficiary in the boom, which may explain why it set on its hands and did nothing to bring some order into the market.

warmhands.coldheart wrote: »

But house prices are going up in the UK!!! Yeah!!

On NO.... this is one of those times when we're more in lined with RoI than the UK.... Still Falling.....

As the article says supply is probably a factor. House prices in the UK are unlikely to do anything significant, up or down, in the coming year unless there is a crash in the Euro Zone then anyone's guess on the economy generally. As for the RoI, NI is not really the same as there either. The southern economy may well grow at a faster rate than that of the UK whereas that in NI is likely to wallow.

saverbuyer

Fortunately we have no supply problem here in NI. Looks like a continued decline in house prices for the foreseeable

tara747

warmhands.coldheart wrote: »

But house prices are going up in the UK!!! Yeah!!

On NO.... this is one of those times when we're more in lined with RoI than the UK.... Still Falling.....

Mmm... how much of the rest of the UK's housing stock is owned by NAMA though, compared to NI? :eek:

A.L.D.A

tara747 wrote: »

Mmm... how much of the rest of the UK's housing stock is owned by NAMA though, compared to NI? :eek:

But what percentage of NI housing stock is actually owned by NAMA? A good portion of NAMA is likely to be to be grossly over valued development sites and hopefully when sold off will help keep future overall construction costs of new build down.

Also was listening to Autumn statement and projected growth rates. RoI economy is likely to out perform UKs in the years ahead.

Influence from the South could be a mixed bag.

saverbuyer

I see the first time buyer stamp duty exemption will end in March 2012 as planned. Confirmed in the Autumn Report.

Even more downward pressure.

qwert_yuiop

x12yhp wrote: »

But why, after 2 years, is your neighbour not reducing? I presume because the property costs them very little to keep and they remain hopeful of a recovery. Short of that one sibling demanding cash, they have no real motivation to sell at this moment.

.

'Cause they know what it's worth, and they're not settling for a penny less. Meanwhile the house is gently rotting away, the garage door is hanging off and someone's broken a window. Just sell the brute, lads.

Rates bill? £1340 if it's the same as mine. Would that not concentrate your mind?