Any other home buyers in NI?

saverbuyer

GlynD wrote: »

It needs to be said as well that you've failed to include the figures put forward by the Council of Mortgage lenders which show that a further 100,000 homes in GB were in negative equity during the last 12 months reducing only recently to 719,000 nationwide for GB. http://www.bbc.co.uk/news/business-20138385

So, as you can see; the figures for GB were considerably higher but they are showing an earlier recovery than Northern Ireland: which is only to be expected.

Have you looked at the figures above Glynn...

The table I pasted are the very same figures.

saverbuyer

GlynD wrote: »

where do these figures come from?

From DSD and NIHE.

GlynD

saverbuyer wrote: »

Have you looked at the figures above Glynn...

The table I pasted are the very same figures.

Your table shows the lower figures oul hand.

My point is that it was consdierably worse in GB and it's now improving. We always lag behind in all trends, including fiscal ones. This is no different. There will be recovery. House sales are up in the Province and that's a start.

I'm not trying to sugar coat the pill but in essence our economy here is so small that our figures are insignificant compared to the rest of the UK. I repeat what I said earlier that now would be an ideal time for first time buyers to get a foot on the first rung of the property ladder. You might disagree but that's what a forum is about: different opinions. One thing's for sure; anyone going into negative equity now will not be affected to any great degree and they'll soon get over it.

saverbuyer

GlynD wrote: »

Your table shows the lower figures oul hand.

My point is that it was consdierably worse in GB and it's now improving. We always lag behind in all trends, including fiscal ones. This is no different. There will be recovery. House sales are up in the Province and that's a start.

I'm not trying to sugar coat the pill but in essence our economy here is so small that our figures are insignificant compared to the rest of the UK. I repeat what I said earlier that now would be an ideal time for first time buyers to get a foot on the first rung of the property ladder. You might disagree but that's what a forum is about: different opinions. One thing's for sure; anyone going into negative equity now will not be affected to any great degree and they'll soon get over it.

A simple "No, I haven't actually read any of the actual facts and figures you and the other poster tommie posted" would have been better.

Oh and 719,000 are the actual figures for the whole of the U.K. aul hand. The reduction is from the previous year and included N.I. which actually increased.

GlynD

saverbuyer wrote: »

A simple "No, I haven't actually read any of the actual facts and figures you and the other poster tommie posted" would have been better.

Oh and 719,000 are the actual figures for the whole of the U.K. aul hand. The reduction is from the previous year and included N.I. which actually increased.

Ah but I did read your figures oul hand. I also found my own from the University of Ulster which support my contention that the market has stabilised here and that house sales are on the increase. http://news.ulster.ac.uk/releases/2012/6536.html

All of this is exactly what I've been saying all along:

*You're no worse off here in negative equity than you would be elsewhere in the UK.

*We lag behind the UK in recovery - as always.

*The market here has either bottomed out or it is close to it.

*Now is an ideal time for first time buyers (or any buyers) to get a deal.

I'm still whistling the same tune and finding more professional opinion to support it everywhere I look. None of this suggests I'm trying to minimise the crisis but I believe my view is more realistic than the opposing views.

And btw - I bought a house in Northern Ireland just three years ago and I'm not in negative equity. :cool:

tara747

saverbuyer wrote: »

35% of all house purchases since 2005 (in N.I.) are in negative equity.
That's 69,000 houses. :eek:

The figure is 10% for the whole of the UK since 2005.

So pretty big difference there then.

EVERYONE I know who has bought a house since 2005 is in negative equity. Some by a little, some by a lot.

In the worst case (bought in summer 2007), the house is worth £50,000. They paid £194,000.

:eek:

tara747

GlynD wrote: »

Ah but I did read your figures oul hand. I also found my own from the University of Ulster which support my contention that the market has stabilised here and that house sales are on the increase. http://news.ulster.ac.uk/releases/2012/6536.html

All of this is exactly what I've been saying all along:

*You're no worse off here in negative equity than you would be elsewhere in the UK.

*We lag behind the UK in recovery - as always.

*The market here has either bottomed out or it is close to it.

*Now is an ideal time for first time buyers (or any buyers) to get a deal.

I'm still whistling the same tune and finding more professional opinion to support it everywhere I look. None of this suggests I'm trying to minimise the crisis but I believe my view is more realistic than the opposing views.

And btw - I bought a house in Northern Ireland just three years ago and I'm not in negative equity. :cool:

The UU report is discredited, it is not based on selling prices but asking prices. Oh and it's supported by EAs and banks. :cool:

You want the official DFP statistical report - it's published quarterly, look out for the Q4 2012 report next month.

http://www.dfpni.gov.uk/lps/index/about-lps/publications/statistics-and-research-publications.htm



Oh, and where is this magic house of yours that's immune to negative equity?

GlynD

tara747 wrote: »

EVERYONE I know who has bought a house since 2005 is in negative equity. Some by a little, some by a lot.

In the worst case (bought in summer 2007), the house is worth £50,000. They paid £194,000.

:eek:

I'm absolutely positive you're correct however I bought in 2010 and I'm NOT in negative equity.

As I said above, I don't want to diminish the crisis but it will end and now is the right time for first time buyers. My opinion is supported by the University of Ulster's report which I posted above.

tara747

GlynD wrote: »

I'm absolutely positive you're correct however I bought in 2010 and I'm NOT in negative equity.

As I said above, I don't want to diminish the crisis but it will end and now is the right time for first time buyers. My opinion is supported by the University of Ulster's report which I posted above.

If you say so.

Any comment on the DFP stats?

GlynD

tara747 wrote: »

The UU report is discredited, it is not based on selling prices but asking prices. Oh and it's supported by EAs and banks. :cool:

You want the official DFP statistical report - it's published quarterly, look out for the Q4 2012 report next month.

http://www.dfpni.gov.uk/lps/index/about-lps/publications/statistics-and-research-publications.htm



Oh, and where is this magic house of yours that's immune to negative equity?

Who decides whether or not a report by a University is discredited?

I've read your reports btw and on the first page it says:

The decline is slowing and Q3 2012 had the lowest fall since 2010.

There's a 7% increase in the number of properties sold.

So I'm going by your figures Tara but still and all what I say is largely being borne out. To paraphrase Winston Churchill: "it might not be the end, or even the beginning of the end, but it is the end of the beginning".

Oh and: my house isn't immune to negative equity. I just saw the writing on the wall and bought at the right price. Where I come from it's called "knowing the market and negotiating accordingly". :cool: