Northern Ireland Residential Property Price Index

tara747

So, seems that house prices fell by 1% in Q1 2016. I have to say, even I'm surprised by that, given the rush to get BTL purchases completed before the stamp duty deadline on 31 March.


Wonder what Q2 will bring, given that a friend's EA husband says that the market 'has slowed right down' since 1 April?


http://www.nisra.gov.uk/housepriceindex/NI_RPPI_Q12016statisticalpressnotice.pdf
http://www.nisra.gov.uk/housepriceindex/HPI.html

qwert_yuiop

motorguy wrote: »

No, hence why, presumably, its still for sale.

The phrase "money pit" springs to mind.

Would cost a fortune to bring it back to what it should be.

I see it's now "sale agreed". Must ask around and see what the story is.

motorguy

qwert_yuiop wrote: »

I see it's now "sale agreed". Must ask around and see what the story is.

Yes, it would be interesting to hear.

Somebody is brave!

I see the bungalow across the road from it is for sale? It was originally on land sold by the own for development and he built a (pretty much) identical bungalow beside it.

Presumably the notion of a development there has fallen through and the developer / bank is selling the property to recoup some money?

qwert_yuiop

motorguy wrote: »

Yes, it would be interesting to hear.

Somebody is brave!

I see the bungalow across the road from it is for sale? It was originally on land sold by the own for development and he built a (pretty much) identical bungalow beside it.

Presumably the notion of a development there has fallen through and the developer / bank is selling the property to recoup some money?

Something has gone wrong there. He used to have a garden that looked like something from a magazine. Now it's gone to rack and ruin.
The big house sold fairly quickly, which might suggest someone keen to reconstruct came up with the money?

motorguy

qwert_yuiop wrote: »

Something has gone wrong there. He used to have a garden that looked like something from a magazine. Now it's gone to rack and ruin.
The big house sold fairly quickly, which might suggest someone keen to reconstruct came up with the money?

The bungalow? He sold out for it and the land around it to be redeveloped. It was to be demolished but never was.

Beautiful bungalow in its time.

marathonic

Here is the report for Q2 2016

http://www.nisra.gov.uk/housepriceindex/NI_RPPI_Statistical_Report_Q2_2016.pdf

Prices are now up 26.5% from the date that I originally started this thread.

motorguy

marathonic wrote: »

Here is the report for Q2 2016

http://www.nisra.gov.uk/housepriceindex/NI_RPPI_Statistical_Report_Q2_2016.pdf

Prices are now up 26.5% from the date that I originally started this thread.

And still as cheap as chips compared to the mainland. :eek:

tara747

Surprised by the Q2 figures, tbh. Especially since the supply of property for sale is increasing at an alarming rate.


I made a note of the number of properties for sale on Propertynews on 18 April:

NI 11,990
Belfast 1,918


Then I checked it again this morning:

NI 13,146
Belfast 2,383


That's an increase of 1,156 (~10%) across NI, and a whopping 465 (~25%) for Belfast. :eek:


So, lots of houses sitting on the market and not shifting in the last four months.


Could be interesting times ahead...

marathonic

These are the figures from PropertyPal:

Properties for Sale
19,174 Feb 2014
14,304 Feb 2016
16,081 Aug 2016

There are certain times of the year that you'd traditionally expect a higher number of houses on the market.

Also, whilst there has been a noticeable increase over the past 6 months, it's possible that this is down to people holding off to see how Brexit pans out - or, indeed, that there are usually more properties on the market in August when compared to February anyway. It's likely a combination of both.

In addition to the above, I suspect that rising prices bring more sellers out of the woodwork who have second properties, or indeed their own homes, that are coming out of negative equity.

The next two reports, in addition to changes in volumes of properties for sale between now and February, will be pretty interesting. However, I wouldn't read too much into volumes on the resale market today.

tara747

marathonic wrote: »

These are the figures from PropertyPal:

Properties for Sale
19,174 Feb 2014
14,304 Feb 2016
16,081 Aug 2016

There are certain times of the year that you'd traditionally expect a higher number of houses on the market.

Also, whilst there has been a noticeable increase over the past 6 months, it's possible that this is down to people holding off to see how Brexit pans out - or, indeed, that there are usually more properties on the market in August when compared to February anyway. It's likely a combination of both.

In addition to the above, I suspect that rising prices bring more sellers out of the woodwork who have second properties, or indeed their own homes, that are coming out of negative equity.

The next two reports, in addition to changes in volumes of properties for sale between now and February, will be pretty interesting. However, I wouldn't read too much into volumes on the resale market today.

Are the Propertypal figures just for NI? Otherwise, seems to be a huge discrepancy between PP and PN. 16,081 v 13,146.


Anyway, looks like the supply has been decreasing (which usually corresponds to price rises), but in spring 2016 it began to increase again (which can be a leading indicator of price falls).


It will be interesting to see what happens to the supply figure in the autumn - IIRC, September is supposed to be one of the busiest months for house buying and selling.