Northern Ireland Residential Property Price Index

guiriman

qwert_yuiop wrote: »

Alternatively, decide life is too short and have another cup of tea.

This one thanks

Sambella

I've been quite lucky as I've never bought or sold in boom times

Bought first house in 1996 for 21k

Sold in 2000 for 60k

Bought in 2000 for 66k

Sold in 2010 for 105k (house was valued at over 200k in 2007)

Moved elsewhere for a while without buying.

2014 bought current house for £123k, Worth around £139k now. The sellers bought it for £173k that I know but not sure what date that was at probably around 2005-8

I never got into the cycle of remortgaging to borrow money except for an extra £10k in 2015 as house no2 needed central heating put in amongst other things. I was always mindful of keeping my mortgage payments reasonable and with no huge variations in price.

RikM

The market does appear to have gained some liquidity (locally at least). After no sales for a number of years, four houses in my street have gone on the market and sold within weeks.

qwert_yuiop

motorguy wrote: »

Likewise, if you were buying as a home to pay off and keep then the current market value at any point is irrespective.

Or maybe irrelevant? I hear this one a lot, but not really. Anyone who paid over the odds for their house is reminded of it every month when they pay too much mortgage. Even if they were lucky/hard working/clever enough to have been able to pay with a cheque from their current account ( or just have the right elderly relatives and a family tradition of low fertility), that's a load of money that could have been spent on something else. In the case of some surprisingly ( and heartbreakingly) modest houses bought in 2006, that something else could be an Aston Martin. Hard to believe now.

marathonic

http://www.nisra.gov.uk/housepriceindex/NI_RPPI_Statistical_Report_Q4_2016.pdf

The latest report is out - giving us a complete picture of 6 months worth of post-Brexit vote sales.

Prices seem robust and are now 13.1% above Q1 2015 values and 28.8% above the Q1 2013 low (albeit still 44.1% below the peak back in 2007).

Total volume of sales for 2016 was very close to that of 2015 - although we did see a drop-off in the latter part of the year - no doubt through a combination of tougher mortgage criteria in addition to some fallout from the result of the Brexit vote.

motorguy

marathonic wrote: »

http://www.nisra.gov.uk/housepriceindex/NI_RPPI_Statistical_Report_Q4_2016.pdf

The latest report is out - giving us a complete picture of 6 months worth of post-Brexit vote sales.

Prices seem robust and are now 13.1% above Q1 2015 values and 28.8% above the Q1 2013 low (albeit still 44.1% below the peak back in 2007).

Total volume of sales for 2016 was very close to that of 2015 - although we did see a drop-off in the latter part of the year - no doubt through a combination of tougher mortgage criteria in addition to some fallout from the result of the Brexit vote.

Interesting reading.

I've no short term interest in property prices though as i've no plans to sell in the next 10 years or so, or to buy any other property here in that timeframe either.

tara747

Someone at work has sent me the University of Ulster house price index for Q4 2016. Prices fell between Q3 and Q4, with the biggest falls in semis (-5.5%) and detached houses (-5.2%) while terraces and apartments have increased in price.


Belfast prices fell (-4.2%) in the year 2016, with semis (-6.8%) and detached houses (-7.7%) showing sharper falls in Q4.


The picture is different elsewhere - I'm quoting Belfast as that's the market I'm interested in.


"Overall, the average house price in Northern Ireland decreased by £9,154 to £150,778 at the end of the year - a level last seen in quarter 3, 2015."


https://www.ulster.ac.uk/__data/assets/pdf_file/0008/150749/q4-2016.pdf


Disclaimer: it doesn't appear as statistically robust as the NISRA survey, the next of which is due in May. So take it with a pinch of salt.

qwert_yuiop

Possibly not, but enough to be able to say we're not in a boom.

No panic if you haven't bought yet.

x12yhp

We've just completed and there is no question that we are not in a boom. We were 10 percent below asking and there are any number of properties we considered that have been on the market for extended periods and which have dropped this amount (or more). I think estate agents are trying hard to push but only certain types are I'm massive demand and I think many estate agents are doing their customers a disservice, leasing to extended sale periods and then issues when purchasers find mortgage valuations do not come close to what the estate agents are saying.

tara747

NISRA's latest house price index was published in mid-May, and shows a fall overall. Prices fell by 2.3% in the last quarter in Belfast, which is the area I'm interested in.


https://www.nisra.gov.uk/sites/nisra.gov.uk/files/publications/NI%20HPI%20Statistical%20Press%20Notice%20Q1%202017.pdf


https://www.nisra.gov.uk/sites/nisra.gov.uk/files/publications/NI%20House%20Price%20Index%20Quarter%201%202017.pdf