House Prices Up 5% across UK

Loughton_Monkey

floridaman wrote: »

So just been down my local estate agent and they said they have been run off their feet with loads of people making bookings to view houses. What's going to happen to prices now? Looks like they are going to rocket in price.

Your local EA would have told you this three months ago. No need to wait until today.

Loughton_Monkey

marathonic wrote: »

Northern Ireland looks one of the most affordable places to buy at the moment and appears to be bottoming out.

I do, however, agree that it doesn't look good for people who bought between 2006 and 2011.

Just seek out the Orange Order march routes and try to avoid them before you buy.....

IveSeenTheLight

Loughton_Monkey wrote: »

Then complain to Nationwide, not me.....

We all know various pockets, whether they be counties, towns, districts, or even streets which buck the trend.

Same as when food or fruit has gone up 5%. Those luscious just-ripe cherries specially flown in from South Africa will have gone up by 10% while the over-ripe mis-shapen soggy ones will be at the same price.

All I know is that the houses next door, and opposite me both sold within days. Removal van over the road is there while I write.

I don;t have an issue with the Nationwide data. Just saying your regional review is not localised enough.

For instance, Nationwide 2009 Q1 (oldest quarterly report online) shows Aberdeen City as £196,426

whilst

The latest Nationwide Report (Q3 2013) shows Aberdeen City as £238,100

I'm sure there are many others outside of London and the South East which are also post higher post peak prices, despite the UK average still showing below peak because of the "soggy cherries" as you put it.

Dribley

Joeskeppi wrote: »

Further confirming my theory

It's really nice to know you're both so interested in me However, I really think the pair of you ought to get out more often!

chucknorris

marathonic wrote: »

Northern Ireland looks one of the most affordable places to buy at the moment and appears to be bottoming out.

I do, however, agree that it doesn't look good for people who bought between 2006 and 2011.

OK I suppose for anyone who happens not to move for some time or are moving to an equally cheap property (if they don't have much NE and it can be managed) but a nightmare for others.

marathonic

chucknorris wrote: »

OK I suppose for anyone who happens not to move for some time or are moving to an equally cheap property (if they don't have much NE and it can be managed) but a nightmare for others.

I know what you mean. I purchased a house in an estate completed in 2007 for less than 50% of what they were selling for back then - I know because a work colleague purchased here at the time.

With that in mind, most people in my estate wouldn't have the option to move. That being said, the smallest houses are 3-bedroom terraced which is sufficient for most families. There may be people here that purchased with the intentions of upsizing or moving to a semi or detached house. For those, they likely have to stay put.

Personally, I don't really feel sorry for the people in this predicament because a 3-bedroom house should be sufficient and moving to a detached house is a desire as opposed to a need.

The people I feel sorry for are the couples who bought 1-bedroom apartments in the likes of the Titanic Quarters in Belfast and have now had children but are stuck in negative equity with no end in sight.

Loughton_Monkey

chucknorris wrote: »

OK I suppose for anyone who happens not to move for some time or are moving to an equally cheap property (if they don't have much NE and it can be managed) but a nightmare for others.

You have to remember that in the 5 years that led up to the 2007 "peak" house prices, the total increase was 53% in London. In NI it was 174%!

Surely some hanky-panky going on there?

chucknorris

Loughton_Monkey wrote: »

You have to remember that in the 5 years that led up to the 2007 "peak" house prices, the total increase was 53% in London. In NI it was 174%!

Surely some hanky-panky going on there?

Actually I didn't know that, I don't take much notice of the NI market, sounds like a real roller coaster ride.

marathonic

chucknorris wrote: »

Actually I didn't know that, I don't take much notice of the NI market, sounds like a real roller coaster ride.

Indeed it has been. I think the largest annual rise was over 45%.

One has to remember though, that prices were held a little lower than they should have been during past decades due to the troubles.

During that time, it would be unimaginable to most people in the Republic to uproot and move to the North. In fact the opposite was the case. I myself am one of quite a few people I know that have moved from the Republic to the North over the past 5+ years.

I believe that a higher overall rise in Northern Ireland when compared to some mainland regions would have been justified to a degree - but nowhere near to the extent that we saw in the years leading up to the crash.

Loughton_Monkey

chucknorris wrote: »

Actually I didn't know that, I don't take much notice of the NI market, sounds like a real roller coaster ride.

Not sure, but I think Republic of Ireland had similar characteristics.