Property prices in NI

agal

From todays Times;


In Greater London prices rose by 4.9 per cent last month, the lender said, with Northern Ireland roaring ahead with an increase of 8.5 per cent for June.
Northern Ireland is now the most expensive part of the UK in which to buy property outside London and the South East, the Halifax said.
According to today's figures, however, surging prices in these economically more prosperous areas are masking real declines in less-well-off areas.
(my emphasis)

ballyblack

I too! suprised at the emphasis

full article here;

http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article2024322.ece

leftieM

8.5% growth?? That is amazing and not what I'm seeing where I live. Do you know how they measure the house prices here seeing as we have no land registry data? Do they look at asking prices or do they ring EAs to get a sample of sale prices? Is it houses that got sale agreed in March and everything is signed and sealed in June?
The reason I ask is that I think the height of the boom was March and it ended at Easter. However in the first quarter 2007 a house with an asking price of 180k might sell for 230k. Now that same house will have an asking price of 210k but will attract few offers if any and is likely to sell for 210k. So that gives the appearance of a rise in price but the reality is that the price has dropped.
Should I go out and get a life and stop looking at EA websites? I think so!

Colin_Kee

The number of houses for sale in our development has now topped 10, in a development of about 80ish houses. Only one has sold.. What with undoubtadly another interest rate rise on the cards today, people may have finally wised up!! Houses Are Too Expensive!!

talksalot81

IRs up again.

Do you guys realise that it is barely 6 months since I was universally laughed at for suggesting that prices were too high and unsustainable? Quite a few of those who mocked my views seem to be changing tune!

Smurf71

Market is definitely slowing. I have a number of friends who have recently placed their houses on the market. Three of them, which has been on the market for over two months, have yet to receive a viewing! All of the house would also be in favourable locations as well.

leftieM

I had a larf at this article in the telly. If you read between the lines it seems that a rather nervous developer has released all of the apartments and got buyers to agree not to sell for 18 months so that the neighbours can't see that their flat has fallen in value. Well that's my take on it!
They are a pretty hefty price although I know that I if I was single and loaded I'd be sniffing around them too.

NAR

Who would want to live in the Ormeau bakery now that the fabulous smell of freshly baked bread has disappeared! :rotfl:

gazza982

I own a few BTLs in North Down and noticed the FTB homes up to £250,000 are still selling for the asking price but the bidding wars have all but disappeared. Sellers seem to be inflating their initial asking price rather than relying on bidding wars.

I offered the asking price of £650,000 for one in N'Ards and that has now reached £765,000. So people are still willing to offer silly money if they like the house.

It would be better for HPI to slow to 7% pa than have an inevitable correction.

leftieM

NAR wrote: »

Who would want to live in the Ormeau bakery now that the fabulous smell of freshly baked bread has disappeared! :rotfl:

They'll have that lovely music outside and the aroma of burning tyres in a week. What more could a single professional want?

Parisien

A good house, in the right location will always command a good price, less prone to market vargaries, investors/speculators will eventually get their fingers burnt unless very smart...always been the way of the world, nought has changed, as for reading the tea-leaves posts, laughable!!!