House Prices and Other Property Prices

[C. Flower]

The latest TSB ESRI house price index has been published. Prices are still falling. So far, NAMA has managed to stave off a full-scale fire-sale of empty property.

http://www.irishexaminer.com/world/kfmheyausncw/rss2/


It appears to me that the budget and 4 year plan, as it will cut employment and reduce disposable income, will further pressure house prices downward.


The latest permanent tsb/ESRI house price index shows that house prices have fallen 36% since the peak at the end of 2006.

Last quarter’s fall of 1.3% is the lowest quarterly reduction since the second quarter of 2008 (April-June inclusive) and compares to a reduction in the second quarter of this year of 1.7%.

The fall in average national house prices in the first nine months of this year was 7.6%. This compares with a fall of 11.7% in the first nine months of last year.

The year-on-year decline (quarter three 2009 to quarter three 2010) was 14.8% and compares to a reduction of 17% year-on-year to the second quarter of 2010.

The average price for a house nationally in the third quarter of this year has fallen below €200,000 to €198,689, compared with €233,137 in the third quarter of last year and €311,078 at their peak.

Commenting on the figures, general manager with Permanent tsb Niall O’Grady said it might be too early to say house prices had reached the bottom.


Read more: http://www.irishexaminer.com/world/kfmheyausncw/rss2/#ixzz13XzgXBv2

[TotalMayhem]

NAMA has managed to stave off a full-scale fire-sale of empty property.

That's one way of looking at it ...

You can also say, they are wasting taxpayer's money to protect their cronies and deny potential buyers a fair price.

Of course, without NAMA the "sickening" pain might become unbearable for the the likes of Alison O'Riordan ...

[Ah Well]

For the advocates of the market bottoming out and prices have never been as good ... nope .... going down down down

Residential property prices have declined by 1.2% in the last month, compared to a decline of 1% in April, it was revealed today.

Official figures released by the Central Statistics Office showed that prices have fallen by 12.2% in the last 12 months.

Read more: http://www.breakingnews.ie/ireland/rate-of-house-price-decline-increases-509935.html#ixzz1Q08gfQnE

[Holly]

Only the greedy profiteers are bothered by declining house prices.
Some of us still think a house is for making a home rather than an investment.

[Ah Well]

Some of us still think a house is for making a home rather than an investment.

Quite true but I'd be inclined to hold off purchasing if I was able to for a while until prices stop falling ... imagine quite a few folk are doing that

[morticia]

Only the greedy profiteers are bothered by declining house prices.
Some of us still think a house is for making a home rather than an investment.

True. However, what if you lose your job and need to sell.....??

[disability student]

Only the greedy profiteers are bothered by declining house prices.
Some of us still think a house is for making a home rather than an investment.


A late relative of ours who died suddenly few years back as it was very difficult to see his house to be sold for a very long time. It was only few weeks ago that we as family (by means of vote) agreed to drop the selling price by 60K. It was sold few weeks ago much to our astonishment & surprise.

We had no choice but to sell the house. I was aware that few relatives needed money as they were laid off re their jobs. That's the sad reality in this country- Ireland.

[morticia]

One of the interesting things about that release was the difference between apartments and houses in Dublin. Apartments; well, there's an 8 year oversupply and the banks don't like lending for their purchase. House prices rose month on month, although the year on year was still down 11+%.

Now, I'll be interested to see if that is maintained next month or not. Factors for: shortage of sellers, pent up demand for family homes (I know a few who have let the 2 bed and are renting larger homes owing to expanding families), and the fact that we're importing IT professionals again to fill jobs for the exporting and services industries. Plus, the Allsop auctions and foreign investors perhaps seeing some opportunities in Dublin

Factors against; the banks won't lend, May is traditionally a high month for sales annually (then people go on holiday and forget about selling till after Xmas again), prices are soaring, interest rates are going up, and economic confidence is taking a knock, still......

however, property is traditionally seen as a hedge against inflation....which we now have, again.

[Dr. FIVE]

Results of Ronan Lyon's Daft.ie survey are out today

http://www.daft.ie/research/2012_Consumer_Attitudes_Survey.pdf

Worth a look if only to contrast how it will be reported

[Dr. FIVE]

Examiner first out of the traps: headline - "Almost 12% of property survey respondents want to buy 'as soon as possible'

That almost 12% being only the fifth most popular response

https://p.twimg.com/AmrLLPYCMAAZoQb.png

[morticia]

Well, all these surveys are a tad otiose since it appears that ye banksters are still seriously unlikely to be lending anyone bar the favoured few, enough wonga for a mortgage. David McW ran an expose on BoI's mortgage figures yesterday in the SBP.... 50% at least in negative equity and only provision for 6% defaults. Bear in mind that BoI is our least bad bank.

Given this, I doubt house prices will be on the up until people can pay for houses from their savings. Meanwhile, thanks to 1.60 per litre petrol and rocketing food costs, I don't see disposable income on the up any time soon. Food prices will rocket this summer. The traditional "bread basket" areas of England are in drought already... in February. Good news for our farmers, but not for city property prices.

http://www.telegraph.co.uk/earth/earthnews/9104241/Drought-spreads-across-England-as-soil-moisture-in-Anglia-reaches-record-low.html

[ang]

Full Property Price Details Ireland Jan 2010-Sep 2012 - Brian M. Lucey -

http://brianmlucey.wordpress.com/2012/09/30/full-property-price-details-ireland-jan-2010-sep-2012/

Direct link to the new property price register here -

http://www.propertypriceregister.ie/

[Baron von Biffo]

The property register website being discussed on Plank now. It is an awful mess of a thing that's nearly impossible to use.

The one area where the state consistently fails is IT.

[Dr. FIVE]

The one area where the state consistently fails is IT.

ah here