Northern Ireland Residential Property Price Index

A question about : Northern Ireland Residential Property Price Index

Don't forget, the latest report is out tomorrow. Should be available here:

https://www.dfpni.gov.uk/lps/statisti...blications.htm

Personally, I predict drops for Q4 2012 and Q1 2013, but not as big as the previous years. Therefore, I think the annual rate of decline will reduce from the current 12% to well into the single digits as 2013 progresses.

When we see 3 consecutive quarters of rises, there is no doubt that the media will be falling over themselves to report it and this, in itself, will result in further rises.

It will probably be Spring 2014 before the annual change turns positive.

Best answers:

• With more and more auctions and repos coming on the market this year i reckon the downward trend will continue for a long time yet.
  and please remember....
  "Never try and catch a falling knife. Wait for it to hit the ground then pick it up" !
• a high percentage off houses coming on the market now are ropos ,and we still have to deal with the properties from NAMA .
  I was looking at two on property pal tonight .both in the same developement ,one was offers over Ј102,000 the other was offer around Ј88,000 .I wonder which will sell first .
• The report is just out. The Q4 2012 drop was 3%, mirroring the Q4 2011 drop.
  This figure, having bought in December 2012, will serve as a baseline for me to determine whether I made the right decision in the quarters and years to come.
  There were 3,693 transactions so, as I expected, transactions are at their highest since 2007.
  My region, North of Northern Ireland, showed a quarterly decline of 1% bringing the rate of annual decline down from 14% to 10%.
  There was a significant rise in the number of properties sold in the 40k - 60k price bracket which would tie in well with the increase in the number of repossesions.
• Detached down 5% over the quarter.
  Eats into that Ј270 "saved" by buying.
• Has it not occurred to anyone that house prices are simply not coming back up? Ever? And we're going to have to get used to it?
  This could be the "new normal" for good. (Delivered with slight Scandinavian accent)
• [QUOTE=marathonic;59479689]
  My position: I offered Ј125k for a house on the market in Q1 2012 for Ј135k.
  I was then approached by the seller to see if I was still interested and I negotiated a Ј10k discount from the original offer.
  I'd certainly expect a discount of Ј10k, considering prices had continued to slip. Given this, can you call it a discount? New price would be more accurate.
  Because my mortgage offer had lapsed, I had to get another valuation. The first valuation came in at Ј125k and the second at Ј120k.
  Therefore, I paid Ј115k for a house that was valued at Ј120k after the 5% drop that you are referring to. I have a 4.2% buffer where prices can fall in 2013 before the price paid exceeds the banks valuation.
  Can you really speak with such confidence about one specific case? I'd say probably not. Again, too many variables.
• [QUOTE=qwert yuiop;59483057]
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