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House sales in Northern Ireland are rising

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  • 18-08-2009 9:08am
    #1
    mrgaa1
    Closed Accounts Posts: 759 ✭✭✭


    http://news.bbc.co.uk/1/hi/northern_ireland/8206579.stm It would seem that our northern counterparts are seeing some signs of a real bottoming out. It would seem to be a balanced view taken on the current situation. The next three month report will tell what is happening. September is usually a busy buying/selling month for homes so we'll see. The issue I suppose is that any transacations will always be an improvement over the past 12 months - its the sustainability of it is whats key.


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    #2
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    Interesting article. But the figures mentioned in the survey (supported by Bank of Ireland and the Northern Ireland Housing Executive) are extremely low. According to this more detailed report on the survey they're basing the suggestion of a recovery on approximately 316 sales per month from April to June.
    However, these conclusions drew a sharp response from Jonathan Davis, a City of London financial planner who accurately predicted the property crash at the height of the 2007 boom when many pundits were predicting continuing growth.

    Mr Davis, who last week dramatically forecast that house prices in Northern Ireland had much further to drop, possibly halving from their current level, said: "The average price is still around £159,000. This is still an astounding multiple of average incomes in Northern Ireland, which are below the rest of the UK.

    "Nationally, prices rose in the spring and early part of the summer yet Northern Ireland prices continued to fall. One swallow does not make a summer. The market will turn back down as unemployment hits and especially as interest rates rise."


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