House prices

fabbydabby

Yes it is in their website and the article referred to just the one credit rating agency: Standard & Poors.

They obviously have a poor grasp of the standard of our current leadership.

catbear

We've turning alright, in ever decreasing circles.

catbear

Here's a useful link for anyone trying to get a handle on the rate that asking prices in Kilkenny are dropping by.
http://collapso.dyndns.org/JavaHost/servlet/MySQLsearch2?county=&month=2010&type=&bedrooms=&date=16_oct_10&exclude=zzzz&exclude1=zzzz&region=kilkenny

One house on upper Patrick street dropped by almost 50%!

femur61

Even with price drops houses still aren't selling.

Jinxi

Mainly because 1. the banks are finding reasons to refuse mortgages(a quote from a TSB loans officer)including not letting some house owners sell their houses at a price that is lower than the money owed on the property. 2. Buyers are expecting house prices to fall further and 3. as previously stated, house owners are holding out to get the best prices they can.

catbear

I agree with all your points Jinxi, although I believe your third point may soon change. Panic selling is about to start as there are plenty of properties for sale that are not mortgaged and can be sold at however low the bid is. These sales will define the market all the way to the bottom.

socco

rather than start a new thread I want to reopen this thread.

House prices in Kilkenny:

I have noticed that the available number of houses has dropped from 260 to 209 in the last 6/7 months. I believe a lot of this was down to MIR being abolished.

At the start of this thread a number of users comment that prices in Kilkenny have been slow to drop. Do people think prices in Kilkenny have stablised or will they drop further?

catbear

Good to revisit tis socco as prices have dropped considerably since 2010.

Glendine woods: 2010, sold for 421K. Identical house sold for 273K, a 35% drop. I think they were initially selling for around 600K when first launched but I've no link for that.

The grange on the Dunningstown road also show a 33-35% drop in two years according to http://www.propertypriceregister.ie/website/npsra/pprweb.nsf/PPR?OpenForm

I cited these two examples as they were partly ghost estates with what appeared to be good quality stock, if anyone has other opinions on the quality please do share.

Now it would be tempting to say that the worst is over for price drops but I can't see how this is justifiable when there are still plenty of good stock yet to be sold, overlooking Glendine woods is a gated 20 house development that's hardly occupied and that's not to mention the empties in the Weir View.

To answer your question socco I believe that houses not owned by the nationalised banks will continue to drive down prices although at a slower rate than recently, plus we've probably got fewer people able to commit to buying as unemployment takes its toll.

Now if you are in a position to buy you have to ask yourself will the price of a potential house come down by more that its annual rent? Plus if the rent is less than the mortgage interest repayments then renting is still king.

Edit to add: MIR being abolished was never going to stop price declines or stock being tendered. I believe a bigger factor may be that some sellers have simply given up, there were simply too many properties chasing a dwindling pool of buyers. When the Irish-Property-Watch website was still running you could see properties sitting on the market for years and see the price reductions listed. It's a pity it isn't running anymore, at least the register is here now so we have at least some transparency in the market.

socco

catbear wrote: »

When the Irish-Property-Watch website was still running you could see properties sitting on the market for years and see the price reductions listed. It's a pity it isn't running anymore, at least the register is here now so we have at least some transparency in the market.

just to add to this there is a useful tool called property bee (a quick google will find it for you) which is an add on to firefox. This tool lets you see this information still. You can see when a house was first listed and any changes made to the listing. Part of the reason I restarted this discussion was because I'm considering buying myself this year so I used the tool quite a bit over the last year and it really is an eye opener!

catbear

Yes, I've heard of property bee but I haven't downloaded firefox. Plus i'm not going to be buying in Kilkenny anytime soon, certainly not in the coming few years. Renting became a pleasure with landlords paying me to paint walls whatever colour I want etc. In the long run I'd probably buy a really cheap fixer upper with better proportions than the bubble era identikit lego houses.

repsol

catbear wrote: »

Yes, I've heard of property bee but I haven't downloaded firefox. Plus i'm not going to be buying in Kilkenny anytime soon, certainly not in the coming few years. Renting became a pleasure with landlords paying me to paint walls whatever colour I want etc. In the long run I'd probably buy a really cheap fixer upper with better proportions than the bubble era identikit lego houses.

I reckon prices will drop again when all the Buy To Lets in arrears start getting repossessed by the banks as many will be dumped on the market

socco

repsol wrote: »

I reckon prices will drop again when all the Buy To Lets in arrears start getting repossessed by the banks as many will be dumped on the market

are there really that many buy to lets in Kilkenny though?

repsol

socco wrote: »

are there really that many buy to lets in Kilkenny though?

They are everywhere.Anywhere there are apartments and small houses particularly Sect 23.I am not familiar with Kilkenny but it is a small town and wouldn't need many btl's dumped on the market to drive down prices

catbear

The main banks are nationalised and they'll only foreclose where they see a possibility of getting a cash sale. There is no way I'd buy into market prices that are supported by my own taxes.