House prices have suffered their biggest monthly fall in over two years.

Idbatterim

http://www.rte.ie/news/2011/1121/property.html

House prices have suffered their biggest monthly fall in over two years.

Figures from the Central Statistics Office said residential property prices fell by 2.2% during October, 15.1% lower than in same period last year.

Overall, house prices are 45% lower than their peak level in 2007 with prices in Dublin recording the biggest drop at 51% below peak levels and apartments down 60%.

House prices in Dublin fell 3.2% last month, giving an annual drop of 17.5%. Apartment prices in Dublin dropped 21.2% over 12 months, following a 2.3% during October.

Prices in the rest of the country fell by 2.1% in October, giving an annual drop of 13.8%.

Idbatterim

Idbatterim wrote: »

http://www.rte.ie/news/2011/1121/property.html

Shocking? Or something....?

Everything is still overpriced, and basing my presumptions on the idea that average earnings won't be going up any time in the next few years, it's safe to say that there are more drops to come.

Idbatterim

no not shocking at all, I was just surprised it hadnt already been brought up! I see no end in sight for the drops... Wait till this 4 billion budget kicks in, and several more after it!

Snakeblood

Hurrah, roll on the actual house price guide.

And moments after posting:

****ING YIPEEE !

http://www.oireachtas.ie/viewdoc.asp?DocID=19599&&CatID=60

Tue 22 NOV

5.54 p.m.

Property Services (Regulation) Bill 2009 [Seanad] - Order for Report, Report and Final Stages
(Department of Justice and Equality)

Sail on through ..... then back to the Seanad isn't it ?

Duisigh on www.thepropertypin.com

Rabidlamb

There's never been a better time to buy

Once the register is published things will make a lot more sense.
All were doing is comparing asking prices in 2006 (when the true asking was 10-15% higher) against asking prices in 2011 (when the true value is 10-15% lower).
Selling Price 2006 vs Selling Price 2011 would be a shock most people couldn't take.

Idbatterim

There's never been a better time to buy

ha ha, exactly! there was also never a better time to buy than 08,09,10,11... for sure 2012, probably 2013, 2014, 2015...?

oflahero

This is why that mendacious old canard of 'affordability is at an all-time high for first-time buyers' is being spun out at the moment. There is just literally no other data out there that can be twisted into having a 'positive' spin.

* By 'positive', I mean of course, from the point of view of vendors and the property industry.

robd

Idbatterim wrote: »

ha ha, exactly! there was also never a better time to buy than 08,09,10,11... for sure 2012, probably 2013, 2014, 2015...?

OK. Sarcasm detector alert etc.

As an aside though, what do people think this will do to the market (if it can be called one) in the New Year?

Essentially, why would you risk buying if you're likely to have egg on your face in six months time when database comes out and you find you paid way more than you could/should have for a like for like property?

This has the potential to stall market just like stamp duty change issue.

Personally, I'm giving up looking and all hope of buying for about another 12 months. This is only one of the reasons though.

Idbatterim

OK. Sarcasm detector alert etc.

yes I was being sarcastic, but you have got to look who is spouting this cr*p, EA's and other vested interests (Let me say though, they are totally right to say it, a signifant number of people have, are and will buy it)... There will be €3.8 billion taken out of economy in this budget and several more after it! I reckon alot of people if they would get credit, would be buying now, they are being saved by not being able to buy. The way prices overshot on way up with heard mentality, Im sure they will undershoot on the way down. The whole situation is a self fulfilling prophecy. If you look at the upcoming budget, there is going to be a household tax (which will be an easy year on year target to raise - the difficult bit will be introducing it in the first place) also rent allowance is likely to be cut. We were relying on exports to dig us out of the mess, look at those figures constantly being revised downwards, and it looks like the proverbial is about to hit the fan in alot of our trading partners! Bank interest rates will rise, further sucking hundreds of millions of disposable income out of the economy. Then we have the moronic decision to raise Vat to 23%, Im not even going to go into that one! To a large extent though it really depends on the value of what you want to buy, and how much the money means to you... I mean there likely to be a collossal difference between buying now and in 3 years time for a 400-500k etc house, but if your looking at sub 100k, & your paying rent etc, it may make sense to buy, as isnt mortgage interest relief to end shortly & also banks interest rates will rise...

dory

It's always nice to hear about houses going in the right direction. It's the only way prices can go the ways things are right now. I certainly won't be looking in the near future.

not even wrong

Rabidlamb wrote: »

All were doing is comparing asking prices in 2006 (when the true asking was 10-15% higher) against asking prices in 2011 (when the true value is 10-15% lower).
Selling Price 2006 vs Selling Price 2011 would be a shock most people couldn't take.

The CSO uses mortgage drawdowns, so they are actually true selling prices.

Rabidlamb

not even wrong wrote: »

The CSO uses mortgage drawdowns, so they are actually true selling prices.

What's the overall drop according to the CSO ?
I'd expect it to be higher than Dafts 42%.

Sparky_Larks

I wonder on the mortgage draw downs in 2006, how much of the ammount was for cars, holidays , weddings etc. There were a lot of people rolling lifestyle debt into mortgages.

Spiritofthekop

Idbatterim wrote: »

http://www.rte.ie/news/2011/1121/property.html

I actually cant believe the media (RTE, Press) have actually been allowed by the powers that be to release this info on to the news! Although they did manage to get a EA on saying "how much value there is now"...in other words buy now!!...my a#se

I went & had a look at that house on the video...its ok, its a well worn family home & its 100% NOT in a half a million pound a house area/street at all imo.

Its worth 400,000 realistcally but someone will pay more for it.