House Price Register

davet82

The house price register should be up and running by late September...

http://www.irishtimes.com/newspaper/property/2012/0712/1224319846530.html

I was wondering what effect do you think it will have on the private/home market? Will it give confidence and we'll see prices rise or will expose the real prices houses are going for and will continue to cause a slide? Or maybe nothing at all, i'm asking cause i aint got a clue but am waiting to buy when i feel the time is right.

StillWaters

Its hard to know, as no-one knows for sure what prices houses have been going for.
Anecdotedly I think houses were very cheap Q3 and 4 last year, and have picked up considerably since then, more than recent reports have indicated.

Of course thats just my own opinion, and the database will prove me right or wrong.

I don't think the database will change the market dynamic much in any case, but it is a good thing, and will provide transparancy.

davet82

StillWaters wrote: »

Anecdotedly I think houses were very cheap Q3 and 4 last year, and have picked up considerably since then, more than recent reports have indicated.

i've gotten that feeling too, maybe due to the constant reports of 'houses for sale drying up' and the mortgage relief due to expire at the end of the year. So i'm hoping for another dip in 2013

One thing the register will clear up is the selling price, a person i know somebody who bought a house advertised for 139,000 (cheapest advertised in the estate, 4 others for sale) and told me she aquired the property for 102,000! Now i'm sure the estate agent wouldnt let you in on that sort of information.

Snakeblood

davet82 wrote: »

i've gotten that feeling too, maybe due to the constant reports of 'houses for sale drying up' and the mortgage relief due to expire at the end of the year. So i'm hoping for another dip in 2013

One thing the register will clear up is the selling price, a person i know somebody who bought a house advertised for 139,000 (cheapest advertised in the estate, 4 others for sale) and told me she aquired the property for 102,000! Now i'm sure the estate agent wouldnt let you in on that sort of information.

I think there'll be a drop after the register comes out. There'll be a closer alignment with asking and selling prices.

LittleBook

article wrote:

Despite being eagerly anticipated by estate agents, homeowners and buyers ... the property price register has yet to materialise.

Can't imagine why estate agents are "eager" for this!

And if by "homeowners" they mean "sellers", can't really see why they'd be looking forward to it either.

The only people I can see benefitting from this is buyers and it's about bloody time!

davet82

LittleBook wrote: »

Can't imagine why estate agents are "eager" for this!

And if by "homeowners" they mean "sellers", can't really see why they'd be looking forward to it either.

The only people I can see benefitting from this is buyers and it's about bloody time!

i was thinking the exact same!

Snakeblood

LittleBook wrote: »

Can't imagine why estate agents are "eager" for this!

And if by "homeowners" they mean "sellers", can't really see why they'd be looking forward to it either.

The only people I can see benefitting from this is buyers and it's about bloody time!

At this point the market is fairly dead. Estate Agents need trade. The lies and obfuscation worked for years, but people simply are afraid to buy without clarity now. It's in the Estate Agents best interest that this house price register comes out so that people know what to offer, because at least they'll shift some houses.

LittleBook

Snakeblood wrote: »

At this point the market is fairly dead. Estate Agents need trade. The lies and obfuscation worked for years, but people simply are afraid to buy without clarity now. It's in the Estate Agents best interest that this house price register comes out so that people know what to offer, because at least they'll shift some houses.

Maybe. I guess (as a potential buyer) I just see so many other potential ways that they could shift houses if they really wanted to (voluntary transparency/honesty regarding pricing, accurate advertising including floor plans and total square footage, professional salesmanship, non-photoshopped pictures and ... if it's not too much to ask ... building trustworthiness with buyers) that this seems like it's being imposed rather than welcomed so "eagerly awaited" just doesn't ring true for me.

Snakeblood

LittleBook wrote: »

Maybe. I guess (as a potential buyer) I just see so many other potential ways that they could shift houses if they really wanted to (voluntary transparency/honesty regarding pricing, accurate advertising including floor plans and total square footage, professional salesmanship, non-photoshopped pictures and ... if it's not too much to ask ... building trustworthiness with buyers) that this seems like it's being imposed rather than welcomed so "eagerly awaited" just doesn't ring true for me.

Voluntary transparency: Would you believe them? I wouldn't.

Accurate advertising: Same deal. I've been lied to so much by estate agents that I simply don't believe any of them. The only way I'll believe they're telling the truth is if they are forced to. This is just an opinion based off buying an apartment, selling an apartment, and trying to find a house, and the experiences of my friends and family in the property market, but estate agents are as a class the most dishonest, worthless people in business. And it's estate agents who built as a class, that reputation for themselves.

LittleBook

Snakeblood wrote: »

The only way I'll believe they're telling the truth is if they are forced to.

Exactly, hence my cynicism about their being "eager".

Cool Rider

Once its out there will be atleast 25% drop in asking prices within 6 months

StillWaters

Cool Rider wrote: »

Once its out there will be atleast 25% drop in asking prices within 6 months

Can you explain your rationale for this? It seems extremely unlikely.

RATM

It is highly unlikely that the market across the board will be down 25% in 6 months but when you think about it then it may happen in smaller micro markets, especially since the actual volume of transactions is some 95% down on what it was at peak levels.

So if for instance there is a mature housing estate in south county Dublin that has only had one sale of the standard 3 bed semi in the last 6 months. The asking price was €500,000 by private treaty and it sells with no-one knowing for certain what it went for. Of course there'll be rumours but no-one knows for absolute sure.

So lets say it went for sale for €400,000. When the price register comes out suddenly everyone in the estate knows that it sold for €400k and they get a bit of a wake up call that €400k is now the ball park value of their own house. And prospective buyers of houses in that estate now also know that €400k is the ball park and will be reluctant to bid above that figure, indeed many will want to get a lower price and push it down into the high €300's if they can.

Cool Rider

StillWaters wrote: »

Can you explain your rationale for this? It seems extremely unlikely.

1) Dubious estate agents inflating asking price much over correct market price which is a common knowledge.
2) Known atleast 10 people who bought in last year for 10-20% less than asking price.
3) Euro wide economic uncertainity whatever can go wrong has gone wrong with Spain under-water.
4) House prices still in declining mode.
http://www.irishtimes.com/newspaper/breaking/2012/0724/breaking19.html
5) Govt.interest relief to home buyers designed to inflate prices finishing this year, and it'll be interesting to see what people can really afford at first place.
6)Full fledged property tax to be introduced next year, expect it to be atleast 1000 euro/year.
7) Over-hang of property by banks and NAMA they'll have to be released some time very soon.
8) Budget this year is going to be harsh with social welfare allowances cut, tax increases and god knows what other new stealth taxes.
9) Economy in the drains, with no future prospects for many and emigration. Future growth prediction of 0.2%.
10) Auction results compare them with asking rate at property websites and it becomes crystal clear.

Ha.......these are few of the reasons. Let the truth prevail bring in the register.

davet82

Cool Rider wrote: »

1) Dubious estate agents inflating asking price much over correct market price which is a common knowledge.
2) Known atleast 10 people who bought in last year for 10-20% less than asking price.
3) Euro wide economic uncertainity whatever can go wrong has gone wrong with Spain under-water.
4) House prices still in declining mode.
http://www.irishtimes.com/newspaper/breaking/2012/0724/breaking19.html
5) Govt.interest relief to home buyers designed to inflate prices finishing this year, and it'll be interesting to see what people can really afford at first place.
6)Full fledged property tax to be introduced next year, expect it to be atleast 1000 euro/year.
7) Over-hang of property by banks and NAMA they'll have to be released some time very soon.
8) Budget this year is going to be harsh with social welfare allowances cut, tax increases and god knows what other new stealth taxes.
9) Economy in the drains, with no future prospects for many and emigration. Future growth prediction of 0.2% and records high suicide rate.
10) Auction results compare them with asking rate at property websites and it becomes crystal clear.

Ha.......these are few of the reasons. Let the truth prevail bring in the register.

i can see what your saying in 9 and half of your 10 points but wtf has the suicide rate got to do with anything

Cool Rider

davet82 wrote: »

i can see what your saying in 9 and half of your 10 points but wtf has the suicide rate got to do with anything

Hmmmm..Maybe not the best point to mention in the topic but just shows that people are hard pressed and things are getting to a toxic level. But your point stays doesn't fits well in this context so I take it back.

Zamboni

Cool Rider wrote: »

7) Over-hang of property by banks and NAMA they'll have to be released some time very soon.

Nama has always been a planned elaborate mean to mothball and demolish part of the property oversupply to control the prices and alleviate bank and developer losess onto the tax payer.
Don't ever expect full on firesales of these properties. Expect BS headlines of demolition in the name of the taxpayer.

kentreaper

davet82 wrote: »

The house price register should be up and running by late September...

In the UK, the Land Registry is totally public - you can easily see who bought a property, when, and for how much. And you can view the property thro' Google Earth, Zoopla etc.

Are none of these facilities available in The Republic? Is there even a Land Registry?

Snakeblood

kentreaper wrote: »

In the UK, the Land Registry is totally public - you can easily see who bought a property, when, and for how much. And you can view the property thro' Google Earth, Zoopla etc.

Are none of these facilities available in The Republic? Is there even a Land Registry?

There's a land registry, for a fee, I think, with no purchase price.

davet82

haven't heard anything about this lately anywhere and its suppose to be launched next month, i'm predicting another delay

Zamboni

davet82 wrote: »

haven't heard anything about this lately anywhere and its suppose to be launched next month, i'm predicting another delay

Jsut email him and ask him directly.
I am sure you will get a direct, honest and succinct reply.

alan.shatter@oireachtas.ie

monkey8

Anyone know when the property price index for july 2012 get released?
Thought it would be out by now.
Is it a certain day each month?

Zamboni

http://www.boards.ie/vbulletin/showpost.php?p=80377681&postcount=21

bleary

monkey8 wrote: »

Anyone know when the property price index for july 2012 get released?
Thought it would be out by now.
Is it a certain day each month?

Due out 11 am thursday

http://cso.ie/en/newsandevents/statisticsdueforrelease/weeklyreleasecalendar27th-31staugust/

monkey8

bleary wrote: »

Due out 11 am thursday

http://cso.ie/en/newsandevents/statisticsdueforrelease/weeklyreleasecalendar27th-31staugust/

cheers

TheFarneyman

Is this Gospel??? 11 o clock tomorrow??

bleary

TheFarneyman wrote: »

Is this Gospel??? 11 o clock tomorrow??

For the CSO property price index yes, it has been released every month for some time now, the property price register is due to be released in september

http://www.independent.ie/business/personal-finance/property-mortgages/new-price-register-will-be-used-to-set-property-tax-bills-3214936.html

stevedublin

bleary wrote: »

http://www.independent.ie/business/personal-finance/property-mortgages/new-price-register-will-be-used-to-set-property-tax-bills-3214936.html

The price register is linked to the property tax so don't worry, the register will be brought in with Teutonic efficiency now!

cursai

Plucking great news. No more listening to spoof from estate agents.

davet82

cursai wrote: »

Plucking great news. No more listening to spoof from estate agents.

that would be better :rolleyes:


i'm really looking forward to the launch of the website, i've kept a good eye on asking prices on daft and myhome and i cant wait to compare them to see how much bullshít is actually being fed to people.

I was talking to a friend and he wasn't happy at all about the register saying he feels its 'an invasion of privacy' for what he sold and bought his house for, anyone else feel like that?

McTigs

davet82 wrote: »

I was talking to a friend and he wasn't happy at all about the register saying he feels its 'an invasion of privacy' for what he sold and bought his house for, anyone else feel like that?

i certainly don't feel like that, property dealings have been shrouded in secrecy for far too long.

Buying a house is the biggest financial event in most ordinary peoples lives by factors and most do so without anywhere near the neccesary amount of information to hand.

Bring it