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  #11  
Old 11-11-2009, 04:46 PM
Cliff Barnes Cliff Barnes is offline
 
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Housebuyers are waiting, survey finds
CHARLIE TAYLORPotential housebuyers are continuing to sit on the sidelines and wait to see if prices drop further before committing, a new survey shows.

The MyHome.ie Autumn Property Market survey shows that 52 per cent of respondents are monitoring the market with nearly all intending to buy in the next 12 months.

Close to a third of respondents said they believe house prices will remain static or even rise over the next year while as many as 48 per cent expect prices to fall further.

Apartments appear to be out of favour at the moment with just 11 per cent of respondents looking for them whereas 26 per cent said they were searching for three bedroom semi-detached homes a a further 21 per cent indicated they were in the market for a three bedroom detached property.

The survey shows the public remain unsure as to the likely impact the creation of the National Asset Management Agency (Nama) will have on the domestic residential property market with 32 per cent claiming it would have a positive impact over the long term and 18 per cent believing the opposite.

As many as 37 per cent of respondents said said they did not know what impact the agency would have on prices.

Myhome.ie is owned by The Irish Times Ltd
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  #12  
Old 11-11-2009, 04:48 PM
i_didnt_do_nawtin i_didnt_do_nawtin is offline
 
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wishful thinking
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  #13  
Old 11-11-2009, 04:52 PM
Lostmeringtopaddypower Lostmeringtopaddypower is offline
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Quote:
Originally Posted by Cliff Barnes View Post
Housebuyers are waiting, survey finds
CHARLIE TAYLORPotential housebuyers are continuing to sit on the sidelines and wait to see if prices drop further before committing, a new survey shows.

The MyHome.ie Autumn Property Market survey shows that 52 per cent of respondents are monitoring the market with nearly all intending to buy in the next 12 months.

Close to a third of respondents said they believe house prices will remain static or even rise over the next year while as many as 48 per cent expect prices to fall further.

Apartments appear to be out of favour at the moment with just 11 per cent of respondents looking for them whereas 26 per cent said they were searching for three bedroom semi-detached homes a a further 21 per cent indicated they were in the market for a three bedroom detached property.

The survey shows the public remain unsure as to the likely impact the creation of the National Asset Management Agency (Nama) will have on the domestic residential property market with 32 per cent claiming it would have a positive impact over the long term and 18 per cent believing the opposite.

As many as 37 per cent of respondents said said they did not know what impact the agency would have on prices.

Myhome.ie is owned by The Irish Times Ltd
So basically, 37% of the respondents are financially illiterate.

Based on their understanding of things, maybe they will, indeed, get in on the scam next year.

NAMA is legalised fraud.
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  #14  
Old 11-11-2009, 04:54 PM
Lostmeringtopaddypower Lostmeringtopaddypower is offline
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wishful thinking
Aye.

It's like when the house builders came out last week and announced - (with serious grimaces on their horrible heads) that the house prices had "bottomed out"

Sweet suffering jesus.
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  #15  
Old 11-11-2009, 04:58 PM
jd26 jd26 is offline
 
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Pace of decline has slowed and by Q2 next year levelled out with modest growth in Q1 2011 according to economists and Mystic Meg.

Follow the money.

Upturn in UK market and bounce in prices to help NAMA

By Donal Buckley


Wednesday November 11 2009

An upturn in the English property market may spell good news for NAMA as up to €5.9bn of bank loans secured against UK buildings are expected to be transferred to NAMA.

In recent weeks, a number of UK agents have reported a rapid recovery in UK property values. According to Colliers CRE, increasing investor demand has boosted the values of retail, offices and industrial properties and wiped out the losses seen in the first half of the year.

If the trend continues, and there is a serious risk that it won't, then the €10.3bn in UK development land loans earmarked for NAMA could also benefit, as a major portion of this development land is likely to be sold or developed.

Forecast

Colliers has upgraded its forecast for this year when it expects total returns on UK property investment to end on a positive 0.4pc.

This contrasts with its previous forecast of minus 7.3pc for 2009.

Another agent, CB Richard Ellis, estimates that the capital values of UK property rose by 2pc in October and total returns, which also include rental income, rose 2.7pc. This was the fourth consecutive month of growth.

Nevertheless, prices are still about 40pc below their peak. Some Irish investors have already sought to cash in on the improved demand.

For instance, Bank of Ireland recently achieved a gross profit of £7m for an Irish investor client by selling a London office block, Windsor House, in London SW1, for more than £116m.

The 146,000 sq ft office block, which was let to the UK government, was purchased by the London & Oriental investment fund for a far eastern investor.

Anglo-Irish Bank has also agreed a deal to sell off a half-built shopping centre in Wakefields Yorkshire for an undisclosed sum.

The 550,000 sq ft Trinity Walk shopping centre had been placed in administration.

The purchasers include the contractor on the project, Shepherd Construction, and investors Sovereign Land and AREA Property Partners.

- Donal Buckley

Irish Independent
A bit of a critical error in that report.

While house prices may have risen in the UK's monopoly money currency, when you take into account the changes in exchange rate, UK house prices have seen a real-value decline of about 15%.

Which also means that NAMA is ever more fucked.
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  #16  
Old 11-11-2009, 06:05 PM
ANVIL ANVIL is offline
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Until there is concrete evidence that the housing market has not just bottomed out but is beginning to show real signs of improvement - and I think that's going to be not for some years yet - anyone purchasing property stands to lose money they may never recoup.
The market is saturated with poorly built property on poor estates on the edges of most towns.
They are all still vastly overpriced.
My advice would be to continue renting until the shit has been sold and better housing comes on the market - and wherever possible it should be an older house in an established area.
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  #17  
Old 11-11-2009, 06:10 PM
Cliff Barnes Cliff Barnes is offline
 
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Originally Posted by jd26 View Post
A bit of a critical error in that report.

While house prices may have risen in the UK's monopoly money currency, when you take into account the changes in exchange rate, UK house prices have seen a real-value decline of about 15%.

Which also means that NAMA is ever more fucked.
Property speculation is a long term investment / gamble.

I am sure that NAMA are programming that factor in.
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  #18  
Old 11-11-2009, 06:20 PM
jd26 jd26 is offline
 
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Originally Posted by Cliff Barnes View Post
Property speculation is a long term investment / gamble.

I am sure that NAMA are programming that factor in.
So why was the journalist celebrating short-term 'gains'?
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  #19  
Old 11-11-2009, 06:26 PM
chabal chabal is offline
 
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Originally Posted by Lostmeringtopaddypow er View Post
Ireland will also probably see a wave of emigration next year when people realise that the country is paralysed until at least 2018.

=> More empty houses.
i fixed the typo, and even thats being optimistic, the way the government/public service has run the country, the state of the finances added to emigration, massive welfare etc, etc it will be a long, long time before we see another "celtic tiger"
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  #20  
Old 11-11-2009, 06:27 PM
doppellanger doppellanger is offline
 
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Cliff, tell us the one about developers turning off the taps again. I haven't heard that one in a while.
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