http://news.bbc.co.uk/1/hi/northern_ireland/7074193.stm

Last Updated: Friday, 2 November 2007, 06:50 GMT

Armagh house prices rise by 188%

Four NI areas were among the UK's top five
Armagh has seen house prices rise by 188% over the past five years, according to latest figures.
It is the biggest increase of any UK city in that time, the research by Halifax Estate Agents said.

Three other NI areas - Newry, Lisburn and Londonderry - were in the top five in the UK for house price growth.

The Halifax figures said Newry's house prices rose by 157%, Lisburn by 152% and Derry by 132%. Belfast's prices rose by 123% over the period.

That puts it further down the list, but still a high performer in UK terms.

Martin Ellis, chief economist at Halifax Estate Agents, said: "House prices in cities tend to be higher than the average price in their region.

"The attraction of shopping and leisure facilities, as well as a short commute for workers means that there will always be demand to live in cities.

"Many cities have also benefited from urban regeneration programmes that have seen the wide scale re-development of old industrial areas and canal side warehouses into residential properties."

Sheeple fodder and horribly dishonest when they know prices are falling. BBC biased? Do Germans drink beer?

My Dad was talking to someone in NI last week and the story he got was that house prices in his area of NI have gone into reverse in a big way, he said they weren't just falling they were plummeting. I wonder how long it will be until the media report on what's going on around them?

Quite a nice place, Armagh, 2 Cathedrals, a planetarium, city centre cricket green........and, the biggest oil find in decades, gold, rubies, and emeralds have started coming out of the ground.

What so now we're quoting HPI over 5 year periods? What happened to the more traditional YoY or MoM figures? Ah - they went negative didn't they.....

They grow apples there too.

The fact that RB quoted it as HPI surging to 188% was the real exaggeration / error though!

With a just a cursory glance I think most people would think this as a yearly inflation figure.

I was on BBC Radio Ulster at 8.40 this morning telling them its ********. The report was Halifax Estate Agents which is really funny as Halifax Bank said on October 4th that NI prices fell 3.2% in September.

Will that do?

fp

Great performance FP, just listened to it online:

BBC Radio Ulster

FF to 2h 20mins to hear it.

It was actually one of the most balanced and fair media debates I have heard. The presenter managed to remain neutral.

I could imagine a few mewed up bmw drivers in NI swerving off the road into a ditch listening to your 50% drop in 4-6 years prediction!


I still have it playing in the background here, and just heard an email read out from a listener who says that prices in Armagh are now going below prices of two years ago ("just ask anyone trying to sell" he said!!).

I am bullish on SE England and maybe even Scotland, but NI - totally fecked.

Very interesting. I also noticed on the Scotland page today a link to a similar story discussing huge increase, also over 5 years.

Co-incidence............


BBC

It will do very nicely FP .

I live in NI on the Causeway coast I retired here in 2002 from the Wirral Cheshire. At that time houses were as cheap as chips and the place I bought would have cost four times as much across, there were actually four bed new builds a far higher standard than the mainland selling for £46K and very nice3 good size 3 bed semis house or bunglaow from £38K t £42K in nice rural area.

Never keen on new builds I went a few quid more and bought a place with a third of an acre 3 bed two bath double and single garage with stunning views all round, in fact I was really spoilt for choice and had reduced my budget with EAs because everything I was being shown was far to big

By late May the drum was worth 7 times the £60K I had paid for it thats based on what houses similar to mine were selling for in bidding wars without as much land or garages. In fact in May a guy called on me and bid me £700K but that was not for the house which he intended to cope. (knock down) it was the land he was after and he was trying to nick it at that price. my neighbour a farmer warned me you being robbed so and so's old bungalow went for £1m. It was not for sale anyway I like where I live to much and like all of the comeovers have no wish to ever set foot on the mainland again. The quality of life and the friendliness of the people leaves the mainland for dead.

I live in a lane that is about 10 miles long and runs inland from the coast with a total of around 200 properties many of course farms, we have a vet, dentist and an large assortment of English, Welsh and Scots refugees from the stinking pollution, traffic and crime of the mainland plus some from the Isle of Man and even the US.

However the nuclear explosive rise in property prices was never sustainable and everyone was bewildered where the money was coming from that has forced prices far higher than anywhere in the UK except London. Now everything is absolutely bombing drops of between ten and seventy grand are happening within a few weeks of properties going on the market and still not selling, builders pulling the rug on half built developments and sacking staff and offering to pay stamp duty, legal fees and between £600 qnd £750 a month towards the mortgage for two years a new car in the garage when you exchange, full turnkey all appliances carpets, blinds etc and they still ain't selling. EAs sacking fourty fifty staff at time and repos by the shedload.

They party's over, the wheels are off the wagon and the trains hit the buffers at 100 miles an hour, I would expect my own place to drop to a lot less than half it was worth a year ago if not a third. But it was only a mythical paper profit anyway. Now where those deeds just to remind myself I ain't just renting from the bank and living in their house. After all evybody forgets you never ever own your own house until you have paid of the mortgage it always belongs to the bank unless you paid cash.

I heard you on the radio this morning and had to laugh - right at the end you said that property had risen by 400% and now might fall by 50%. Well that is a 350% increase! As Northern Ireland's top property correspondent, I have my finger on the pulse and the street smart and savvy investors we have here aren't fooled by shoddy maths like that. They know that property can increase by 300, 400 or even 500% but it can never fall by more than 100% - so they know property is a one way bet as long as prices rise by more than 100% they can absorb any falls and not lose out.

Beware of cursory glances--it is what causes most accidents involving motorcycles.

The BBC must have been told to get soimething positive out in the wake of all the bad news for HPI.

even though according to Halifax in q3 07 Northern Ireland saw a 3% fall...

You are joking, right?

Sorry if you are, but if not, then I really do worry about your maths!

£100k property.

Rises 300% to £300K

Now a £300k property.

Loses 50% (or half).

Now a £150k property.

not forgetting the milk, honey, and everlasting summer!

Must be in line with wage inflation then! Amazing no not the level of rise but stupidity of people & how they accept to pay inflated prices to become a debt slave without asking a couple of questions.

Is the house really worth that much?
Is the level of debt sustainable & affordable?

It will all end in tears.

edited for spelling

It took 2 posts for the bull-troll to demonstrate his/her mathematical illiteracy.

"As a modern day pwoperty developer/pwoperty expert I can tell you its all sun and roses and
NOTHING but NOTHING is going to ruin the pwoperty pwices over here"

Come back bull-troll. i need amusement.

I'm always amazed by the sense of humour bypass so many people have. The post was clearly a joke for our entertainment, can't you see that?

Words fail me.



I wouldn't like to meet the bottom one, with (il)logic like that drivel.

If you can't see that a 50% fall is a cut in half you should not be doing what you do.

Also, 'finger on the pulse' - my 4rse. Read Halifax 4th October

Agreed except £100k that rises 300% goes to £400k.

Great satire!

Well spotted Confiteor!

This is our spoof correspondent on the NI thread.

deleted

Spoof! I'm a professional! I've got qualifications and a piece of paper to prove it! Its framed and everything!

please no more....
funniest posts I've read on here!

It does not amaze me at all. If you examine many bull arguements, the basics are the same as our spoofer! Of course that just makes me laugh all the more because it points to just how ridiculous many bulls now sound!

Agreed!

Well done FP you kept calm and logical and blew the VI out of the water. Thank you.

Listen here - 32kbps (1.19MB, 5mins 11secs)

Dont worry bull..We'll save you

I think this post should be pinned as the last throw of the die by the BBC VI

Did you get an A-level in Maths?


400% rise - 50% fall = 200%

Indeed,

And this is not taking into account Inflation & interest paid.

Another waste of space pinned thread....zzzzzzzz

I thought the "troll" was hilarious= probably a moderator having a laugh!

FFS people Helun Carswrong's post was a joke. Some of you got it, others just saw red and didn't think it through.

More reasons to unpin this crappy thread!

Quite good