With greater transparency in prices, where now for house prices ? Have your say!

So now that we have some more transparency in the housing price area, with the publication of the property price database, where do people see the average house price going? Will greater transparency via increased volume result in prices going up or will people decide that the market is still a buyers market and bid down? Ill leave this up for the evening… Please direct people to it.

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5 thoughts on “With greater transparency in prices, where now for house prices ? Have your say!

  1. William

    Interesting reading. I bought my house (new build) for €240K in 2003, there are only 14 houses in the street and 2 of them were on the market for a while with asking of 200 falling to 180. Register says they sold for 155 and 165 respectively. So that means we are probably back to 2001 prices at best?

    Funny thing is that the same houses are renting for €1000 p/m meaning that they probably do offer value for people trying to move from renting to home ownership. That’s if the banks would actually lend!!!

    Reply
  2. namawinelake

    In a buyers’ market you would expect the market to move below the lowest transaction level of a comparable, just as in a sellers’ market you would expect prices to be pitched and achieve greater than the highest comparable selling price. What the data should do is hopefully help the market adjust because the transparency saves buyers and sellers from adopting unrealistice positions since both sides have access to the same data. I would guess there will be a sharp 5-10% decline in settled prices in October 2012.

    Reply
  3. Michael Keating

    Property prices in Ireland are significantly overpriced. The market is government supported – engineered if you like and propped at an artificially high level.
    The government control the banks and NAMA and quite simply,while they allow both to drip feed on the repossessions they have already made and avoid repossessing thousands of buy to let houses and flats we have a market which if it were stocks & shares and in any other western country and without government interference, the regulator would be taking action.

    The current residential market is a ‘monopoly’ Banks own the mortgages and so the houses / flats and the government own the banks.
    As such, they play a dangerous game for if you say buy a house with a mortgage from a government owned bank it could be argued that the bank with the governments backing is knowingly lending at an inflated value. If you in the future have an issue paying, well the bank and the government would have a hard time explaining why they lent at such a level.

    I’m not one to see conspiracies – but, bank “asset book values” would be decimated and the government are looking at a “value based property tax”

    In the end an honest market price I would define as “what a willing but not anxious seller will sell for – and what a willing but not anxious buyer will buy for” that is the market price. The banks & government manipulating the supply (supply & demand) makes this impossible to determine. I would say put them all on the market over a two month period and let the market find its level. The banks have cost the Irish people enough and keeping values inflated is akin to another stealth tax to help prop up failing banks

    Genuine recovery in the property market will only happen when honesty at a governmental level is prevailing.

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  4. Lisa

    Price transparency is welcome, but rogue stroke auctioneering must also be monitored and have consequences. The market is in a choke hold at present, as the banks are lending to a cherry picked minority.

    The market has too many vested interests who benefit from raised prices, the government being the main culprit. Property prices should be stable over a long period of time and not be subject to the swings (high and low) characteristic of the Irish market over the past 10/11 years. Daftdrop.com monitor price changes on a bi-weekly basis and unsold properties continue to decrease in price at a staggering rate. This is not suggestive of a stabilised market.

    Reply

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