5% fall in January? The Sindo has "learned" that..

there is anecdotal evidence that property had fallen 5% in January.

*Figures released last week confirm that property prices remained flat in January. But anecdotal evidence available to the Sunday Independent suggests prices since January have dropped by around five per cent, which will be of concern to all property owners, particularly those who are heavily mortgaged. *

As theres a lag in index expect to see Januarys actual falls in the stats for April or may. The last 3 months(November December January) rises of 0.1% are really based on houses sold in July August September(approx).

So what do people expect to see in the April stats? I think we’ll be looking at somewhere in the region of +0.1 to -0.2%, as I agree that it will not be until May and perhaps even beyond that we’ll see the falls in asking prices that are on this site. Of course this will be around election time and then who knows what kind of masaging of the fgures will be going on then!

Once the rock has started to roll down the hill as it has, no real concealment of the true position will be possible.

The truth is that the lunatics took over the asylum a long time ago, but naturally enough are no longer in control of events. No amount of massaging figures or any half-baked measures or election bribery can stop that rock rolling until it reaches the bottom.

Uncertainty has now taken hold and replaced the bullishness that got us to this insane position. Increased interest rates, increasing unemployment among potential FTBS and the uncertainty as to how the various political parties will meddle with issues like stamp duty will keep things frozen until the election. 12-14 weeks is a long time when you have already received your third arrears letter from your lender and your “for sale” sign is starting to lose paint.

The argument as dear Austin would say is “done and dusted”. Its over.
Good luck to those who can get out with their shirts. Those under pressure who can drop their selling prices to an “affordable price” and still jump into a safety net with some equity, should do it now. You might just pick up a similar property fro a good deal less in about six months time.

For the poor deluded who won’t jump while they can, I have real sympathy. As for the plain greedy, I hope they get stuffed.