Ireland November House Prices

Ireland November House Prices: Summary (Table)                         Page

By Mark Evans
     Dec. 19 (Bloomberg) -- Following is a summary of November Ireland
house prices from permanent tsb and ESRI in Dublin:
*T
============================================================================
                        Nov.    Oct.   Sept.    Aug.    July    June     May
                        2008    2008    2008    2008    2008    2008    2008
============================================================================
                    -------------------------- YoY -------------------------
National               -9.6%  -10.2%  -10.6%   -9.9%   -9.4%   -9.7%   -9.5%
Outside Dublin        -10.5%  -11.1%  -11.0%   -9.5%   -8.5%   -8.3%   -8.4%
Dublin                -11.1%  -10.4%   -8.4%   -8.8%   -8.2%   -9.4%  -10.4%
New Houses             -7.7%   -8.3%   -9.1%   -8.7%   -8.7%   -8.8%   -8.3%
Existing Houses        -8.6%   -8.6%   -9.8%  -10.5%  -10.0%  -10.1%  -10.0%
First Time Buyers     -12.0%  -10.4%   -9.4%   -9.8%   -8.7%   -8.7%   -9.4%
Second Time Buyers     -8.9%  -10.2%  -11.0%  -10.1%   -9.5%   -9.9%   -9.9%
Commuter Counties     -13.5%  -11.9%  -10.2%   -9.0%   -9.4%   -8.5%   -7.9%
3 Bed Semi             -9.4%   -6.6%   -6.6%   -5.0%   -3.9%   -2.0%   -2.9%

============================================================================
============================================================================
                        Nov.    Oct.   Sept.    Aug.    July    June     May
                        2008    2008    2008    2008    2008    2008    2008
============================================================================
                    -------------------------- MoM -------------------------
National               -0.5%   -0.8%   -1.1%   -0.9%   -0.2%   -0.6%   -1.2%
Outside Dublin         -0.1%   -1.4%   -1.6%   -1.3%   -0.4%   -0.8%   -0.8%
Dublin                 -0.8%   -2.6%   -0.8%   -0.8%   -0.6%   -0.2%   -1.6%
New Houses             -0.1%   -0.5%   -0.4%   -0.4%   -0.2%   -1.3%   -1.7%
Existing Houses        -1.2%   -1.0%   -1.5%   -1.0%   -0.2%   -0.4%   -1.5%
First Time Buyers      -1.9%   -2.1%   -1.2%   -1.2%   -0.4%   -0.2%   -1.2%
Second Time Buyers     -0.1%   -0.4%   -1.3%   -0.8%   -0.2%   -0.6%   -1.5%
Commuter Counties      -2.4%   -1.9%   -1.3%   -0.8%   -1.2%   -1.4%   -0.9%
3 Bed Semi             -2.6%   -0.2%   -1.2%   -0.2%   -1.4%   -0.5%   -1.3%
                    --------------------- Price in EUR ---------------------
National             264,026 265,364 267,594 270,493 272,946 273,392 275,176
Outside Dublin       225,511 225,701 228,945 232,570 235,622 236,576 238,484
Dublin               358,631 361,644 371,288 374,302 377,316 379,727 380,329
New Houses           268,416 268,633 269,932 271,016 272,099 272,532 276,215
Existing Houses      260,553 263,700 266,398 270,445 273,142 273,592 274,716
First Time Buyers    230,094 234,648 239,598 242,568 245,539 246,529 246,925
============================================================================
                        Nov.    Oct.   Sept.    Aug.    July    June     May
                        2008    2008    2008    2008    2008    2008    2008
============================================================================
Second Time Buyers   297,562 297,814 299,074 303,105 305,625 306,380 308,144
Commuter Counties    280,003 286,862 292,497 296,416 298,866 302,541 306,705
3 Bed Semi           275,093 282,456 282,902 286,249 286,918 290,934 292,496
============================================================================
NOTE: For the index, base year = 2003.
The commuter counties are Louth, Meath, Kildare and Wicklow.
3 Bed Semi shows the prices for 3 bedroom, semi-detached houses.

If you believe that, you would believe anything

Given most people view these as wishful thinking from ILP, you have to question why they persist with it?

Maybe it’s what the banks use for regulatory purposes / stress testing malarky. It seems so divorced from reality that the index must have some other function :imp:

Did the Regulator ever get around to producing a financial stability report this year?

You could say that they did viewing what has happened at Anglo in the last 24 hours but then you only have to look at the other banks to form the opinion that the regulator probably hasnt. :angry:

I seem to recall reading that it is used for valuation purposes for covered bonds, I think on the 'pin somewhere. As covered bonds can become callable if the asset quality behind them declines, one might argue that there is an incentive to keep price declines ‘tolerable’. Not that I would imply such a thing, but others might…

Had a wry smile when I saw a half per cent drop in November. I’m watching three houses in Waterford.

House 1. €395k earlier this year. Now on at Region €329k

House 2. €265k earlier this year. Now on at Region €225k.

House 3. €265k earlier this year. Now on at Region €210k.

I seem to recall reading that it is used for valuation purposes for covered bonds, I think on the 'pin somewhere. As covered bonds can become callable if the asset quality behind them declines, one might argue that there is an incentive to keep price declines ‘tolerable’. Not that I would imply such a thing, but others might…

Just on the bond piece, AFAIK Irish Covered Bond law allows loans with an indexed property of 75% (I’m guessing this only applies at issue :wink: they probably believed prices can only rise/possibility that a number of covered mortgages aren’t eligible any more :angry: ).

Still nothing to do with vendors asking too much for their properties then…

irishtimes.com/newspaper/bre … king40.htm

:imp: :imp: :imp: Affordability :imp: :imp: :imp: :imp:

That really really big mortgage you **still **need to buy that, still, expensive house is sooooo much more affordable.

what’s got your goat?

you’d swear you just …
oh

nevermind…

:wink:

They might be expensive, but they have stopped falling :wink: