Irish city records 6% rise in house prices in 2010.

A university of Ulster report has claimed there has been a 6% rise in prices for Derry City.
This has bucked the trend for the entire island.
I’ve been following Derry on Daft and other sites and see very little sales agreed over the last few years. I can’t get my head around this report as Derry has the highest unemployment rate in the North (and rising) and is famed for it’s low wage economy.
Average house prices in Derry today are 158,000 sterling, yet average wage is around 20K. Almost 8X salary.
Thats similar (or worse) to Dublin in 2006.
I’m guessing this report is based on “asking prices”, which are still ridiculous. A fifteen minute drive to Donegal or Tyrone can bag similar properties for half the price in some cases.
Even Belfast is cheaper despite having the big industries and infrastructures based there.
Any theories?

How about a link…

A small number of transactions can cause upward spikes in the data if it’s not normalised… … _1_2434807

I’ve bolded all the reasons why, nothing to see here… Move on…

The report shows a 7% drop in the North but a 6% rise in Derry.
Why the abberation?
I thought it was VI’s when I saw the headline also , but why did they single out Derry.
It’s frustrating for me as this is my hometown, and I’m sure as Hell not going to buy at the sames rates as Dublin in 2006, in a town with very few real jobs.

Christ, a small number of transactions, whether the information is mythical or factual, can cause an uplift in the average price recorded. It’s of no importance however when the overall sales volume has collapsed or is in the process of collapsing as the report seems to indicate.

The price you may or may not pay bears no relation to the average price recorded in a survey of Estate Agents.

NAMA own 4 Billion in property in the North.
If they were to sell these properties they could reduce the deficit in the South and bring prices in the North back to affordablity.
Yet politicians (Like Martin Mc Guinness) in Derry seem to want to keep prices artificially high, and have pleaded with Fianna Fail not to sell NAMA properties in the North.
Maybe after this week we’ll see a change of approach.

I think my reply would start out by pointing out the large amount of revenue lost to the Irish exchequer by people shopping in the North, & then end in the words “… and the horse you rode in on !”

Sorry, Fishfoodie, you’ve lost me.
Your reply to who? Are you for or against the firesale of NAMA properties in the North.

Sorry I should have been clearer. My reply to Martin McGuinness when he:

Is NAMA planning on doing a fire sale of anything, any time, anywhere?! What is NAMA at this point, their business plan having been radically ‘revised’ before they actually did anything. As Constantin Gurdgiev wisely said, it’s a bad start for any organisation, NAMA or any other, to radically revise its business plan before it actually does anything. This hardly inspires confidence.

Is NAMA just planning on hoarding all the properties until we all forget they are there at all… Like the way Brian Lenihan said hopefully the people we owe money to will just ‘forget’ we owe it to them.

Amazing Financial Management or what.

Well there aren’t too many registered voters in the North; or in the UK so I say we sell them for whatever we can get in proper, for real, firesale auctions. We won’t be very popular there; but fuck it, we aren’t too popular there anyway :unamused:

I’d much rather we get rid of the big hole in Chicago & the Asbestos storage unit on the Thames along with all the other shite, than we go selling coillte or the rest of the family silver to a bunch of well connected parasites.

House prices are currently 8X average salary in the North. Similar to the bubble under Bertie.
SF/DUP don’t want the firesales because they will cause “prices to plummet” (their words). They have to plummet and fast.
I thought Sinn Fein were all for affordable housing, but it seems they only want affordable housing in the South and when they are in opposition. They also seem to be bailing out developers in the North while condemning FF for doing likewise in the South.
Surprised this issue of duplicity wasn’t raised in the leader’s debates.
BTW, I’m a Nordy, and I’d welcome NAMA firesales in the North. These properties are in the whole held by developers who got carried away with themselves.

Derry is Different? :-GC

Hang on, that’s a great marketing slogan, should sell it to the local tourism board. 8DD

Yep, defo think they should auction them up the North, BOSI will be auctioning their ROI properties in April and it seems the majority are happy about this

Firesale the shit out of it!