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The only figures that we really have are the ESRI house prices and these get a good hammering. While they are based on fact there could easily be a 6 month lag in the data. The most interesting thing though is our own fascination with property STILL. The bubble is bust and our interest doesn’t wain when it comes to all things property.
We are still place wealth in terms of money and possessions when the truth is that most people will not be selling up anytime soon and some live in the same house for life. What does it really matter how much a 2 bed in cabra costs.
From a political point of view it makes no sense to allow actual current property prices to be published. This is because the already massive hole in the banks balance sheets would grow wider if the true extent of the property bust is made known. If the hole on the banks balance sheets grows wider then the tax payer through the medium of NAMA will have to pay more to keep the banks solvent. If the tax payer has to pay more to keep the banks afloat then the people will get angry and give out to their polititians. Now read the very first sentence of this comment….
whatever you do dont buy a house. a japanese style ‘lost decade’ beckons…
how can such information as to the market prices of property be HIDDEN from consumers? We insist on supermarkets and bars displaying their prices yet for a market where there is no reason for the distress of of residential prices as all the banks will chase any residential defaulter for the balance of any mortgaged property sold at less than the mortgage leaves the lender fully covered. Where is the distress for the lender???
If this was clarified the residential market could recover quickly and leave the commercial market to stew in its own juice. I understand it was Clinton who removed a restriction for banks to operate in both markets which caused the involvement of the likes of commercial banks in sub prime that started this whole debacle.
Why not sort out the residential market first to restore some confidence in peoples lives.
Yes I agree there needs to be more transparency. It is about time the market starts to recover. These figures need to be released.
We need a house price index for our property market, like zoopla that provide free info about house price paid and current house value.