How much did house prices drop after 2008?

Abril9 · 02-04-2021 11:06am #1

Hello Everyone,

Please forgive me for posting this thread (in case something similar, specifically on this topic already exists).

I am a millennial and a long time boards fan and reader (but non poster). I made an account to start this thread as I was wondering if I could pick peoples memories on the recession post 2008 in terms of house prices.

I am now at the age where I think it is time to start thinking about a house purchase. I was not as "mature" back in 2008

We are in unprecedented times at the moment.

The house market is all over the place and everyone has their own predictions as to what will happen.

Some say we will see continual price increases (like we are seeing now) and others say we are on the verge of a monumental economic collapse.

Me, personally I do not know what to think.

However this got me thinking about what happened in 2008. I am curious to know if anyone was looking for a house when things dropped off a cliff back then?

How bad did things get with house prices? How big were the price drops people noticed?

For example did a standard three bed semi-d drop by monumental percentages? Did we see the market truly being reset?

Smee_Again · 02-04-2021 11:10am

Depends on the location but the new build I bought, a 3 bed semi-d, in 2018 for €235K was €340K in 2007/8 and could be bought for €200k in 2016/17.

02-04-2021 11:15am

The highest drop was 50% for one bedroom apartments if I am remembering correctly.

30-40% otherwise. some houses were unsellable for years.

02-04-2021 11:18am

I bought in 2004 for 250. The estate peaked about 2007 for 380 or thereabouts.

2011 / 12 they were selling for 125 to 150 for the ex rentals that needed work. 2 doors down sold for 125 and he put another 50 in but it's in great shape now. I'm unsure how much the houses that were in good condition were going for but the property tax was calculated at 200k

Back in and around 350 again now.

As said above, apartments got hammered because they were never supposed to be long term for most people

Lexio7 · 02-04-2021 11:24am

Speaking to neighbours in my estate who bought in 2005/6, when the estate was built, paid c.380k.

I paid 260k in 2015.

Current asking price is now 320k.

02-04-2021 11:26am

Anyone remember the 'buy one get one free' semi-D's? Can't remember where they were, but I seen it pop up a couple of times in presumably more rural areas.

magicbastarder · 02-04-2021 11:27am

[Deleted User] wrote: »

The highest drop was 50% for one bedroom apartments if I am remembering correctly.

30-40% otherwise. some houses were unsellable for years.

I'd say it was about 66% drop. I sold a house in 2012 for roughly one third what it would have fetched at the peak. And that seemed consistent, I was seeing houses asking 300-350k in 2012 that would have been asking 900k to a million a few years earlier.

02-04-2021 11:27am

[Deleted User] wrote: »

Anyone remember the 'buy one get one free' semi-D's? Can't remember where they were, but I seen it pop up a couple of times in presumably more rural areas.

Donegal was selling entire estates and apartment blocks weren't they?

Eire Go Brach · 02-04-2021 11:27am

I bought 2 bed top floor for 296k in 2006
Seen 2 beds in different block ground floor go for 99(not like for like)

I'm only out of negative equity in the last 12 months.

Buying a house now and feels the exact same as 2006. Prices going up up up. It's horrible. Buying at the wrong time again. Extremely Frustrating.

The issue now is supply. Very different situation than 2008+
Can't see prices falling off a cliff like the last time. Might level off.
Demand is their. Probably the most in a long time as people can save more.

02-04-2021 11:27am

My brother bought a house in 2006 for 235k. Next door neighbour bought in 2018 for 95k. Sold it about a month ago for 185k.

dubrov · 02-04-2021 11:28am

The CSO publish an index that will give you an idea by county council.

duffman13 · 02-04-2021 11:29am

Abril9 wrote: »

Hello Everyone,

Please forgive me for posting this thread (in case something similar, specifically on this topic already exists).

I am a millennial and a long time boards fan and reader (but non poster). I made an account to start this thread as I was wondering if I could pick peoples memories on the recession post 2008 in terms of house prices.

I am now at the age where I think it is time to start thinking about a house purchase. I was not as "mature" back in 2008

We are in unprecedented times at the moment.

The house market is all over the place and everyone has their own predictions as to what will happen.

Some say we will see continual price increases (like we are seeing now) and others say we are on the verge of a monumental economic collapse.

Me, personally I do not know what to think.

However this got me thinking about what happened in 2008. I am curious to know if anyone was looking for a house when things dropped off a cliff back then?

How bad did things get with house prices? How big were the price drops people noticed?

For example did a standard three bed semi-d drop by monumental percentages? Did we see the market truly being reset?

The family house was valued at 280k in late 07. Decided to stay put and was valued again at 145k in 2011/12. Only sold the house for 265 in 2020 so never fully recovered fully until probably now. Mid terrace house in Dublin suburb

runwithme · 02-04-2021 11:31am

45 mins drive from Dublin City. Border county. Big town. 3 bed semi d. Peaked at 317,00 in April 2007. Floored at 131,00 in 2012. They are selling within two weeks currently. Current price 255,00.

Slideways · 02-04-2021 11:36am

I bought an older 2 bed semi for 95 in 2008 after it was offered for 125k in rural Ireland.

4 years later the house next door sold for 38 and it had an extension. I still think its in negative equity. Luckily i left Ireland in 2012 and have the same tenant in there since.

Padre_Pio · 02-04-2021 11:39am

I'm renting in an estate that was built in 2006.

Detached houses were advertised at 480k at the time (v expensive according to an AskAboutMoney thread at the time)
Most sold at or near that price.
The builder folded in 2007.

They're selling today around 350-400k

Shame the PPR doesn't go back to pre-2010

Pussyhands · 02-04-2021 11:40am

Does anyone have the link in google maps to the estate in rural Roscommon where there were these grand detached houses?

Signore Fancy Pants · 02-04-2021 11:43am

I started looking to buy in 2006 but nothing was achievable where I live. I held off and bought a house in 2011, 61% cheaper than it was on sale for in 2010.

From what I bought it for, to what it is "valued" at in 2020, its up 89% from what I paid.

Happy out....not sure if that helps.

02-04-2021 11:45am

I know some 2 bed apartments in Naas were bought for €285k ish in 2006 and they were guiding at €120k in the 2010/2011 period......... loads sold in 2006 and only a handful sold at the low prices though.

antimatterx · 02-04-2021 11:48am

I know in my estate that 3 beds semis with front/back garden and a garage sold for 650K in 2006, in 2012 they sold for 375K, they're back up to nearly 600K now.

antimatterx · 02-04-2021 11:49am

Augeo wrote: »

I know some 2 bed apartments in Naas were bought for €285k ish in 2006 and they were guiding at €120k in the 2010/2011 period......... loads sold in 2006 and only a handful sold at the low prices though.

I suppose the big issue was they were cheap because people couldn't / didn't have the money to buy them.

Padre_Pio · 02-04-2021 12:12pm

antimatterx wrote: »

I suppose the big issue was they were cheap because people couldn't / didn't have the money to buy them.

Apartments aren't a big seller in general. People generally don't like being surrounded and not having a garden.
Maybe in Dublin city centre where there's no other option, but Naas! :eek::eek:

02-04-2021 12:16pm

Padre_Pio wrote: »

Apartments aren't a big seller in general........

You'd have people queuing up to buy them now.

Eric Cartman · 02-04-2021 12:17pm

Padre_Pio wrote: »

Apartments aren't a big seller in general. People generally don't like being surrounded and not having a garden.
Maybe in Dublin city centre where there's no other option, but Naas! :eek::eek:

it wouldn't be an issue if we built apartments well, plenty of them in periphery towns on the continent but here the complete absence of any decent sound insulation plus ineffective management companies and no real useable green spaces / insufficient parking basically writes them off for family living.

I told a German colleague before about complaints about water pump noise and that there are blocks where you're not allowed wooden floors because of noise and he genuinely thought I was taking the piss.

Padre_Pio · 02-04-2021 12:28pm

Eric Cartman wrote: »

I told a German colleague before about complaints about water pump noise and that there are blocks where you're not allowed wooden floors because of noise and he genuinely thought I was taking the piss.

I staying in one built in 2005 for a few days. The hot press was next to the bedroom and the water pump turned on whenever anyone used a tap. Had to throw towels over it to keep the noise down.

It was a duplex apartment and both floors shared a long bottom floor to top ceiling window, with a lovely airgap, so anyone on the upstairs landing could hear all the downstairs kitchen noise.

Buddy Bubs · 02-04-2021 12:28pm

I was looking at house in 07 or 08 and it was 360k. New build. Market crashed and I rented with 3 friends for 2 years. I bought same house I was looking at in April 2010 for 220k.
So about 40%.
Houses on the road dropped a bit further to about 190k by 2012. Full drop was close to 50% from peak.
Started recovering then. Worth about 300-310k now.

Padre_Pio · 02-04-2021 12:29pm

Buddy Bubs wrote: »

I was looking at house in 07 or 08 and it was 360k. New build. Market crashed and I rented with 3 friends for 2 years. I bought same house I was looking at in April 2010 for 220k.
So about 40%.
Houses on the road dropped a bit further to about 190k by 2012. Full drop was close to 50% from peak.
Started recovering then. Worth about 300-310k now.

It's mad that you could have bought in the boom and not made a profit 15 years later. Fair enough, you've 15 years of mortgage behind you, so better than renting, but still.

02-04-2021 12:31pm

I saw about a 50% drop (roughly) where I was.

Wildly Boaring · 02-04-2021 12:32pm

Other bought in ongar in 2013
4 bed end terrace.
Cost him 180
340 new in 2006

Terrible build quality though

Mad_maxx · 02-04-2021 1:12pm

Abril9 wrote: »

Hello Everyone,

Please forgive me for posting this thread (in case something similar, specifically on this topic already exists).

I am a millennial and a long time boards fan and reader (but non poster). I made an account to start this thread as I was wondering if I could pick peoples memories on the recession post 2008 in terms of house prices.

I am now at the age where I think it is time to start thinking about a house purchase. I was not as "mature" back in 2008

We are in unprecedented times at the moment.

The house market is all over the place and everyone has their own predictions as to what will happen.

Some say we will see continual price increases (like we are seeing now) and others say we are on the verge of a monumental economic collapse.

Me, personally I do not know what to think.

However this got me thinking about what happened in 2008. I am curious to know if anyone was looking for a house when things dropped off a cliff back then?

How bad did things get with house prices? How big were the price drops people noticed?

For example did a standard three bed semi-d drop by monumental percentages? Did we see the market truly being reset?

spring 2007 was the peak in terms of price , like all bubbles , the final push up is often the strongest but lasts quite a short time so while the bubble pushed up to a peak in the spring of 2007 , by the end of 2007 it was not that much higher than on January 1st 2007

between mid 2007 and the end of 2009 , prices fell 40% , in the years 2010 , 2011 and 2012 , they fell another 20% , prices in Dublin hit the bottom in late spring of 2012 , 2013 was the bottom in the likes of Cork city and Galway city , Limerick city didnt hit the bottom until late 2014 , same with much of the rest of the country

that was a perfect storm of insolvent banks , a global recession of which the world had not witnessed since the 1930,s and a completely barmy ECB chief who thought it wise to raise rates during said recession

its unlikely to be repeated again

Mad_maxx · 02-04-2021 1:14pm

Deleted User wrote: »

The highest drop was 50% for one bedroom apartments if I am remembering correctly.

30-40% otherwise. some houses were unsellable for years.

apartments dropped 62% from peak to trough in Dublin , houses circa 58%

Mad_maxx · 02-04-2021 1:18pm

i spent about a month looking at houses around oxmantown road stoneybatter in the summer of 2012

two bedroom terraces could be bought for 220 k , same kind of houses that needed a good bit of work could be bought for as low as 150 k but circa 175 k on average , those two bedroom terraced houses were renting at the time for 1100 per month .

i remember a lovely own door one bed apartment in that manor st complex being on sale , i bid 101k , the EA went on holidays for two weeks and i could not get her on the phone again even though i was the top bidder at that stage , i saw it sold for 109 k on PPR the following march so probably sold towards end of 2012 , i opened a thread about it on property pin and the cranks over at that site reckoned it was worth 60 K max , same guys are still singing the same tune today

How much did house prices drop after 2008?

Comments