Friday, May 26, 2006
HPI goes crazy in Ireland
Belfast Telegraph: Word of warning for all first-time buyers
Soaring property price rises in Northern Ireland in recent weeks have sparked concern that the market could be overheating. First-time buyers are taking out loans of up to four-and-a-half times their income in a frantic bid to get onto the property ladder.
Posted by jason @ 01:22 PM (23 views) Add Comment
2 Comments
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1. Zag2me said...
4.5 X income isnt really so bad to be honest, I think the days of sticking to low income multiples are gone.
2. Uncle Chris said...
Zag - not bad if you want to be in hock to the bank for the rest of your life. What we lose sight of is that the only people who benefit from high prices are the banks, estate agents and the government. The rest of us are just shooting ourselves in the foot because we all need a place to live. Furthermore, we need not fear a drop in prices back to 3x multiple domains since each step up the property ladder will incur a lower additional payment. It would give us all a little more flexibility to get on with enjoying life rather than constant worrying over how we are going to meet those mortgage payments year on year on year on year.