Friday, Feb 16, 2007
Bubble? You ain't seen nothing yet
Belfast News Letter: Rate hikes fail to halt property surge
Hilarious - yer English property bubble ain't nothing compared to ours -
Average earnings 20% less than UK.
Massive public sector employment.
Houses hugely undervalued for years - no memories of HPC on these shores.
Tiny market with speculators from ROI piling in like there's no tomorrow - many I suspect looking to flip.
Rents are miniscule and with an expanding rental market and flats galore, likely to stay that way - 'old school' landlords making 3-4 times their mortgage payments.
Rates doubled and water tax in April.
All this and the average NI price higher than all of the UK apart from London and the South East - 2 bedroom terraces in the most deprived areas in Europe going for £190-200K, and an 8% rise in the MONTH of January in some areas.
Oh dear.
2 Comments
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1. headmelter said...
"Meanwhile a separate study by Birmingham Midshires – the UK's largest provider of money for the buy-to-let market – put Northern Ireland at the top of its property "hotspots" for the last year with price growth of 30 per cent."
Totally unsustainable. It will take time but it will be devastating here.
2. Nohpc said...
now that's a bubble - even I can see this one unlike the mythical "mainland" UK one.