Monday, Jul 16, 2007
Complete irrationalty of NI prices now cooling, fortunately!
Guardian: Housing cools in red hot Northern Ireland
"Northern Ireland's property boom has been created by rising demand fuelled in large part by the peace process and the end of hostilities in 1995. Rising employment, low interest rates, huge public spending, a growing population and a strong UK economy have also all been contributing factors."... Folks, can someone find out this "growing population" farce... I think nothing to do with NI. "With house prices in the province now closer in line with the rest of the UK the anomaly that existed before has all but disappeared" yes but guess aligned with what? "The boom means prices in some parts of Belfast are now on a par with London." yeah, yeah... how sustainable my friend
Posted by confused76 @ 12:59 PM (284 views) Add Comment
6 Comments
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1. denzil said...
The NI and especially the southern Irish markets will without question to bang.
2. denzil said...
>>The NI and especially the southern Irish markets will without question to bang.
That should have been "go bang".
3. shipbuilder said...
A market going from 50% yoy increases to almost flat is hardly a 'cooling off'. If demand has dropped off so suddenly, why would anyone with a logical mind expect prices to be sustained where they are? The rising population is a myth and so is the 'peace dividend' - look at the figures up to 2005 when NI rose in line with the rest of the UK market. The ridiculous inflation since then is simply down to greed.
If you believe this is sustainable, simply think back a couple of years and repeat the phrase 'the average house price in Belfast is higher than London' and see how that sounds.
4. Mark said...
if the population is growing, why are schools closing and class numbers dwindling?
5. Tom said...
Only thing that is driving up the prices is pure speculation (I suspect related to attempts to get a lower rate of Corporation tax in the North). The government / Stormont really need to deter this speculation - it is really destroying our communities.
6. headmelter said...
A whole day of 'slightly' bearish news on local radio.