Friday, Jan 18, 2008
Making the amateur property cheerleaders look like idiots
Belfast Telegraph: Ulster house prices fall 5%
As predicted by anyone with an ounce of common sense, the quickest to rise is the quickest to fall - despite the fantasies of some here who clearly believed NI had transformed into Dubai or Monaco with added money trees, it looks like the chickens are coming home to roost. I can tell you that the greed, naiveity and smugness here as a result of the boom were a magnitude above anywhere else in the UK, including London. Perhaps we can get back to a normal life again.
Posted by shipbuilder @ 01:15 PM (620 views) Add Comment
8 Comments
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1. confused76 said...
The RICS survey confirms the fact property prices took a tumble at the end of 2007. And December marked the fifth month in a row of falling house prices.
Ten per cent of surveyors reported a drop in property values of 8% or more.
Meanwhile, another 18% of those questioned found they had stayed the same. A further 31% of respondents noted price dips of between 0-2%, with decreasing prices of 2-5% noted by another 30% of the profession.
Another 12% of local surveyors said prices fell by between 5-8%.
What a carnage!! MWAU HAH AHHAHAHHA HAHHAHAHHAHA HAHA AHHA
2. drewster said...
Northern Ireland had a particularly over-inflated housing bubble. This was largely due to the proximity of investors in the Republic of Ireland (the south) who borrowed money at low rates in Euros to invest speculate on property in the north. Lately the value of their properties will have taken a double-whammy: the pound is falling and the house prices are falling. No doubt some of those speculators will face significant losses.
This mirrors what is happening in London, where overseas investors have piled in only to get burned on falling property values and falling currency.
3. confused76 said...
"This mirrors what is happening in London, where overseas investors have piled in only to get burned on falling property values and falling currency"
but not burned so much if they have borrowed in Pounds
4. it_is_going_with_a_bang said...
I see. So whats that in VI talk 'annual' growth then .... lol
I dread to think.
5. drewster said...
@it_is_going:
When prices are rising, the VIs call it a "guaranteed investment".
When prices fall slightly, the VIs call it an "excellent buying opportunity".
When prices fall more, the VIs call it a "lifestyle option" (the builders of rabbit hutches in over-developed cities like Manchester already use this language).
When things get so bad that no existing homeowners can afford to move because they're all in negative equity, sellers will start marketing to FTBs again. That's when we'll see "ideal for first time buyers".
6. jack c said...
Have a look at this link (news.bbc.co.uk/1/hi/northern_ireland/4117219.stm) and then make an educated guess on how the money was potentially laundered.
7. daft boy said...
burn baby burn
8. hpwatcher said...
''burn baby burn''
Amen to that.