Thursday, Mar 26, 2009
Warning that house prices may fall by 80%
Irish Times: News Article
Great bear bait from across the Irish sea.But then the Irish republic had the mother of all housing booms.....Ireland is a year longer into the housing crash, perhaps we can hope for such 80% reductions coming to the UK?
Posted by euopean-bear @ 02:49 PM (289 views) Add Comment
1 Comment
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1. Missingteddybear said...
Irish banks are still lending silly income multiples. I've a friend out there who against my advice has just bought a 165K Eu house with a 20K deposit. He only earns 28 K a year so that's 5 x salary. He has two small children and his wife doesn't work. I've noticed that because my generation (I'm 32) has never in our working lives witnessed a recession and have never seen a housing crash (and are used to unaffordable houses), there is a lack of belief that the market could crash another 30% never mind 70 % (Ireland is already down 10%).