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Well we've had 40% off from Frasers and now buy one we get one free!

How long before we get houses for clubcard points too!

Buy a Donegal holiday home... get a Bulgarian apartment free

By William Allen

Thursday, 11 September 2008

NORTHERN Ireland people buying a holiday home in Donegal are being offered a free apartment in Bulgaria in an amazing ?buy one get one free? deal.

Northern Ireland people buying a holiday home in Donegal are being offered a free apartment in Bulgaria in an amazing ‘buy one get one free’ deal.

PJD Construction (Carndonagh) Ltd largely targets Northern Ireland buyers for its holiday developments in Donegal.

It has a residential development, Lough Fern Heights in north Donegal, which consists of 44 semi-detached and terraced three and four-bedroomed homes.

The company said 95% of the houses in the development sold out earlier this year in a short period of time. But with the downturn in the economy, it realised it was more difficult to sell the remaining five properties.

So it has offered a free fully fitted Bulgarian apartment with each sale.

According to managing director PJ Doherty, Northern Ireland people buying second homes make up a large part of the firm’s clientelle.

He added: “Historically Donegal has the lowest house prices in the country; nevertheless we are aware of the current challenges in the market and we responded accordingly.

“The properties at Lough Fern Heights start at €210,000 and we are delighted to offer five new customers a free luxurious apartment in Bulgaria with each of our Lough Fern Heights properties.

“It is a unique position for any buyer to be in — suddenly becoming the owner of a holiday investment property which has the potential for income and capital growth in the medium term.

“There are no hidden costs and we look after the legal fees in Bulgaria.”

Privacy Beach Resort is a four-star holiday complex located 12 miles from the Black Sea capital of Varna, which is easily accessible from Belfast and Dublin.

http://www.belfasttelegraph.co.uk/news/hea...e-13968628.html

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This credit crunch was fed by greed

View GalleryONE of the causes of the credit crunch (mark it on the slate) is the result of financial investors and property agents being too greedy and encouraging excessive debt to feed their avarice.

They cared little about the pain they caused to many families and couples who only want their own roof over their heads. These market cowboys are now stewing in their own fat (or are they) as they seek to reinvest in other markets such as food and oil.

Mrs Thatcher once said that we cannot buck the market.

Well, the cowboys have wrecked it and they have the arrogance to seek help from Government (the taxpayer) to help them out.

Councillor David Barbour,

Coleraine

http://www.newsletter.co.uk/letters-to-the...-fed.4452687.jp

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http://www.newsletter.co.uk/3425/Ulster-ba...help.4482432.jp

Last sentence interesting "aggrieved builders and developers" - you know what we deserve.

This interested me:

Group spokesman Brendan Cunnane has accused local banks of putting "self interest before the delivery of a coherent recovery strategy".

As far as I remember in an earlier TV interview Mr Cunnane is a former bank employee .... so I suppose he should know how they operate.

For those that are interested you might want to see this http://prop-arazzi.com/2008/08/27/construc...th-august-2008/

I'm wondering how individual citizens get their message across to the MLA's in order to see a balanced arguement on the issue and to address these efforts: http://prop-arazzi.com/2008/09/08/construction-and-property-group-lobby-day/ ://http://prop-arazzi.com/2008/09/08/c...oup-lobby-day/ .

Maybe a wee email to all the MLA's listed here directing them to the views of the citizens on this site would be useful?

That might put the cat amongst the pigeons.

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A good article...

I wonder if he'd consider a job in the BT, thats the kind of reporting required here.

I think you'll find that he's a she dieselfreak. Great reporting all the same.

By Martina Devlin, www.martinadevlin.com mdevlin@independent.ie
Edited by paul65
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Businessman ordered to pay £500k

A Londonderry businessman has been ordered to pay £500,000 after he was convicted of evading duty on the sale of cigarettes over a five-year period.

In the dock was James Christopher Kelly, 45, from Tamneymore Park in the Waterside.

He is to raise the money from the sale of eight houses.

Judge Desmond Marrinan told Londonderry Crown Court that if Kelly defaulted in his payments he would be jailed for two years.

http://news.bbc.co.uk/1/hi/northern_irelan...est/7610955.stm

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interesting article from the guardian

http://www.guardian.co.uk/business/2008/se...t.housingmarket

a few cases of downpayment blues?

http://www.youtube.com/watch?v=YT5FhRWQT8I...feature=related

quote

At last the banks are facing up to it,' said one seasoned property banker working for a major US institution. 'It's just a question of what price they're prepared to take.'

A chief executive of a major UK-quoted property firm said: 'I'm aware there have been a few more instances of banks forcing property companies to sell. I do believe there will be more distressed sales. We do expect there to be more tenant defaults.'

Those most affected are the Scottish and Irish banks. HBOS has a £109bn loan book, lending £40bn to construction and real estate companies, of which £3bn has gone to house builders. It has also amassed a £4bn unlisted equity portfolio, with many of the stakes in housebuilders and other property-related companies. It has written down the value of its loans to the house-building sector by £100m. That figure, though, is likely to increase significantly.

Royal Bank of Scotland is in a similar position, having lent money to a huge number of property-backed businesses.

A senior property banker said: 'The two Scottish banks were competing against each other in terms of scale. They are the most affected by all this despite their recapitalisations.'

Anglo Irish, with a €69bn (£55bn) property loan book, is considered by many to be exposed. In the past, it has driven the bonanza in the Irish housing sector and its loan book extends to the UK, where it has been among the most prolific lenders.

Last week JP Morgan downgraded the entire Irish banking sector, where shares have fallen 45 per cent so far this year on top of a 35 per cent crash in 2007. But the cost of insuring Anglo Irish debt is much higher than its peers, reflecting concern over its potential vulnerability.

So far, there have been no corporate casualties in the property sector. Traditionally in a downturn the first to go under are the developers, followed by leveraged buyers.

no doubt will be a dog eat dog scenario!

http://www.youtube.com/watch?v=DmI8ms5-tB8...feature=related

rock on

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I know Paul65 did and got his printed

....not yet printed mine :( it was along the lines of " Why be seen to "help" the people of northern ireland with this attempt at positive media when your own journalistic staff were cheerleading the price of housing on the way up out of everybody's reach. Didn't see you try to reign in your staff then and now that the table has turned you'd be a fool to think the people of northern ireland can't see through this attempt at championing our needs"

...or something similar :D

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Doom-ladened report in this morning's Newsletter:

http://www.newsletter.co.uk/property-in-cr...drop.4494975.jp

Value of homes 'could drop by 80pc'

A LEADING financier who was "laughed off" the Nolan Show on television last February when he predicted the property market's imminent collapse has warned that some houses could collapse 80 per cent in value.

The City of London financial consultant said that prices in Northern Ireland would fall much further than the rest of the UK and said that he "wouldn't touch property with a barge pole", despite developers' claims that the market was at rock bottom.

Speaking to the News Letter, Jonathan Davis repeated his prediction of 18 months ago that the average house price in Northern Ireland would fall by 50 per cent but said that some of the most overvalued houses would plunge much further.

"I remember being on the Nolan Show on a Wednesday night a year-and-a-half ago and saying the market would fall 50 per cent – I was pretty well laughed off," he said.

"I'm pretty comfortable in saying that the average fall in Northern Ireland will be 50 percent which means that some properties could fall 70 or 80 per cent.

"It wasn't used, but I said on camera to ITV six months ago that the region in the country which would have the worst crash would be Northern Ireland because it went up the most – prices went up by 400 per cent in 15 years in Northern Ireland."

Mr Davis said it was a "total and utter joke" that people had thought Northern Ireland's inflated house prices were sustainable when they had become so far removed from what people were actually earning.

"To increase by 400 per cent to levels not dissimilar to Oxford and Cambridge? For goodness sake, the average wage in Northern Ireland is lower than the UK average wage.

"The yield from (renting] properties got down to two per cent which is pretty amazing given that you could get five per cent in the bank.

"It was all about expectations of future growth which was fuelled by the banks, the mortgage brokers and the estate agents – in other words, nothing changes."

Mr Davis, who is managing director of Armstrong Davis and a volunteer spokesman for the website housepricecrash.co.uk, said that if he was trying to sell a house he would slash the asking price.

"If it was me and I was up to my eyeballs in debt – which is pretty well the only way people bought those properties in the last few years – I would bite the bullet and significantly reduce the asking price.

"I would set the asking price at 10 per cent below the prevailing asking prices of similar properties in the area and accept a low offer.

"Why? Because it will go down even further.

"This way you can get out of debt – and you can hopefully put some money in the bank rather than continuing to lose it and effectively be working for the bank and the taxman."

Mr Davis advised people thinking of buying a house to continue renting while the market continues to fall: "I would not touch property with a barge pole and would continue renting.

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Doom-ladened report in this morning's Newsletter:

Doom-ladened? That entirely depends on your point of view, Pat. If you are a developer, mortgage broker, estate agent, investor, speculator, in advertising (newspapers) or any of the secondary business linked to the housing market, then the house prices crash is certainly bad news.

However, if you are a first-time buyer or even an owner occupier who wishes to move up the housing ladder, then this is very good news. In fact I don't see how houses becoming more affordable to the general buying public is bad news at all.

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Doom-ladened? That entirely depends on your point of view, Pat. If you are a developer, mortgage broker, estate agent, investor, speculator, in advertising (newspapers) or any of the secondary business linked to the housing market, then the house prices crash is certainly bad news.

However, if you are a first-time buyer or even an owner occupier who wishes to move up the housing ladder, then this is very good news. In fact I don't see how houses becoming more affordable to the general buying public is bad news at all.

Agreed!

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Doom-ladened? That entirely depends on your point of view, Pat. If you are a developer, mortgage broker, estate agent, investor, speculator, in advertising (newspapers) or any of the secondary business linked to the housing market, then the house prices crash is certainly bad news.

However, if you are a first-time buyer or even an owner occupier who wishes to move up the housing ladder, then this is very good news. In fact I don't see how houses becoming more affordable to the general buying public is bad news at all.

spot on , never could understand how inflation was seen as an economic disaster for everything except houses :blink:

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