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Houses In Northern Ireland Are Hugely Over-valued

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Quote from an NI economist

"We are in the situation of a bubble here. The question is whether it deflates or bursts".

8000 names are already listed as being interested in buying in the new Titanic quarter.

20,000 people have come from Eastern Europe to work in Northern Ireland

40,000 tenants in Northern Ireland are on housing benefit which costs government £140 million/year

Speculators are investing in 'Buy to Leave'. i.e. buying and leaving empty in order to keep for capital appreciation and sell again with the property being in same condition. Gross yield is 3% max of current prices.

Main NI estate agency predicts price increases of 40% over the next three years.

Proportionally NI builds more houses than Scotland or Wales. Even though so much building has occured prices are higher in NI due to speculators.

I think they said 15,000 were built in NI last year.

Many speculators are from in and around Dublin.

Substantial land is owned by government which is already zoned for building and could be released. Such as 140 acres at Knockbracken Health Care Park. The release of such government land is being considered by a ministerial review team.

Edited by pod

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20,000 from E Europe? So, that accounts for an increase in the population of slightly over 1%. Doesn't seem to be a massive increase.

and the NI mortality statistics for 2006 alone were 14,500


The number of deaths registered in Northern Ireland in 2006 was 14,500 a small increase on the 14,200 deaths registered in 2005, which was the lowest number of deaths on record.
Edited by pod

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