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Ni £240,302 England £221,370 Scotland £165,363 Wales £165,119

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We truly are a miracle economy and a miracle nation.

Being the 5th country in the list of total GDP is beginning to look like a blip, just like the century or so of manufacturing industry we had.

The American's are correct, you can become rich beyond your wildest dreams by doing nothing but consuming.

Edited by AvidFan

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Lets see if they post my comment...

If we actually produced wealth through manufacturing there might be some fundamentals to sustain this. However most of our employment is public sector and our average wage is lower than other parts of the UK. These prices are driven by speculation and greed and are unsustainable. We will be paying the price for this for many years to come.

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Hahahaha

Well, you've got to laugh.

£240K...what's that, 11 times the average wage here in NI? More?

Edited by JoeDavola

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TRIPE>>>>

This is nonsense.

What is? That the average HP in NI is more expensive than the average for England, Scotland or Wales?

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Indeed.

Although I've just found out that government figures put the average wage in NI at 16K, which would make the average house of £240K 15 (yes, FIFTEEN) times the average salary.

Edited by JoeDavola

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This is absolute rubbish - houses are sitting with no viewers in NI, even the biggest moron born knows there is going to be a major hpc here!

Hopefully your miracle economy could export some of that (major HPC) here (London), please?

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Indeed.

Although I've just found out that government figures put the average wage in NI at 16K, which would make the average house of £240K 15 (yes, FIFTEEN) times the average salary.

and what is your point? it sounds perfectly sustainable to me..... :blink:

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:blink: Those quotes in full...all...ahem...4 of them!

IT IS TIME THE GOVERNMENT STEPPED IN AND STOPPED HOUSE PRICES RISING SO RAPIDLY. IT IS VIRTUALLY IMPOSSIBLE FOR YOUNG PEOPLE TO GET ON THE PROPERTY LADDER. IF PEOPLE IN N IRELAND STOPPED BIDDING ON PROPERTY THEN THE VALUE WOULD HAVE TO COME DOWN OR THERE WOULD BE A SET PRICE. ITS RIDICULOUS THAT A BIDDING WAR HAS STARTED ON HOUSES.
If we actually produced wealth through manufacturing there might be some fundamentals to sustain this. However most of our employment is public sector and our average wage is lower than other parts of the UK. These prices are driven by speculation and greed and are unsustainable. We will be paying the price for this for many years to come.
Would someone please tell me where are these house prices that are soaring.
Until our salaries are in line with the rest of the UK there will be less and less first time buyers (I get paid less than someone in England doing the same job, in the same company). Even with that, prices will still have to drop, sharply, before some of us can afford a house because they're ridiculous now.

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Indeed.

Although I've just found out that government figures put the average wage in NI at 16K, which would make the average house of £240K 15 (yes, FIFTEEN) times the average salary.

And therefore one can reasonably infer that NI property is not being bought by locals earning the average wage or less. Rather it is being bought by other people. What appears to be causing confusion here? If price to wages had any bearing on things then prices would have crashed years ago. In the context of NI, if price to wages ratios were relevant, the prices would not have rocketed in the last couple of years. Its all rather simple and i cant understand the gasps of incomprehension at the comparison of house prices to wages. Can someone enlighten me?

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And therefore one can reasonably infer that NI property is not being bought by locals earning the average wage or less. Rather it is being bought by other people. What appears to be causing confusion here? If price to wages had any bearing on things then prices would have crashed years ago. In the context of NI, if price to wages ratios were relevant, the prices would not have rocketed in the last couple of years. Its all rather simple and i cant understand the gasps of incomprehension at the comparison of house prices to wages. Can someone enlighten me?

Perhaps it suggests that the rise in prices is purely speculative and that there are no fundamentals to support this boom. I'm surprised that so-called investors think they can either continue to purchase houses at these prices and still make money or that they could even sell their current portfolio at these prices. Rents in Northern Ireland are low compared to the rest of the UK and don't even come close to covering even an IO mortgage. So yes 15 times the average wage is surprising. I for one am not confused.

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Perhaps it suggests that the rise in prices is purely speculative and that there are no fundamentals to support this boom. I'm surprised that so-called investors think they can either continue to purchase houses at these prices and still make money or that they could even sell their current portfolio at these prices. Rents in Northern Ireland are low compared to the rest of the UK and don't even come close to covering even an IO mortgage. So yes 15 times the average wage is surprising. I for one am not confused.

It is tempting to think that "fundamentals" means that local people earning local salaries are the ones buying the houses, and the purchase is financed by one average salary. Its more complicated that that though. If a couple on average earning buy a property then it is (i assume) 7.5 x average earnings. When you take into account that by definition half of the people are earning more than the average, then again the multiple doesnt look too extreme. By the time you put investors into the pot and inherited money/parental contributions, the ratio does not look too ridiculous. Im not for a moment saying its a good thing, far from it, but i can see where the finance comes from.

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