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Smell the Fear

Ni Market On The Turn

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Belfast telegraph

"

Northern Ireland developers are paying stamp duty and mortgage costs for buyers in a bid to kick start the flagging property market, the Telegraph can reveal today.

With house prices at an all-time high - despite a recent drop of 8% - and investors and first-time buyers priced out, builders are prepared to dig deep to sell new homes. "

" And home-owners with property on the market are feeling the pinch with many having to drop their asking price by up to £10,000 in a bid to sell.

Growing uncertainty in the housing market is also being fuelled by the ongoing Northern Rock situation. The financial institution was forced to call in the Bank of England as lender of last resort earlier this month amid meltdown in the wholesale money markets, on which it relies for most of its funding. "

Maybe if they offered 10 years of mortgage payments it would be a realistic price?

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Actually, I have just thought of a truly awesome scam.

Build a stack of houses or flats. Sell them at exaggerated prices but with a guarantee to pay 10 years of mortgage for the buyer. Then pay out all of the profits as a dividend and declare bankruptcy, leaving the poor buyer sap with a huge mortgage debt. :lol:

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Actually, I have just thought of a truly awesome scam.

Build a stack of houses or flats. Sell them at exaggerated prices but with a guarantee to pay 10 years of mortgage for the buyer. Then pay out all of the profits as a dividend and declare bankruptcy, leaving the poor buyer sap with a huge mortgage debt. :lol:

I take it you failed the Enron interview because you were either too bright or too honest?

LOL.

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I saw the Telegraph on the news stands and a woman reading it in a cafe, oh the lovely warm feeling it gave me!

It is a very widely read newspaper in this city, great article to scare the public.

:lol:

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I saw the Telegraph on the news stands and a woman reading it in a cafe, oh the lovely warm feeling it gave me!

It is a very widely read newspaper in this city, great article to scare the public.

:lol:

Is it front page news?

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This is front page news in the South:

http://www.independent.ie/national-news/bu...ut-1089483.html

The construction industry is desperately begging the Irish government to borrow on behalf of the taxpayer for some more overpriced infrastructure just to keep the party going, plus reduce its income from stamp duty for good measure.

Meanwhile, in the real world, Irish exports are static and indigenous Irish industry stands back to watch while the multinationals transfer price goods through Ireland while most of the profits head elsewhere. The miracle is over!

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Meanwhile, in the real world, Irish exports are static and indigenous Irish industry stands back to watch while the multinationals transfer price goods through Ireland while most of the profits head elsewhere. The miracle is over!

And you know what? This will be a complete suprise to not only the sheeple of Ireland but a few 'economists' too.

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