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Ash4781

Bank's Pledge Over Ni Prosperity

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The Governor of the Bank of England has said that institution will continue to support the Northern Ireland economy by maintaining low inflation.

Whatever.

http://news.bbc.co.uk/1/hi/business/6986770.stm

Since then prices in Northern Ireland have rocketed, particularly since the stat of 2006, with the annual inflation rate rising rapidly to hit 55.9% in June this year.

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http://news.bbc.co.uk/1/hi/northern_ireland/7036795.stm

Looks like NI is on the bank's helicopter radar.

According to the Halifax release the market's cooled there.

I don't think this is about HPI at all.

I read it as Merv saying that there is nothing sinister about the Bank of England, although it is english and not Irish.

And that targetting inflation is the best way to properity.

Thatcher said the same thing as she closed down manufacturing industry.

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I don't think this is about HPI at all.

I read it as Merv saying that there is nothing sinister about the Bank of England, although it is english and not Irish.

And that targetting inflation is the best way to properity.

Thatcher said the same thing as she closed down manufacturing industry.

Best way to screw your economy is to have a situation where it costs workers X times as much simply to live and breath in it compared to competitor economies.

That has successfully been achieved. Jobs will go and the infrastructure/skillsbase to create future jobs will go with it.

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House price inflation exceeding 50% in a year.

Average house price equivilant to that of London.

Mortgages requiring TEN times average annual salary to purchase an AVERAGE house.

NI annual salary less than that of the rest of the UK.

Rising interest rates.

Inventory on the provinces most prominent property website up from 4000 in January to over 19000 in October.

Transactions down one third with the corresponding period last year.

Easy, cheap credit becoming difficult to obtain.

Now I could be wrong........ but the fundamentals may indicate a monumental correction in prices coming very soon. Squeaky bum time for anyone who may have over extended themselves or have 'invested' in property within the last twelve months.

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