Ben Madigan Posted January 1, 2009 Share Posted January 1, 2009 Iceland for example has not put interest rates to 18% out of choice. Choosing not to take rates higher will lead to a complete break down of the currency system involved. Iceland has to pay for petrol and food but not for most other energey cost due to both stupendous positioning and (different question) stupendous exploitation vs. the Mid-Atlantic Rift. The UK needs to pay for all energy and most food in foreign currency and with oil prices back below US$40/barrel there will be no sense in tapping the more difficult North Sea veins. The UK is in trouble, and Northern Ireland is a backwoods, subsidy-addled economic colony of the UK whose only other economic support (the Republic) is also in a poor state, I'd guess people aren't going to pay us for not shooting one another after all... Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted January 1, 2009 Share Posted January 1, 2009 Northern Ireland is a backwoods, subsidy-addled economic colony of the UK whose only other economic support (the Republic) is also in a poor state, I'd guess people aren't going to pay us for not shooting one another after all... Pretty much sums up how I feel about Northern Ireland to be honest... Quote Link to comment Share on other sites More sharing options...
Ride_on Posted January 2, 2009 Share Posted January 2, 2009 Bingo! Without the wage increases we would be screwed, making housing even less affordable I think this might be a key point in the future as gov't switches on hyper inflation to try to inflate their way out of debt. The housing market needs FTBs to come back in, as they have not been here in large numbers for a decade or more, having been replaced by investors. With hyper inflation the wage rewards tend to goto more experienced people and it is easier to suppress the new starts/younger gen. FTB wages in NI have less than doubled in the last 18 years, and the FTB salary to house price ratio could get worse. Quote Link to comment Share on other sites More sharing options...
Sogy Posted January 2, 2009 Share Posted January 2, 2009 I have been getting a wee bit bearish lately... as the cedit crunch was making a wee dent in our rock-solid housing market. But now I see the light at the end of the tunnel: the falling pound. When it falls to about 2 pounds per euro, our property will become very attractive to the savvy investors from the Eurozone. The chatching-up will resume, along with bidding wars and other attributes of a healthy market. This makes me think about buying - we may be very close to the bottom indeed! Quote Link to comment Share on other sites More sharing options...
HPCwhen? Posted January 2, 2009 Share Posted January 2, 2009 I have been getting a wee bit bearish lately... as the cedit crunch was making a wee dent in our rock-solid housing market.But now I see the light at the end of the tunnel: the falling pound. When it falls to about 2 pounds per euro, our property will become very attractive to the savvy investors from the Eurozone. The chatching-up will resume, along with bidding wars and other attributes of a healthy market. This makes me think about buying - we may be very close to the bottom indeed! Quote Link to comment Share on other sites More sharing options...
yadayada Posted January 2, 2009 Share Posted January 2, 2009 (edited) The UK (and Ireland) produces a small proportion of its own food and none of its own energy. Is this a sarcastic remark of some form that I've failed to pick up? NI still exports more than three quarters of food production. UK produces 60% of all food, 73% of indigenous food (e.g. not oranges) North Sea oil? Edited January 2, 2009 by yadayada Quote Link to comment Share on other sites More sharing options...
yadayada Posted January 2, 2009 Share Posted January 2, 2009 The UK needs to pay for all energy and most food in foreign currency and with oil prices back below US$40/barrel there will be no sense in tapping the more difficult North Sea veins. Well, there's a relief - the oil will cost fewer dollars. UK produced gas is not priced in dollars, nor is local coal, largely from open cast mines. Nuclear - cost of Uranium is a minor aspect of production. Quote Link to comment Share on other sites More sharing options...
yadayada Posted January 2, 2009 Share Posted January 2, 2009 Me and Mr. Ben's gay Christmas bum fun weekend in Donegal was gorgeous in the cold winter Sun but severely curtailed by the price of a Mars bar costing more than a month's shop rent in Victoria Square. Is this why there's often a pop -up (f'narr) at the top of the screen advertising chubby gay contacts? Or am I the only one getting it (foo woo woo)? Sorry - I'm thin. Quote Link to comment Share on other sites More sharing options...
talksalot81 Posted January 3, 2009 Share Posted January 3, 2009 Nuclear - cost of Uranium is a minor aspect It is nice to see someone with their head screwed on - most people believe the opposite to be true, Quote Link to comment Share on other sites More sharing options...
talksalot81 Posted January 4, 2009 Share Posted January 4, 2009 In a fit of insomnia I decided to have a closer look and see whether there was actually any property that might tempt me. I cannot help but come to one conclusion - we have barely started down the road. On a 3.5x multiple with a 25% deposit I would be looking at something really very small and often in a less than wonderful area (looking in East Belfast) - in fact the asking prices which i could access often do no better than 'estate' housing. Now we have all been through the "you have to start somewhere" debate but I just don't accept that a high earner, (by NI standards) with reasonable deposit, should be starting here. When the housing you can afford to buy is such that you couldn't get your car insured for the address - something is absurdly wrong! I reckon £160k is the cheapest property I saw in which I would be willing to live. On the sensible affordability I am looking at - there is 25% more drop before I would even entertain the thought of purchasing (oh and I need a job lasting more than 12 months ). Quote Link to comment Share on other sites More sharing options...
headmelter Posted January 4, 2009 Share Posted January 4, 2009 (edited) In a fit of insomnia I decided to have a closer look and see whether there was actually any property that might tempt me. Have done the same recently. Very disappointing, vendors are still grossly deluded regarding asking prices. EAs in the area where I'm looking are still pricing things way too high. Long way to go methinks. Edited January 4, 2009 by headmelter Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted January 4, 2009 Share Posted January 4, 2009 Exactly folks - even the cheaper houses are still stupidly overpriced. I stopped looking at houses for sale on pn.com a while back - I'll maybe start looking again in a couple of years and see if sanity has returned in any shape or form. That is if I still want to actually live in Belfast at that point... Quote Link to comment Share on other sites More sharing options...
Sogy Posted January 4, 2009 Share Posted January 4, 2009 there is 25% more drop before I would even entertain the thought of purchasing That's why you will miss The Boat again. You should be more humble and more creative! Quote Link to comment Share on other sites More sharing options...
talksalot81 Posted January 4, 2009 Share Posted January 4, 2009 That's why you will miss The Boat again. You should be more humble and more creative! Well the last boat I missed was the titanic - im happy to miss it again. Quote Link to comment Share on other sites More sharing options...
shipbuilder Posted January 4, 2009 Share Posted January 4, 2009 Have done the same recently. Very disappointing, vendors are still grossly deluded regarding asking prices. EAs in the area where I'm looking are still pricing things way too high. Long way to go methinks. This is the point our recent bullish visitors failed to get - rather than representing bargains to be snapped up, the one or two houses in each area that have vaguely realistic prices simply illustrate how long the crash will last for - the bottom is reached when realistic prices are the norm rather than the exception. Quote Link to comment Share on other sites More sharing options...
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