Friday, February 16, 2007
Bubble? You ain’t seen nothing yet
Hilarious - yer English property bubble ain't nothing compared to ours -Average earnings 20% less than UK. Massive public sector employment. Houses hugely undervalued for years - no memories of HPC on these shores. Tiny market with speculators from ROI piling in like there's no tomorrow - many I suspect looking to flip. Rents are miniscule and with an expanding rental market and flats galore, likely to stay that way - 'old school' landlords making 3-4 times their mortgage payments. Rates doubled and water tax in April.All this and the average NI price higher than all of the UK apart from London and the South East - 2 bedroom terraces in the most deprived areas in Europe going for £190-200K, and an 8% rise in the MONTH of January in some areas.Oh dear.