Wednesday, March 28, 2007
Irish property market slowing down!
Evidence that Irish property market is slowing fast. It matter to us for 2 reasons. First, part of the global phenomenon of credit bloated house prices leading to inevitable bust. Second, the amount of Irish money that has flowed into UK residential property in the last few years. More than anyone else, the Irish have convinced themselves that rising prices are an intrinsic part of houses. If these guys have to pull out money from the UK to shore up failing investment at home, things could get interesting.