Thursday, April 12, 2007

Want a Guaranteed Way to Make Money?

NI house prices top UK for speed

Property in Northern Ireland is the fastest growing in the UK. This is a guaranteed way isn't it? I mean, prices rise fast. Investors see that and more of them invest. Then prices rise even faster. Then even more investors invest. Eventually prices rise so fast that even the most stubborn bears throw in the towel and invest. How could it go wrong???? Come on, everybody! Let's join the Belfast Boom!

Posted by royston @ 09:30 AM (422 views)
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3 thoughts on “Want a Guaranteed Way to Make Money?

  • My brother lives in Belfast. Recently, I had to educate him about a whacky concept called “Negative Equity”, which managed to frighten him out of a bad property “investment”.

    Although I’ve lived outside Northern Ireland for 13 years, I still visit regularly and don’t quite get what it is economically that N.I. does to justify any of this. This microstate of 1.7 Million people still has a huge proportion of the population in public sector jobs and is just about adjusting to the real world economically.

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  • Shipbuilder says:

    The key to the NI boom is that it’s 100% investor-led. It’s the last wheel left on the property bandwagon, so investors are piling in from elsewhere as all the surrounding markets have peaked. These ‘investors’ however are the inevitable amateur landlords and flippers – they will desert the market if there looks like a peak, causing a much worse crash than the rest of the UK. Despite the nonsense talked here of a ‘peace dividend’ fuelling a booming economy, there are a huge amount of apartments being built, which will no doubt complete around the time of the crash and many in Belfast will be laid waste economically. Fortunately, due to historically low house prices (i.e. huge % equity), the sensible will easily ride out a crash. The only other saviour could be a cut in corporation tax to encourage Dublin-style international investment.

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  • Lets all start buying flats in Belfast, we will never have to work again!

    £200K flat, £20k discount from the builder, £200k valuation, £180k mortgage = No deposit.

    7% subprime mortgage = £12,600 pa

    8% GROWTH a month on £200k = £192,000 pa (simple interest only, i didn’t want to frighten you property millionaires with compound interest)

    We are rich, happy days, how can it go wrong ??????????????

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