Wednesday, June 6, 2007
About time…
NI house price boom hits brakes
"Screeching to a halt." That is a description of the east Belfast housing market from two estate agents
Posted by confused76 @ 10:27 AM (689 views)
4 thoughts on “About time…”
Add a comment
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
Samone says:
It’s funny how it’s going all pear shaped everywhere else but when reporting on the UK market there’s always a positive spin.
There (US/Spain/NI) they managed to find bearish EAs and people having to foreslose. Here, they find Bulls and BTLers with 10+ properties who will ride out the problems. oh and of course here it’s all about supply and demand!
cyril says:
“For the first time in about 18 months we’re actually having to work hard to sell houses,” said one agent.
A rare case of an estate agent actually doing some work in Northern Ireland. Goodness! Perhaps agents in other parts of the country should prepare themselves for a shock. They may need counselling.
shipbuilder says:
The rises in the NI market are 100% due to speculation and outside ‘investment’. All being equal, we should have house prices about level with Scotland or Wales, reflecting local salaries. As it is, when the yields dry up and the rate of increase slows, the investors will run for the hills, given that many are probably now having to cover losses in the Irish Republic.
Read this article – HPI was accelerating until March until, as admitted out by the EAs, demand has fallen off a cliff. Let’s see if the ‘normal market activity’ props up current prices. Just as it rocketed up, it will come falling down here all the more quickly, playing out like one big public information film for the rest of the UK.
bidin'matime says:
But they still refuse to countenance a crash! Why is it that people seem to accept that the prices are built on speculation, which inevitably means paying over the odds, but refuse to accept that, once you remove the speculation, prices must fall? And it’s not only the buyers who have acted in anticipation of the further rises – the lenders have fallen for this big-time – once they too see that that prices might fall, they will restrict their loans, making it impossible for even the idiots to keep paying these silly prices!