Tuesday, July 1, 2008

Still a slowdown/correction, apparently – tell that to someone who bought last year.

Northern Ireland house prices tumble by 18%

"Northern Ireland's beleaguered property market faced another significant low today after new figures showed house prices dropped by almost a fifth in just one year." Now the talking heads claim that they always knew prices were unsustainable.....learly they are unaware of something called the internet, where every word is stored for future reference.... I know prices that have dropped 25-30% and still no sale, so a bit to go yet.....

Posted by shipbuilder @ 01:36 PM (801 views)
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6 thoughts on “Still a slowdown/correction, apparently – tell that to someone who bought last year.

  • shipbuilder says:

    This is just a small example, but one of the major things I have learned from all this, and which the internet has made much easier to detect, is that every financial or economic ‘expert’ is no better than an astrologist or palm reader. So why does anyone pay them money?
    Why not just call them ‘desperate expectation managers’?

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  • The disconnect between the extent of the boom and the economic reality was probably widest of all in NI. I can see prices there dropping 60% across the board.

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  • mark wadsworth says:

    Rather bizarrely, this has only knocked prices back to Q4 2006 levels (non-inflation adjusted) for Nationwide regional series.

    And what would happen if HM Gummint were not propping up N Ireland to the tune of 63% of GDP?. I think a 100% fall is more like it.

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  • Delboypass says:

    Mark – that is a really pointless statistic…It shows absolutely zero correlation..

    If i contributed 1p but took £10 as a region…i wuuld be 1000% of GDP…but would you really care about the £10??

    What is more important is what sustainable future industry will be available in NI heading into the credit crunch and ability to generate revenue that will impact house prices.

    Obviously not house building…

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  • shipbuilder says:

    Mark, I think we’re at the point were most of the UK is being ‘propped up’ by the government and the lauded financial sector that generates the revenue in London/South East is fast disappearing.
    Again, this reveals the failure of government over the last 30-40 years or more to encourage and distribute wealth generating business around the UK. We need to get over the whole Labour/Conservative nonsense and start realising that both have utterly failed us politically, socially and economically with their inept and unimaginative mediocre drivel serving as policy.
    ‘Quick, chancellor, get that next f*cking bubble going so the idiot electorate can forget again how shafted they are.’

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  • it_is_going_with_a_bang says:

    Why is this reported as growth???

    I need to find a dictionary fast. Last time I looked growth meant bigger / larger / more.
    People still can’t just leave it as plain and simple house price crash. Thats far simpler than negative growth.

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