Thursday, November 5, 2009

The Irish HPC

That 40% drop - it's already happened

Economists have predicted that house prices have to fall by at least 40 per cent from their peak of 2006 but house builders say that’s already a reality..in Ireland, so whats to stop it happening here, are we different or are the Irish just ahead of us?

Posted by wardpsych @ 10:41 PM (892 views)
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4 thoughts on “The Irish HPC

  • Now you know why the UK didn’t join the euro. Our esteemed central bank wanted to retain the option of chasing asset bubbles in order to enrich the financial sector.

    And by the way yes, I’m directing that at the eurosceptics among you. If the Bank of England hadn’t intervened our housing market would now look like Ireland’s.

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  • Of course we are different from the Irish, not a lot of industry in Ireland , (OK not much in UK), less BIG city bonuses, less people wanting to invest their money here in property (of course they have had their incomers but currently not attractive like Stirling current and not the same kudos as owing in LONDON or an English shire). No QE , no election next year and and and……..That is not to say that the UK could see 40% falls or indeed needs to lose 40% for lending to fall back in line with sensible lending levels, but Ireland is different.

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  • The Irish boom was fueled by extra tax free grants from joining the EURO, a lot of companies set up in Ireland due to tax free breaks for 10yr to move there, this was like a turbo boost to the property market residential and commerciel. Ireland is no longer the poorest man in europe so the grants have moved east. UK has a more established pattern of boom and bust so our institutions will manage better with less panic, however it still amazes me how short term peoples memories are, this is very similar to the early nineties, a very tough time however the economy survived and prospered since then.

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  • The General Election is holding it back here with QE money. It won’t last.

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