NI house prices now down 42% from peak

nembot

leftieM wrote: »

A buy-to-let frenzy.

Exactly, there's very little difference between IE and the UK.

doire_2

HAMISH_MCTAVISH wrote: »

Contagion from ROI both in the boom and bust. NI prices Rose 120% or something silly in the 3 years before the crash versus more like 30% in the mainland.

A 40% fall only puts them back to 2006 levels.

2005 levels and still falling

Heyman_2

Percentage drop from peak for NI Houses: 42%.

Percentage of people from here who will take advantage of this: 0%.

debtistheft

These people were living in a fools paradise, selling themselves and their children into a lifetime of indenture to follow a dream of home ownership pushed by the financial institutions. They will now reap the punsihment.

Happiness if something found within yourself, not from owning a brick cube.

FTBFun

debtistheft wrote: »

These people were living in a fools paradise, selling themselves and their children into a lifetime of indenture to follow a dream of home ownership pushed by the financial institutions. They will now reap the punsihment.

Happiness if something found within yourself, not from owning a brick cube.

My parents paid their mortgage off by their mid-40s - hardly a "lifetime of indenture".

debtistheft

FTBFun wrote: »

My parents paid their mortgage off by their mid-40s - hardly a "lifetime of indenture".

Would they have been able to do that if they bought in this decade, post HPI manipulation? I very much doubt it unless they put their lives on hold for a decade in order to plough all their wealth into a cement and brick cube.

FTBFun

debtistheft wrote: »

Would they have been able to do that if they bought in this decade, post HPI manipulation? I very much doubt it unless they put their lives on hold for a decade in order to plough all their wealth into a cement and brick cube.

I reckon so. They're pretty good with their money, something I've also picked up on!

debtistheft

FTBFun wrote: »

I reckon so. They're pretty good with their money, something I've also picked up on!

So they would have put their lives on hold just to pay down a huge loan? That would be fun for the kids, scrimping and saving, no holidays or day trips just to pile wealth into a cube of brick or stone.

People are so bought into the home ownership dream, they cant see beyond it.

michaels

Any population / household creation numbers available for NI?

the_flying_pig

michaels wrote: »

Any population / household creation numbers available for NI?

According to wiki NI’s population increased by 6.3% between 2001 and 2009, compared with 4.7% between 2001 and 2008 for England.


Building was propoerionately higher than in England during the bubble, too.

But the difference between trends in NI and England prices is entirely down to the fact that the influx of speculative debt [fuelled by their peabrained neighbours south of the border looking to hoover up 'investment' pwoperdee] was vastly greater. Even someone like Hamish would readily admit to this.