I usually frequent housepricecrash.co.uk but keep an eye on the 'pin. You guys are about 6 months ahead of us This may be of interest…
Homes From Hell - ITV UK program - showed a piece on a Belfast couple who paid £175k for a newbuild on a soon-to-be ghost estate. Sad, but I expect they’ll bring us all down too. the show discusses Ireland and multiple overbuilding and ghost estates “one of around 621 in existence in Ireland(!)”.
Its on STV at:
"Seadna and Mairead Billings tell the series how they took out a 100 per cent mortgage of £175,000 to buy their dream three-bedroom new-build home near Belfast.
The couple moved in in 2008 and soon discovered the surrounding houses were all empty. The estate was meant to have 70 houses on it, but work had stopped due to the property crash, many homes were not finished and only a small amount had been sold.
The estate became a ‘ghost-estate’, one of around 621 in existence in Ireland. Seadna and Mairead tell the programme how they were living alone in their street and the derelict houses around them were soon under-siege from vandals and rodents.
As he peers through the windows on the abandoned estate, Seadna says: “Fireplaces are ripped off and skirting boards taken up and doors taken off and you can just see the vandalism and theft that’s gone on around the place…it just gradually got worse and worked it’s way down closer and closer to us…we were worried, if we were going to be sitting in the living room, if there was going to be a brick come through the window.”
Eventually the couple decided to leave the property and move into a rented house. Now, after being left paying rent and a mortgage, they have decided to declare themselves bankrupt and have the house re-possessed. In emotional scenes Seadna and Mairead show Homes From Hell the home they had hoped to raise a family in which is now derelict and boarded up. "
- Keep the faith. I was based in Dublin for 6 months in 1999 (pre-Euro and 2% IR). I thought it was a bubble then