Northern Ireland Property Madness

The Nationwide have released the Q1 house price index for 2007 for the UK here. It looks like our Northern neighbours are on a mission to outdo us here in the South. Average house prices there are now a whooping £203,000, up 57.6% since last year :open_mouth: Now only that but if this power sharing agreement goes through, then the North will be awash with even more English and Irish money, thus driving house prices up even further.

Anyone want to take bets on when the madness will end?

This will likely sustain high house prices in the south along the border regions.

One major factor in Northern Ireland house price rise is that they banned any new houses from being built in the countryside. Forcing people into towns and driving up the prices of country houses/sites with planning etc.

I’m originally from Derry. The property frenzy up there at the minute is eerily similar to our own Last Gasp of Spring 06. So they seem to be a good year behind us. It’s impossible to say whether a crash in the south will have an impact. Certainly a large element of northern HPI has been southern specuvestors. If they all decide to sell up in order to plug the holes in their finances from a southern crash, well…

It might not be that simple though. Us Nordies are a fierce stubborn lot. The Mexican Standoff in the south has been going on now since about August and the dam hasn’t quite burst yet. A similar standoff in the north could go on for 400 years :wink: