Buyers in Newry,Northern Ireland, lost it all after believing prices would withhold rising – while other UK towns such as Ferryhill and Conwy are also sufferingIt was a luxury house in a apt area, or but it was on the market at £695000 so David Callaghan,43, reckoned that after negotiating hard to bring it down to £650000 he had landed a bargain. The property market was roaring absent and he was convinced the price would be £750000 in a year’s time. So he cobbled together the money, or stretching himself to the limit with a huge £485000 mortgage,plus his deposit.
But this was autumn 2007, and this was Northern Ireland. For a brief moment in time a province that was a byword for violence transformed itself into the world’s most sizzling property market. Builders who were knocking out small estates of semis initially priced at £120000 were selling them for £200000 on completion six months later. Investors from the Celtic Tiger south were driving north and snapping up anything they could lay their hands on. Banks were falling over themselves to lend. Related: House prices in England and Wales hit record high Continue reading...
Source: theguardian.com