http://www.independent.ie/opinion/analysis...rs-1255651.html
Full Version: Media Items From The Roi
David McWilliams lets the media spinners have it.
http://www.independent.ie/opinion/analysis...rs-1255651.html
http://www.independent.ie/opinion/analysis...rs-1255651.html
QUOTE (doccyboy @ Jan 2 2008, 04:49 PM) 
David McWilliams lets the media spinners have it.
http://www.independent.ie/opinion/analysis...rs-1255651.html
http://www.independent.ie/opinion/analysis...rs-1255651.html
Yep, he certainly didnt pull any punches there!
MMMmmmm!
David McWilliams is is hardcore bear porn!
David McWilliams is is hardcore bear porn!
"....Cracking read there....finally someone in the media who's not scared to say it how it is....now will you pop up to Belfast here and have a word with Helen Carson from the Belfast telegraph??? She;s an estate agent's wet dream the rubbish she pours out each week...."
my comment I posted...wonder if it'll be pre-modded
my comment I posted...wonder if it'll be pre-modded
http://www.independent.ie/national-news/ec...rs-1257592.html
Funny, a few months ago, the ROI economy was expected to be resilient
Another few months and it`ll be in recession at this rate! (allegedly)
Funny, a few months ago, the ROI economy was expected to be resilient
Another few months and it`ll be in recession at this rate! (allegedly)
thread on pin about Daft report Q4 2007 which is a review of the whole year and really speaks about our market too
http://www.thepropertypin.com/viewtopic.php?t=5869
http://www.thepropertypin.com/viewtopic.php?t=5869
I love this one talk about pigeons coming home to roost. Might it also happen up here as prices tank?
http://www.independent.ie/national-news/ga...ce-1266350.html
http://www.independent.ie/national-news/ga...ce-1266350.html
Has anyone seen the absolutely crazy new show on TV3 - "The Overseas Property Show" pimping the overseas property market and citing the credit crunch as a "buying opportunity".
Broadcast Tuesday 15th of January 2008 at 8.00pm on TV3. This weeks programme was on the currently imploding Florida market
http://www.tv3.ie/media.php?action=news&id=91
If you really want to watch again - follow the link below
http://www.propertytv.eu/
Broadcast Tuesday 15th of January 2008 at 8.00pm on TV3. This weeks programme was on the currently imploding Florida market
http://www.tv3.ie/media.php?action=news&id=91
If you really want to watch again - follow the link below
http://www.propertytv.eu/
Irish Times today - more developers cutting prices of apartments from the PIn
Quote
Davys Stockbrokers comments on the price cuts
Quote:
The Irish Times property section today (January 17th) reports that two of Ireland's
largest builders have cut the prices of their new home schemes in an effort to shift
units.
Albany group, whose Albany Homes subsidiary had turnover of €161m in the year
to September 2006, has dropped prices by up to 25% in a development called
'The Meadows' in Swords in North County Dublin. Prices start at €230,000 for
one-bed apartments and rise to €341,000 for three-bed, end-of-terrace units. 'The
Meadows' forms part of a larger scheme called 'Holywell'. When the scheme was
first launched in April 2007, prices were €270,000 and €455,000 respectively. This
represents price cuts of between 14% and 25%.
The paper also reports that Abbey group's Kingscroft subsidiary has instructed
agents to cut prices on all five new home sites it has open in Leinster by an average
of 10%. These moves follow Capel's decision before Christmas to cut prices on
some of its units by 20%, which proved a big success as it succeeded in selling
units at an apartment scheme in Dublin 15.
With the inventory of new homes possibly as high as 9-12 months and the spring
selling season unlikely to show much activity, it looks as if builders are finally
breaking ranks and deciding to take matters into their own hands. This can only
help to get sales going again as buyers and sellers have refused to engage for the
past year.
On the one hand, we are glad to see this move take place as the market has been
in limbo for so long. But whether such a price adjustment across the market can be
achieved "pain free" remains to be seen. Bank appraisal values will need to be
adjusted across the board if they have not been already, and this will have
consequences for some of the more geared borrowers. Quote
Wonder how long it will be before the developers up here smell the coffee
Quote
Davys Stockbrokers comments on the price cuts
Quote:
The Irish Times property section today (January 17th) reports that two of Ireland's
largest builders have cut the prices of their new home schemes in an effort to shift
units.
Albany group, whose Albany Homes subsidiary had turnover of €161m in the year
to September 2006, has dropped prices by up to 25% in a development called
'The Meadows' in Swords in North County Dublin. Prices start at €230,000 for
one-bed apartments and rise to €341,000 for three-bed, end-of-terrace units. 'The
Meadows' forms part of a larger scheme called 'Holywell'. When the scheme was
first launched in April 2007, prices were €270,000 and €455,000 respectively. This
represents price cuts of between 14% and 25%.
The paper also reports that Abbey group's Kingscroft subsidiary has instructed
agents to cut prices on all five new home sites it has open in Leinster by an average
of 10%. These moves follow Capel's decision before Christmas to cut prices on
some of its units by 20%, which proved a big success as it succeeded in selling
units at an apartment scheme in Dublin 15.
With the inventory of new homes possibly as high as 9-12 months and the spring
selling season unlikely to show much activity, it looks as if builders are finally
breaking ranks and deciding to take matters into their own hands. This can only
help to get sales going again as buyers and sellers have refused to engage for the
past year.
On the one hand, we are glad to see this move take place as the market has been
in limbo for so long. But whether such a price adjustment across the market can be
achieved "pain free" remains to be seen. Bank appraisal values will need to be
adjusted across the board if they have not been already, and this will have
consequences for some of the more geared borrowers. Quote
Wonder how long it will be before the developers up here smell the coffee
QUOTE (doccyboy @ Jan 17 2008, 08:47 AM)
Irish Times today - more developers cutting prices of apartments from the PIn
Quote
Davys Stockbrokers comments on the price cuts
Quote:
With the inventory of new homes possibly as high as 9-12 months and the spring
selling season unlikely to show much activity, it looks as if builders are finally
breaking ranks and deciding to take matters into their own hands. This can only
help to get sales going again as buyers and sellers have refused to engage for the
past year.
Quote
Quote
Davys Stockbrokers comments on the price cuts
Quote:
With the inventory of new homes possibly as high as 9-12 months and the spring
selling season unlikely to show much activity, it looks as if builders are finally
breaking ranks and deciding to take matters into their own hands. This can only
help to get sales going again as buyers and sellers have refused to engage for the
past year.
Quote
What's that guy smoking - Madman Davy - doesn't he know that there will be a pickup in the spring.
Don't give in to their lies - support your local estate agent.
QUOTE (maxdiver @ Jan 17 2008, 09:02 AM)
What's that guy smoking - Madman Davy - doesn't he know that there will be a pickup in the spring.
Don't give in to their lies - support your local estate agent.
Don't give in to their lies - support your local estate agent.
he needs a good dose of Helen Carson to perk him up
QUOTE (doccyboy @ Jan 15 2008, 08:33 AM)
I love this one talk about pigeons coming home to roost. Might it also happen up here as prices tank?
http://www.independent.ie/national-news/ga...ce-1266350.html
http://www.independent.ie/national-news/ga...ce-1266350.html
I hear those chickens fluttering
http://news.bbc.co.uk/1/hi/northern_ireland/7194182.stm
http://www.independent.ie/business/irish/b...ld-1267706.html
Looks like the journalists in the RoI are digging deeper to show the times they are a changing. Pity the BT has little in the way of credible journalism
QUOTE
Builders are going it alone as housing slump takes hold
By Joe Brennan
Thursday January 17 2008
Onlinetradesmen.com, Ireland's largest accredited network for tradesmen and builders, has seen its membership surge 10pc since September, as hundreds of laid-off construction workers turn their hand to repair, maintenance and improvement (RMI) work.
The company has over 9,000 tradesmen and builders nationwide registered on its site. Fears over large-scale job losses in the construction sector have been mounting in recent months as housebuilding activity continues to decline.
Experts say the overall construction industry, which employs 288,000 people, or one in eight of the entire workforce, could see layoffs of between 20,000 and 80,000 people as the number of homes built in the country fall from about 78,000 homes in 2007 to as low as 45,000 units this year.
"The recent increase in tradesmen striking out on their own in the RMI sector will no doubt lead to more competition and the potential for reduced prices for consumers," said Ted Laverty, who is managing director of onlinetrades men.com.
"We have seen a significant number of builders, carpenters and plumbers in particular sign up in recent months."
The firm, which has processed in excess of 100,000 building and home improvement projects, worth over €1.2bn, since it was set up at the end of 2005, has found that growing competition for work has driven the use of the internet as a marketing tool in the search for work.
By Joe Brennan
Thursday January 17 2008
Onlinetradesmen.com, Ireland's largest accredited network for tradesmen and builders, has seen its membership surge 10pc since September, as hundreds of laid-off construction workers turn their hand to repair, maintenance and improvement (RMI) work.
The company has over 9,000 tradesmen and builders nationwide registered on its site. Fears over large-scale job losses in the construction sector have been mounting in recent months as housebuilding activity continues to decline.
Experts say the overall construction industry, which employs 288,000 people, or one in eight of the entire workforce, could see layoffs of between 20,000 and 80,000 people as the number of homes built in the country fall from about 78,000 homes in 2007 to as low as 45,000 units this year.
"The recent increase in tradesmen striking out on their own in the RMI sector will no doubt lead to more competition and the potential for reduced prices for consumers," said Ted Laverty, who is managing director of onlinetrades men.com.
"We have seen a significant number of builders, carpenters and plumbers in particular sign up in recent months."
The firm, which has processed in excess of 100,000 building and home improvement projects, worth over €1.2bn, since it was set up at the end of 2005, has found that growing competition for work has driven the use of the internet as a marketing tool in the search for work.
Looks like the journalists in the RoI are digging deeper to show the times they are a changing. Pity the BT has little in the way of credible journalism
French ambassador's house for sale - at asking price €60m
http://www.ireland.com/newspaper/frontpage...0515395778.html
Is this not what many foreign embassies did in Japan in 1989-1990?
http://www.ireland.com/newspaper/frontpage...0515395778.html
Is this not what many foreign embassies did in Japan in 1989-1990?
QUOTE (Vespasian @ Jan 17 2008, 07:51 PM)
Pity the BT has little in the way of credible journalism
They have... Helen Carson!
QUOTE (Sogy @ Jan 17 2008, 11:12 PM)
They have... Helen Carson!
A big post from the Property Pin which I think speaks about Ireland North and South.
"Property market approaching critical point
http://www.ireland.com/newspaper/opinion/2...0596995499.html
The economy may be about to enter a period of prolonged recession, writes Morgan Kelly , the economist who predicted the property slump
Writing in this newspaper a year ago, I suggested that, in the light of past property booms abroad, Irish house prices were at risk of falls of around 50 per cent in real terms. At the time I imagined, again based on what had happened elsewhere, that selling prices would stabilise at their peak values for a year or two, and then fall slowly by a few per cent a year for up to a decade.
My forecast has turned out to be wildly optimistic. In the past year Irish house prices appear to have fallen by around 10 to 15 per cent. While still short of the 20 per cent fall in Finland in 1991, this is on a par with the largest falls experienced during the Dutch and Swedish collapses.
However, the Irish property market is giving signs of approaching a critical point where vague individual anxieties coalesce into a general panic and prices collapse. Should a collapse occur in 2008, it is most likely to start among heavily-indebted builders, many of whom have not sold a house in over a year, coming under pressure from banks to liquidate their large amounts of unsold inventory.
What has made the Irish house price boom different from any other (apart from the concurrent boom in Spain) is that it has occurred alongside a building boom. In most economies, the housing stock is overwhelmingly second-hand houses whose owners are reluctant to accept price cuts. When a downturn occurs, most people refuse to sell and the market effectively dries up for a few years until prices rise again. In Ireland, by contrast, the supply of houses has expanded rapidly: at the peak of the boom in 2006 we built almost 90,000 units, or one for every 16 households. This fell to around 70,000 last year and, ominously, a large proportion of these failed to sell.
This raises the question of why, given the number of unsold houses, builders are planning to build another 50,000 or so units this year? Once we know the answer to this question, we are in a position to understand why Irish house prices are now at risk of sudden and large falls.
To start, we need to remember that, because of delays in the planning process, this new building represents projects undertaken by developers in the very different climate of two years ago. There are now two distinct groups of developers.
The first group own land, typically have vivid memories of how their fathers and uncles went bankrupt in the 1980s, and have all stopped residential construction. The second group, who are by no means the smallest developers, have borrowed heavily to buy land and have no choice but to keep on building.
If you are a builder who borrowed €20 million in 2006 from a bank and some mezzanine investors to buy land for 100 houses and have just received planning permission, you have no option but to go ahead and use your remaining €11 million credit line to build the houses and hope for the best. However, at some stage this loan will have to be repaid, at least in part, and the only way to do this is by selling houses at whatever price you can get.
For their part, banks are now in the position of throwing good money after bad: having lent money for land which has depreciated in value, they are lending more money to build on it in the hope that they can recoup their losses, or at least delay the inevitable change in value that may leave some of them with solvency problems of their own.
However, with the recent bankruptcy of McEnaney Construction, banks have sent a definite signal to developers that their patience and liquidity are finite. Despite their understandable reluctance to initiate a downward price spiral, in the next few months increasing numbers of developers will be forced to follow the lead of Capel Construction and cut prices by 20 per cent and more.
However, just as expectations of price rises were self-fulfilling, so now are price falls. Buyers know that the longer they delay the less they will pay, and have the added fear of negative equity to keep them out of the market.
It is appearing increasingly unlikely that builders will be able to move their inventory at any price that can remotely cover their borrowings, making a wave of bankruptcies inevitable.
The houses built by a bankrupt developer become the property of the lending bank, which would typically auction them off, in one or more lots, to other developers.
However, for these developers to be able to bid, they need loans from banks. With Irish banks already having sunk €100 billion into property development, and needing to conserve liquidity as the international financial system moves towards a major solvency crisis, such loans may not be forthcoming. It is not hard to imagine a scenario where tens of thousands of new units built by bankrupt developers are sold for a fraction of their construction cost or simply boarded up, leaving most existing apartments and commuter-belt houses effectively valueless.
Any collapse at the bottom end of the market will roll upwards to reduce second-hand prices sharply, while the presence of large number of families who cannot move house because they have negative equity will ensure that the second-hand housing market remains frozen for a very long time.
With rising unemployment, falling tax revenues, and sharp falls in stock prices, it is becoming evident that the problems of the Irish economy run a good deal deeper than a few overpriced houses.
The building boom of the last eight years has deeply distorted the economy, leaving us with worrying numbers of mis-skilled workers, heavily indebted households, unaffordable Government programmes, and over-extended banks.
Most importantly, as the Irish economy moved from one driven by exports to one based on selling houses, its international competitiveness has fallen sharply.
While the word competitiveness had vanished from our national vocabulary, the examples of Germany, Italy and Portugal are there to show how a domestic boom with falling competitiveness tends to be followed by prolonged recession."
"Property market approaching critical point
http://www.ireland.com/newspaper/opinion/2...0596995499.html
The economy may be about to enter a period of prolonged recession, writes Morgan Kelly , the economist who predicted the property slump
Writing in this newspaper a year ago, I suggested that, in the light of past property booms abroad, Irish house prices were at risk of falls of around 50 per cent in real terms. At the time I imagined, again based on what had happened elsewhere, that selling prices would stabilise at their peak values for a year or two, and then fall slowly by a few per cent a year for up to a decade.
My forecast has turned out to be wildly optimistic. In the past year Irish house prices appear to have fallen by around 10 to 15 per cent. While still short of the 20 per cent fall in Finland in 1991, this is on a par with the largest falls experienced during the Dutch and Swedish collapses.
However, the Irish property market is giving signs of approaching a critical point where vague individual anxieties coalesce into a general panic and prices collapse. Should a collapse occur in 2008, it is most likely to start among heavily-indebted builders, many of whom have not sold a house in over a year, coming under pressure from banks to liquidate their large amounts of unsold inventory.
What has made the Irish house price boom different from any other (apart from the concurrent boom in Spain) is that it has occurred alongside a building boom. In most economies, the housing stock is overwhelmingly second-hand houses whose owners are reluctant to accept price cuts. When a downturn occurs, most people refuse to sell and the market effectively dries up for a few years until prices rise again. In Ireland, by contrast, the supply of houses has expanded rapidly: at the peak of the boom in 2006 we built almost 90,000 units, or one for every 16 households. This fell to around 70,000 last year and, ominously, a large proportion of these failed to sell.
This raises the question of why, given the number of unsold houses, builders are planning to build another 50,000 or so units this year? Once we know the answer to this question, we are in a position to understand why Irish house prices are now at risk of sudden and large falls.
To start, we need to remember that, because of delays in the planning process, this new building represents projects undertaken by developers in the very different climate of two years ago. There are now two distinct groups of developers.
The first group own land, typically have vivid memories of how their fathers and uncles went bankrupt in the 1980s, and have all stopped residential construction. The second group, who are by no means the smallest developers, have borrowed heavily to buy land and have no choice but to keep on building.
If you are a builder who borrowed €20 million in 2006 from a bank and some mezzanine investors to buy land for 100 houses and have just received planning permission, you have no option but to go ahead and use your remaining €11 million credit line to build the houses and hope for the best. However, at some stage this loan will have to be repaid, at least in part, and the only way to do this is by selling houses at whatever price you can get.
For their part, banks are now in the position of throwing good money after bad: having lent money for land which has depreciated in value, they are lending more money to build on it in the hope that they can recoup their losses, or at least delay the inevitable change in value that may leave some of them with solvency problems of their own.
However, with the recent bankruptcy of McEnaney Construction, banks have sent a definite signal to developers that their patience and liquidity are finite. Despite their understandable reluctance to initiate a downward price spiral, in the next few months increasing numbers of developers will be forced to follow the lead of Capel Construction and cut prices by 20 per cent and more.
However, just as expectations of price rises were self-fulfilling, so now are price falls. Buyers know that the longer they delay the less they will pay, and have the added fear of negative equity to keep them out of the market.
It is appearing increasingly unlikely that builders will be able to move their inventory at any price that can remotely cover their borrowings, making a wave of bankruptcies inevitable.
The houses built by a bankrupt developer become the property of the lending bank, which would typically auction them off, in one or more lots, to other developers.
However, for these developers to be able to bid, they need loans from banks. With Irish banks already having sunk €100 billion into property development, and needing to conserve liquidity as the international financial system moves towards a major solvency crisis, such loans may not be forthcoming. It is not hard to imagine a scenario where tens of thousands of new units built by bankrupt developers are sold for a fraction of their construction cost or simply boarded up, leaving most existing apartments and commuter-belt houses effectively valueless.
Any collapse at the bottom end of the market will roll upwards to reduce second-hand prices sharply, while the presence of large number of families who cannot move house because they have negative equity will ensure that the second-hand housing market remains frozen for a very long time.
With rising unemployment, falling tax revenues, and sharp falls in stock prices, it is becoming evident that the problems of the Irish economy run a good deal deeper than a few overpriced houses.
The building boom of the last eight years has deeply distorted the economy, leaving us with worrying numbers of mis-skilled workers, heavily indebted households, unaffordable Government programmes, and over-extended banks.
Most importantly, as the Irish economy moved from one driven by exports to one based on selling houses, its international competitiveness has fallen sharply.
While the word competitiveness had vanished from our national vocabulary, the examples of Germany, Italy and Portugal are there to show how a domestic boom with falling competitiveness tends to be followed by prolonged recession."
Good article, Doccyboy - there are rumours of developers being given to March to sell property. I suppose bankruptcy might look the better option at this stage than trying to keep your business afloat. One thing is for sure, this will be a very interesting Spring throughout the Island
http://www.mcgarrsolicitors.ie/2007/10/29/...rne-solicitors/
lengthy read - but more info on the 2 irish solicitors aka...
1. Nobody in the solicitors’ profession is happy with the situations revealed in the practices of Mr. Lynn and Mr. Byrne.
2. It is alleged that they managed to borrow money from a substantial range of banks and building societies without furnishing proper security for the borrowings in the form of mortgages on their own property. Mr. Lynn, it appears, was building a substantial property portfolio using, it appears, those borrowings. He also had received deposits from property investors who expected to buy developed properties from him in due course. This latter business is not solicitor’s business and he would have been carrying that on his own account like any businessman.
..../.....
lengthy read - but more info on the 2 irish solicitors aka...
1. Nobody in the solicitors’ profession is happy with the situations revealed in the practices of Mr. Lynn and Mr. Byrne.
2. It is alleged that they managed to borrow money from a substantial range of banks and building societies without furnishing proper security for the borrowings in the form of mortgages on their own property. Mr. Lynn, it appears, was building a substantial property portfolio using, it appears, those borrowings. He also had received deposits from property investors who expected to buy developed properties from him in due course. This latter business is not solicitor’s business and he would have been carrying that on his own account like any businessman.
..../.....
I was over the border and felt compelled to buy the sunday independent. Look at the front page!
http://www.independent.ie/independent.ie/e...todayspaper.pdf
Its basically a special edition on the coming crash. With a whole full double page spread on pages 4&5. Look at those headlines!
"Goverment in denial as crisis looms"
"the crash is coming"
"intervention needed to avoid meltdown"
http://www.independent.ie/independent.ie/e...todayspaper.pdf
Its basically a special edition on the coming crash. With a whole full double page spread on pages 4&5. Look at those headlines!
"Goverment in denial as crisis looms"
"the crash is coming"
"intervention needed to avoid meltdown"
QUOTE (Vespasian @ Jan 20 2008, 05:33 PM)
I was over the border and felt compelled to buy the sunday independent. Look at the front page!
http://www.independent.ie/independent.ie/e...todayspaper.pdf
Its basically a special edition on the coming crash. With a whole full double page spread on pages 4&5. Look at those headlines!
"Goverment in denial as crisis looms"
"the crash is coming"
"intervention needed to avoid meltdown"
http://www.independent.ie/independent.ie/e...todayspaper.pdf
Its basically a special edition on the coming crash. With a whole full double page spread on pages 4&5. Look at those headlines!
"Goverment in denial as crisis looms"
"the crash is coming"
"intervention needed to avoid meltdown"
super bear food
QUOTE (pod @ Jan 20 2008, 09:02 PM)
good find
detail -
Anybody else finding it hard to let their properties?
The last time I had a property up for rent (in Swords), which was about 6 months ago, the Daft website showed about 70 other properties for let in Swords. Today there are almost 150 properties for let in Swords and I havnt received a single phone call for 5 days. Six months ago I had 5 phone calls a day.....at least !!!! Could this be due to one of the following:
1. Less people look to rent in January. (things may pick up in Feb !)
2. Swords is swamped with vacant rental properties. I guess thats obvious.
3. I havnt upgraded my Daft ad to a premium ad (yet !) and despite renewing it ever day it still seems low down the list.
4. Perhaps I am asking for too much rent. (E1,300 for 2 bed)
any suggestions?
Apart from you should have sold them 2 years ago !!!! I know I am still kicking my self !!!!
credit to him / her for their honesty
David McWilliams blasts the Fundamentalist VIs from the SBP
http://www.thepost.ie/post/text/story.asp?...p;version=print
http://www.thepost.ie/post/text/story.asp?...p;version=print
http://news.bbc.co.uk/1/hi/northern_ireland/7210231.stm
More news on dodgy solictor stuff down south involving property investing.
More news on dodgy solictor stuff down south involving property investing.
QUOTE
Army not acting against pilot
By Diarmaid Fleming
BBC News, Dublin
The Irish Army says it has not taken any action against one of its pilots who owes more than two million euro to a bank.
Captain John Mulkearns and his wife, Lorna Farrell, were ordered by the Commercial Court in Dublin to pay back 2,047,208 euros to the Bank of Ireland.
The couple were ordered to pay back the loan
The bank said they had broken a mortgage agreement by failing to register the loan on properties they owned.
The couple's solicitor was Michael Lynn, 39, who is wanted in Ireland.
He fled the country after it emerged he owed over 80m euros in loans from financial institutions raised against properties which are the subject of investigations by Garda fraud detectives.
The Commercial Court heard that Capt Mulkearns and his wife were given a loan of 2M euros in March 2006 by Bank of Ireland.
The bank said the loan was to clear existing mortgages for five properties in Ireland - three in Dublin and two in County Leitrim.
The loan was also to repay a debt of 200,000 euros owed to Mr Lynn, and to invest 493,000 euros in five apartments in Bulgaria being built by Kendar Holdings, Mr Lynn's property company.
Lawyers for Bank of Ireland said that the 2m euros mortgage given to the couple was conditional on the loan being registered over the five properties, and their home in Dublin.
The bank said the loan was never registered or secured against the properties. Lawyers said the couple were in breach of the agreement, and had not honoured the repayment instalments.
No defence was lodged by the couple, who were legally represented. The court then granted an order to Bank of Ireland for 2,047,208 euros, including interest against the pair.
Lynn is under investigation by the Garda Fraud Squad, the Law Society of Ireland, and is being sued in a multitude of court cases being taken by financial institutions looking for their money back.
The High Court has been told that Lynn raised several mortgages against single properties, failing to register the loans in breach of undertakings given to the lending banks and building societies.
Bulgaria
Legal action has been taken by the banks and building societies to get their money, while a separate High Court hearing is also underway as part of an investigation into Lynn's activities by the Law Society of Ireland.
Lynn has not been seen since failing to turn up for a High Court hearing related to this investigation in December. He is understood to be living in Portugal, but has travelled to the US and Bulgaria in recent weeks.
He has not been charged with any criminal offence, so cannot be extradited to Ireland, even though a bench warrant exists for contempt of court due to his non-appearance at hearings.
The Mayo-born solicitor racked up debts of over 80m euro but also amassed a substantial portfolio of 148 properties in Ireland, Bulgaria, Hungary, Poland and Portugal thought to be worth around 50m euro, as well as a number of development projects.
The banks are seeking sale of his portfolio to recoup their money, but multiple mortgages on single properties mean there will not be enough raised from such sales to meet all the debts.
Flying
A High Court judge described his tangled financial affairs including 154 bank accounts as like a "witches' brew".
Captain Mulkearns developed an interest in Bulgaria some years ago and was known in the expatriate business community in Sofia, from his attendance at a formal dress St Patrick's Day function at the Boyana Palace in Sofia in March 2004, attended by international diplomats, Bulgarian and expatriate business figures.
The military pilot is attached to the helicopter arm of the Irish Army Air Corps, whose duties include flying Irish President Mary McAleese, Taoiseach Bertie Ahern and other Irish government ministers and VIPs.
An Irish Army spokesman said that Captain Mulkearns was not currently in a flying role at the Air Corps. It is understood that his ground role was a normal operational assignment unrelated to his financial affairs.
He is understood be the secretary of the officers' mess at the Air Corps Headquarters in Casement Aerodrome, Baldonnel near to Dublin, and is also attached to the helicopter section.
An Irish Army spokesman said that there had been no military investigation arising from Captain Mulkearns' financial affairs. These were first made public at an earlier court hearing in December.
"There is no investigation. He is not working in a flying appointment currently. The Defence Forces are currently monitoring the situation," the spokesman said.
Captain Mulkearns was not available for comment.
By Diarmaid Fleming
BBC News, Dublin
The Irish Army says it has not taken any action against one of its pilots who owes more than two million euro to a bank.
Captain John Mulkearns and his wife, Lorna Farrell, were ordered by the Commercial Court in Dublin to pay back 2,047,208 euros to the Bank of Ireland.
The couple were ordered to pay back the loan
The bank said they had broken a mortgage agreement by failing to register the loan on properties they owned.
The couple's solicitor was Michael Lynn, 39, who is wanted in Ireland.
He fled the country after it emerged he owed over 80m euros in loans from financial institutions raised against properties which are the subject of investigations by Garda fraud detectives.
The Commercial Court heard that Capt Mulkearns and his wife were given a loan of 2M euros in March 2006 by Bank of Ireland.
The bank said the loan was to clear existing mortgages for five properties in Ireland - three in Dublin and two in County Leitrim.
The loan was also to repay a debt of 200,000 euros owed to Mr Lynn, and to invest 493,000 euros in five apartments in Bulgaria being built by Kendar Holdings, Mr Lynn's property company.
Lawyers for Bank of Ireland said that the 2m euros mortgage given to the couple was conditional on the loan being registered over the five properties, and their home in Dublin.
The bank said the loan was never registered or secured against the properties. Lawyers said the couple were in breach of the agreement, and had not honoured the repayment instalments.
No defence was lodged by the couple, who were legally represented. The court then granted an order to Bank of Ireland for 2,047,208 euros, including interest against the pair.
Lynn is under investigation by the Garda Fraud Squad, the Law Society of Ireland, and is being sued in a multitude of court cases being taken by financial institutions looking for their money back.
The High Court has been told that Lynn raised several mortgages against single properties, failing to register the loans in breach of undertakings given to the lending banks and building societies.
Bulgaria
Legal action has been taken by the banks and building societies to get their money, while a separate High Court hearing is also underway as part of an investigation into Lynn's activities by the Law Society of Ireland.
Lynn has not been seen since failing to turn up for a High Court hearing related to this investigation in December. He is understood to be living in Portugal, but has travelled to the US and Bulgaria in recent weeks.
He has not been charged with any criminal offence, so cannot be extradited to Ireland, even though a bench warrant exists for contempt of court due to his non-appearance at hearings.
The Mayo-born solicitor racked up debts of over 80m euro but also amassed a substantial portfolio of 148 properties in Ireland, Bulgaria, Hungary, Poland and Portugal thought to be worth around 50m euro, as well as a number of development projects.
The banks are seeking sale of his portfolio to recoup their money, but multiple mortgages on single properties mean there will not be enough raised from such sales to meet all the debts.
Flying
A High Court judge described his tangled financial affairs including 154 bank accounts as like a "witches' brew".
Captain Mulkearns developed an interest in Bulgaria some years ago and was known in the expatriate business community in Sofia, from his attendance at a formal dress St Patrick's Day function at the Boyana Palace in Sofia in March 2004, attended by international diplomats, Bulgarian and expatriate business figures.
The military pilot is attached to the helicopter arm of the Irish Army Air Corps, whose duties include flying Irish President Mary McAleese, Taoiseach Bertie Ahern and other Irish government ministers and VIPs.
An Irish Army spokesman said that Captain Mulkearns was not currently in a flying role at the Air Corps. It is understood that his ground role was a normal operational assignment unrelated to his financial affairs.
He is understood be the secretary of the officers' mess at the Air Corps Headquarters in Casement Aerodrome, Baldonnel near to Dublin, and is also attached to the helicopter section.
An Irish Army spokesman said that there had been no military investigation arising from Captain Mulkearns' financial affairs. These were first made public at an earlier court hearing in December.
"There is no investigation. He is not working in a flying appointment currently. The Defence Forces are currently monitoring the situation," the spokesman said.
Captain Mulkearns was not available for comment.
He fled the country after it emerged he owed over 80m euros in loans from financial institutions raised against properties which are the subject of investigations by Garda fraud detectives.
Just saw on the RTE news that UBS have downgraded their stock rating on 4 of the 5 major Irish banks to 'Sell' due to their heavy involvement in commercial property (no link yet).
Kind of Ironic for a bank that has lost over 10 billion dollars itself on US sub-prime investments but it does highlight just how complicit the banks were in the Irish property boom which almost certainly was a major driver behind the ueber-boom in NI.
Kind of Ironic for a bank that has lost over 10 billion dollars itself on US sub-prime investments but it does highlight just how complicit the banks were in the Irish property boom which almost certainly was a major driver behind the ueber-boom in NI.
More bear food from Mr McWilliams from the weekend
http://www.sbpost.ie/post/pages/p/story.as...9911-qqqx=1.asp
http://www.sbpost.ie/post/pages/p/story.as...9911-qqqx=1.asp
QUOTE
Spin masters continue to tell us that our economic fundamentals are sound, but they keep changing the fundamentals.
QUOTE
The Irish property market is an out-of-control aircraft, full of petrified screaming passengers, with neither a pilot nor working controls. We abandoned our economic levers when we joined EMU in 1999.Like a doomed plane, the market can only go up and, when it stops going up, as it is doing now, it falls to earth. The severity of the fall is based on the pull of financial gravity.
QUOTE (Vespasian @ Jan 30 2008, 11:36 AM)
More bear food from Mr McWilliams from the weekend
http://www.sbpost.ie/post/pages/p/story.as...9911-qqqx=1.asp
http://www.sbpost.ie/post/pages/p/story.as...9911-qqqx=1.asp
pull of financial gravity....not even a Neutron star could pull "the plane" down any faster
anyone not knowing....a neutron star's gravity is so strong that a tea spoonfull of matter "weighs" about 200million tonnes 
QUOTE (subby @ Jan 30 2008, 11:52 AM)
anyone not knowing....a neutron star's gravity is so strong that a tea spoonfull of matter "weighs" about 200million tonnes
200million tonnes! Thats the same amount of rain forest cut down every week to make all the for sale signs popping up everyone, or maybe it was the weight of all the VI b*llshit pumped out about house prices in the last year
More Job loses down south
http://u.tv/newsroom/indepth.asp?id=87272&pt=n
QUOTE
WEDNESDAY 30/01/2008 09:47:21
350 jobs to go in Co Wicklow
It has been confirmed that 350 jobs are to go in Co Wicklow.
Pharmaceutical giant Allergan has announced that it is to close its factory in Arklow by June 2009.
Staff were told at a meeting this morning that the company is to move its operations to Costa Rica in order to cut costs.
Allergan was one of the biggest employers in the Arklow area.
350 jobs to go in Co Wicklow
It has been confirmed that 350 jobs are to go in Co Wicklow.
Pharmaceutical giant Allergan has announced that it is to close its factory in Arklow by June 2009.
Staff were told at a meeting this morning that the company is to move its operations to Costa Rica in order to cut costs.
Allergan was one of the biggest employers in the Arklow area.
http://u.tv/newsroom/indepth.asp?id=87272&pt=n
thanks to our friends over at the pin
http://www.independent.ie/business/persona...se-1278564.html
Price slump wipes €24,000 off value of the average house
By Charlie Weston Personal Finance Editor
Friday February 01 2008
HOUSE prices plummeted by more than 7pc last year -- wiping €24,000 off the value of the average house.
.../.....
http://www.independent.ie/business/persona...se-1278564.html
Price slump wipes €24,000 off value of the average house
By Charlie Weston Personal Finance Editor
Friday February 01 2008
HOUSE prices plummeted by more than 7pc last year -- wiping €24,000 off the value of the average house.
.../.....
We're talking ourselves into a downturn
Wheel out some VIs, its all going tits up!
http://www.independent.ie/national-news/we...rn-1280145.html
Too much talking caused this, I suppose?
Never a truer word spoken
Damn that pesky wall of gloom
Wheel out some VIs, its all going tits up!
http://www.independent.ie/national-news/we...rn-1280145.html
QUOTE
the release of latest live register figures, which revealed a 7,800 increase in the jobless total in the past month
Too much talking caused this, I suppose?
QUOTE
Too many houses were built. Too much cash was spent. Too many prices were raised excessively. Too much money was borrowed. The culture of conspicuous consumption engendered by the boom was unsustainable
Never a truer word spoken
QUOTE
and the final element is a broader step down in employment growth because there is more or less a wall of gloom for the outlook of the economy
Damn that pesky wall of gloom
http://www.independent.ie/national-news/dr...mp-1281578.html
Huge housing slump! Its just bear bear bear, down there!
QUOTE
Dramatic slide in tax revenue reflects huge housing slump
By Brendan Keenan
Tuesday February 05 2008
FINANCE Minister Brian Cowen's gloomy view of the housing market was justified last month, new tax revenue figures show.
They are in line with Mr Cowen's Budget Day estimate that the housing market would slow dramatically from last year, cutting Government revenues by more than €1bn in 2008.
The Exchequer returns show that stamp duties raised just €180m last month. That was bang on the estimates in the December Budget, but little more than half the amount raised by the booming property market in the same month last year.
VAT receipts of €2.33bn were unchanged from last year, and a bit lower than forecast. This reflects fewer sales of new houses, but VAT revenues will get a boost from the fact that new car sales last month were 4pc up on last year.
In general, the figures for just the first month of the financial year are in line with Mr Cowen's estimates that the economy will grow by 3pc this year -- about half last year's expansion.
Income taxes of €1.2bn were ahead of budget and brought in 9pc more than in January 2007. Excise duties -- which are charged on new car sales -- were ahead of forecasts at €470m.
Economists were reassured by the figures in that they showed no sign of fresh weakness in the economy last month, but warned it was early days.
Opposition parties said Government policies were largely to blame for the slowdown, especially in the property market.
"The shaky state of the public finances revealed in the Exchequer figures confirm that Brian Cowen's election splurge and ongoing bungling has done serious damage to the economy," Fine Gael's finance spokesman Richard Bruton said.
"There are serious concerns that Minister Cowen's prediction of housing completions in 2008 is over-optimistic. This will mean further shortfalls throughout the year as tax revenue from new houses falls short of targets," he said.
Some economists also think the projected central government deficit of €5bn this year may turn out to be even larger.
"One would have to say that the overall budget deficit target is more likely to be higher rather than lower than the Department is forecasting," said Alan McQuaid, at Bloxham Stockbrokers.
"But it should be remembered that the €5bn Exchequer deficit is totally as a result of borrowing for capital purposes. It is also important to keep in mind that the bureaucrats in Brussels do not frown on higher borrowing for capital investment as they do for borrowing to meet day to day spending needs."
Labour deputy leader Joan Burton blamed "botched stamp duty reform" for the weakness in property taxes. "These are the worst Exchequer figures for a very long time, with the tax take down €135m when compared to January 2007," she said.
Overall, taxes actually brought in 3pc less than in January 2007. Government spending was 20pc higher, but this was broadly on target with Budget estimates. This left the Exchequer with a surplus of €630m, compared with a huge €1.7bn this time last year.
By Brendan Keenan
Tuesday February 05 2008
FINANCE Minister Brian Cowen's gloomy view of the housing market was justified last month, new tax revenue figures show.
They are in line with Mr Cowen's Budget Day estimate that the housing market would slow dramatically from last year, cutting Government revenues by more than €1bn in 2008.
The Exchequer returns show that stamp duties raised just €180m last month. That was bang on the estimates in the December Budget, but little more than half the amount raised by the booming property market in the same month last year.
VAT receipts of €2.33bn were unchanged from last year, and a bit lower than forecast. This reflects fewer sales of new houses, but VAT revenues will get a boost from the fact that new car sales last month were 4pc up on last year.
In general, the figures for just the first month of the financial year are in line with Mr Cowen's estimates that the economy will grow by 3pc this year -- about half last year's expansion.
Income taxes of €1.2bn were ahead of budget and brought in 9pc more than in January 2007. Excise duties -- which are charged on new car sales -- were ahead of forecasts at €470m.
Economists were reassured by the figures in that they showed no sign of fresh weakness in the economy last month, but warned it was early days.
Opposition parties said Government policies were largely to blame for the slowdown, especially in the property market.
"The shaky state of the public finances revealed in the Exchequer figures confirm that Brian Cowen's election splurge and ongoing bungling has done serious damage to the economy," Fine Gael's finance spokesman Richard Bruton said.
"There are serious concerns that Minister Cowen's prediction of housing completions in 2008 is over-optimistic. This will mean further shortfalls throughout the year as tax revenue from new houses falls short of targets," he said.
Some economists also think the projected central government deficit of €5bn this year may turn out to be even larger.
"One would have to say that the overall budget deficit target is more likely to be higher rather than lower than the Department is forecasting," said Alan McQuaid, at Bloxham Stockbrokers.
"But it should be remembered that the €5bn Exchequer deficit is totally as a result of borrowing for capital purposes. It is also important to keep in mind that the bureaucrats in Brussels do not frown on higher borrowing for capital investment as they do for borrowing to meet day to day spending needs."
Labour deputy leader Joan Burton blamed "botched stamp duty reform" for the weakness in property taxes. "These are the worst Exchequer figures for a very long time, with the tax take down €135m when compared to January 2007," she said.
Overall, taxes actually brought in 3pc less than in January 2007. Government spending was 20pc higher, but this was broadly on target with Budget estimates. This left the Exchequer with a surplus of €630m, compared with a huge €1.7bn this time last year.
Huge housing slump! Its just bear bear bear, down there!
QUOTE (prophet-profit @ Feb 1 2008, 04:18 PM)
thanks to our friends over at the pin
http://www.independent.ie/business/persona...se-1278564.html
Price slump wipes €24,000 off value of the average house
By Charlie Weston Personal Finance Editor
Friday February 01 2008
HOUSE prices plummeted by more than 7pc last year -- wiping €24,000 off the value of the average house.
.../.....
http://www.independent.ie/business/persona...se-1278564.html
Price slump wipes €24,000 off value of the average house
By Charlie Weston Personal Finance Editor
Friday February 01 2008
HOUSE prices plummeted by more than 7pc last year -- wiping €24,000 off the value of the average house.
.../.....
And that's not all from our friends over at the pin - check out this report on the Irish Housing Market - Jan 2008 http://www.fxcentre.com/monthly/200801_Iri...rketMonthly.pdf
This report is from the belly of the beast no less, in cold, hard graphs. Now if only our banks here had the balls to print this kind of stuff. The graphs in the report are brutal. The full forum discussion surrounding the report is available here:
http://www.thepropertypin.com/viewtopic.php?t=6627
Oh the horror - the humanity
I find it strange in a week where there has been talk on here about prices stabilising - FTBs leaping into the market using co-ownership- EAs shouting about lots of viewings meaning the market is picking up again - that down south the newspapers talk about 20% as being a soft landing and even dare to mention 50% drops as a possibility. Are we just 6 months behind them or are the NI vendors more blinkered?
From the Pin
http://www.thepropertypin.com/viewtopic.php?t=6859
From the Pin
http://www.thepropertypin.com/viewtopic.php?t=6859
QUOTE (doccyboy @ Feb 16 2008, 06:53 PM)
Are we just 6 months behind them or are the NI vendors more blinkered?
No, it's that our economy is so much superior! We have to have at least London prices... maybe more...
This weekend has been even more hectic for us - 123 viewers today (up from about 50 per day midweek). One of them, Padraig O Cac from Dingle, Co Kerry, has made an on-the-spot high-cash-component offer of £491,500. I think our market is booming!
QUOTE (Sogy @ Feb 16 2008, 07:39 PM)
No, it's that our economy is so much superior! We have to have at least London prices... maybe more...
This weekend has been even more hectic for us - 123 viewers today (up from about 50 per day midweek). One of them, Padraig O Cac from Dingle, Co Kerry, has made an on-the-spot high-cash-component offer of £491,500. I think our market is booming!
This weekend has been even more hectic for us - 123 viewers today (up from about 50 per day midweek). One of them, Padraig O Cac from Dingle, Co Kerry, has made an on-the-spot high-cash-component offer of £491,500. I think our market is booming!
you selling or is it a landlord selling your place? What's it worth anyway? 123 viewers in 1 day?? Or am I missing a trick here and falling for a line hook line and sinker
so you had a P(ile) O Cac at your house then????
POD - did you see the post further down that link?
"You should always look at potential Capital Growth as just a bonus and only focus on the potential yield. In other words, will it stand on it’s own two feet in any market conditions."
Now, my opinions of BTLers , or baby eating vultures as i prefer to call them, to one side for a moment that quote above is probably the best advice out there to BTLers. But it also why BTL in NI is screwed (certainly any BTL bought in the last 3/4 years anyway). The rental yield can not possibly cover mortgage costs, and it was ALL about capital growth. I know some posters on here think rent can increase by a large percentage, but I disagree - tenants dont have bottomless pockets, if they did they would be owner occupiers, so increasing rent will just mean no tenants!
You know, in my weaker moments I almost feel sorry for BTLers like the one posting in the forum, but then I catch myself on. They have made money, or attempted to make money, by denying the youth of this country the chance to own their own home, and now the chickens are coming home to roost. Perhaps if they end up losing their own home it will harden them, and they can then experience the property game from the other side. I actually could afford to buy now, but I sleep soundly in my bed at night comforted by the thought that my refusal to do so is, in some small way, turning the screw even tighter on those who have brought so much misery to the hard working decent people of NI.
"You should always look at potential Capital Growth as just a bonus and only focus on the potential yield. In other words, will it stand on it’s own two feet in any market conditions."
Now, my opinions of BTLers , or baby eating vultures as i prefer to call them, to one side for a moment that quote above is probably the best advice out there to BTLers. But it also why BTL in NI is screwed (certainly any BTL bought in the last 3/4 years anyway). The rental yield can not possibly cover mortgage costs, and it was ALL about capital growth. I know some posters on here think rent can increase by a large percentage, but I disagree - tenants dont have bottomless pockets, if they did they would be owner occupiers, so increasing rent will just mean no tenants!
You know, in my weaker moments I almost feel sorry for BTLers like the one posting in the forum, but then I catch myself on. They have made money, or attempted to make money, by denying the youth of this country the chance to own their own home, and now the chickens are coming home to roost. Perhaps if they end up losing their own home it will harden them, and they can then experience the property game from the other side. I actually could afford to buy now, but I sleep soundly in my bed at night comforted by the thought that my refusal to do so is, in some small way, turning the screw even tighter on those who have brought so much misery to the hard working decent people of NI.
QUOTE (Jacko79 @ Feb 17 2008, 11:51 PM)
You know, in my weaker moments I almost feel sorry for BTLers like the one posting in the forum, but then I catch myself on. They have made money, or attempted to make money, by denying the youth of this country the chance to own their own home, and now the chickens are coming home to roost. Perhaps if they end up losing their own home it will harden them, and they can then experience the property game from the other side. I actually could afford to buy now, but I sleep soundly in my bed at night comforted by the thought that my refusal to do so is, in some small way, turning the screw even tighter on those who have brought so much misery to the hard working decent people of NI.
QUOTE (Jacko79 @ Feb 17 2008, 11:51 PM)
I know some posters on here think rent can increase by a large percentage, but I disagree - tenants dont have bottomless pockets, if they did they would be owner occupiers, so increasing rent will just mean no tenants!
Don't talk common sense! Some people here don't like it.
QUOTE (Jacko79 @ Feb 17 2008, 11:51 PM)
I actually could afford to buy now, but I sleep soundly in my bed at night comforted by the thought that my refusal to do so is, in some small way, turning the screw even tighter on those who have brought so much misery to the hard working decent people of NI.
I get the feeling, some of those people are posting on here, trying to put their finger in the dam.
There are innocent owner occupiers who bought homes at bubble prices, in the last few years, that I will feel sorry for.
QUOTE (Jacko79 @ Feb 17 2008, 11:51 PM)
POD - did you see the post further down that link?
"You should always look at potential Capital Growth as just a bonus and only focus on the potential yield. In other words, will it stand on it’s own two feet in any market conditions."
Now, my opinions of BTLers , or baby eating vultures as i prefer to call them, to one side for a moment that quote above is probably the best advice out there to BTLers. But it also why BTL in NI is screwed (certainly any BTL bought in the last 3/4 years anyway). The rental yield can not possibly cover mortgage costs, and it was ALL about capital growth. I know some posters on here think rent can increase by a large percentage, but I disagree - tenants dont have bottomless pockets, if they did they would be owner occupiers, so increasing rent will just mean no tenants!
You know, in my weaker moments I almost feel sorry for BTLers like the one posting in the forum, but then I catch myself on. They have made money, or attempted to make money, by denying the youth of this country the chance to own their own home, and now the chickens are coming home to roost. Perhaps if they end up losing their own home it will harden them, and they can then experience the property game from the other side. I actually could afford to buy now, but I sleep soundly in my bed at night comforted by the thought that my refusal to do so is, in some small way, turning the screw even tighter on those who have brought so much misery to the hard working decent people of NI.
"You should always look at potential Capital Growth as just a bonus and only focus on the potential yield. In other words, will it stand on it’s own two feet in any market conditions."
Now, my opinions of BTLers , or baby eating vultures as i prefer to call them, to one side for a moment that quote above is probably the best advice out there to BTLers. But it also why BTL in NI is screwed (certainly any BTL bought in the last 3/4 years anyway). The rental yield can not possibly cover mortgage costs, and it was ALL about capital growth. I know some posters on here think rent can increase by a large percentage, but I disagree - tenants dont have bottomless pockets, if they did they would be owner occupiers, so increasing rent will just mean no tenants!
You know, in my weaker moments I almost feel sorry for BTLers like the one posting in the forum, but then I catch myself on. They have made money, or attempted to make money, by denying the youth of this country the chance to own their own home, and now the chickens are coming home to roost. Perhaps if they end up losing their own home it will harden them, and they can then experience the property game from the other side. I actually could afford to buy now, but I sleep soundly in my bed at night comforted by the thought that my refusal to do so is, in some small way, turning the screw even tighter on those who have brought so much misery to the hard working decent people of NI.
Great post.
I saw that AAM thread too, it made me
From Green Bear on the Pin
a vendor complains about timewasters viewing their house
http://www.thepropertypin.com/viewtopic.php?t=7083
can't see the answer is reduce the price.
a vendor complains about timewasters viewing their house
http://www.thepropertypin.com/viewtopic.php?t=7083
can't see the answer is reduce the price.
QUOTE (doccyboy @ Feb 21 2008, 10:04 AM)
From Green Bear on the Pin
a vendor complains about timewasters viewing their house
http://www.thepropertypin.com/viewtopic.php?t=7083
can't see the answer is reduce the price.
a vendor complains about timewasters viewing their house
http://www.thepropertypin.com/viewtopic.php?t=7083
can't see the answer is reduce the price.
Excellent find there doccyboy. The propertypin makes for interesting reading and I enjoy the threads there. Some very honest, frank and forthright views expressed there in that article. Realism has set in down south. It is only a matter of time before it does the same here.
This House valuation thread from the pin bears a bit of thinking about. I think many of the issues in it have been discussed with md and others. I find it quite hard to get my head round it.
http://www.thepropertypin.com/viewtopic.php?t=7118
http://www.thepropertypin.com/viewtopic.php?t=7118
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