ADVICE: Professor Alistair Adair, University of Ulster House Price Index
During the boom, herd instinct took over and people were buying as if there was no tomorrow – even though the fundamentals of the market did not support the values properties were being sold for.
It was the classic case of the boom but once you take the fuel – the finance – of that away, people are in a very dicey situation.
However, there is value in the market at the moment that we haven't seen the likes of. Will that go lower? I doubt that it will.
Because they have suffered significant losses, banks are smarting at the moment and are trying to get their balance sheets back to zero.
At some point that will change and some of the economic commentators are saying that it will be 2009 or closer to 2010.
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Weather for Belfast
Wednesday 15 February 2012
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