Home truths in print
Published 19/11/2007 | 10:06
It is regrettable that you have to rely on estate agents writing about the healthy property market here - a perspective which is contrary to everything that I am hearing on the ground.
Last week I was delighted to read Helen Carson's report, with Siobhan McAleer actually giving a more balanced view of the property market in Northern Ireland. By giving a platform to house price inflation rampers you have misled maybe thousands of young first-time buyers into a housing market that was unsustainable.
These people will be left with multiples of their salaries of negative equity.
Northern Ireland's property market is massively exposed to a collapse, as all the underlying indicators show that prices here should be between 50% and 75% lower than the peaks we saw earlier this year.
Your article (Price wars, gazumping ... the real Home Truths) was the best bit of reporting that the Belfast Telegraph has produced on this issue, perhaps too little too late, but at least you put it out there.
It might not go down well with the estate agents, but it may prevent people making the biggest mistake of their lives.
Donall Garvin, Belfast