UK Bubble UK Economy
Friday, 3 December 2010
Wailing and weeping
Regrets? I've had a few, but I can't begin to imagine the soul searching going on in Ireland right now. Where did it all go wrong?
Back in 1975, the average Irish home sold for €11,000. At the height of the bubble, houses were changing hands for €330,000. Take out a calculator and work out the percentage increase.
Still then, prices have fallen by a third. That chart ends in March this year, so it misses out a full six months of red raw housing crash.
And the consequences of this catastrophe? The old curse of immigration has returned.
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negative immigration perhaps? otherwise known as emigration?
8 December 2010 at 01:55
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