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Young people ‘blacklisted’ from housing market
national |
housing |
press release
Friday June 01, 2007 15:54 by SDLP Youth - SDLP
SDLP Youth shocked at the continual rise in house prices, leaving young people with no hopes of getting onto the housing ladder. SDLP Youth Chairman Gary McKeown has expressed concern at the findings of a new report which show that house prices in Northern Ireland are continuing to spiral. |
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Jump To Comment: 1Hello, I just surfed into your site. I am a father of four children between the ages of 22 and 30. I went up for election as an independent candidate in Sligo North Leitrim to highlight this very grave injustice that is being perpetrated on our young men and women on this isle of ours. The bottom line is that house prices both North and South are increasing rapidly because of the unseemly inward investment in mortgages from Elderly Europe! What is happening is that financial companies are bungling hundreds of mortgages together and selling them to European Pension Funds etc one and two billion euros at a time; now they take a big commission from the European Pension Fund; and then they have the balance to lend out again, and on and on and on!. The limit is: what the youth will bear. All the banks etc are at it; loads of commission is being collected from Pension Funds etc.
Our Governments are restricted from borrowing 60% of GNP by various EU agreements; but there is no restriction on the amount that Banks etc can lend out to our young men and women, can be up to 6 and 9 times salary. I reckon that c.€50,000,000,000 (yes 10 zeros) has entered the Southern Irish Housing market in this way. Housing in Dublin has increased by c. three times in the past 10 years when the CPI Index only increased by 30%. THIS IS PURE ECONOMIC MADNESS. This investment mirrors the total USA investment of €50Bn in the Irish Economy but will pull in the opposite direction i.e. young people will need huge salaries to buy a house. USA investment will fly out of Ireland. I called for a National Enquiry into this whole affair; even went to the expense of paying for an input to The Sunday Independent to highlight the potential disaster of this unregulated investment in Ireland. Ouch! The Silence! I reckon that this small economy will not be able to withstand worrying implications of this unplanned (by Govt. Authorities, politicians, etc). European Pension Funds are also being ripped off! All this is happening unbeknownst to our Politicians. Congratulations to the youth of the SDLP who have the gumption and the wherewithal to QUESTION!