Friday 23 March 2018

David McWilliams: The great property scam is back to rip us off again

David McWilliams

David McWilliams

They're back! The creeps, the snake-oil salesmen and spoofers who condemned a generation to negative equity are cheerleading again.

The advertisers are salivating too because the "property porn" industry sees a chance to sell its fantasy again. The papers are once more displaying "dream homes" replete with doctored photographs and Mediterranean blue skies -- all at "knock down" prices. It's time to buy again, or so I'm reliably told by those who were so reliable last time that they gave us NAMA!

I am not saying that property won't recover ever, of course it will; but not from here. Irish property is still extortionately expensive. It is expensive not just on a comparative basis but, more crucially, it is expensive on the basis of what is happening in the economy. Any government that is urging people to buy houses right now clearly has no intention of learning anything from the mistakes of the past few years and therefore is condemned to repeat them -- with catastrophic results.

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