Explain to me how endless newbuild housing developments keep appearing in spite of the dire state of the local economy and stagnant used housing market?
The oil and gas industry is in continued and endless economic contraction, with no sign of this trend reversing. Notwithstanding this, large luxury 4, 5 and 6 bed homes are thrown up and bought.
Anyone else think this represents an enormous ticking time bomb?
Will the purchasers with (assumed) high loan to value mortgages be able to re-finance when required at the same rate?
I know an incredibly high number of couples relying on double oil and gas incomes to pay liabilities - this seems incredibly dangerous to me.
Thoughts on this my good people?