Sometimes you just have to admit that you were wrong. For years I’ve been under the misapprehension that property developers are effectively gambling scumbags who use bling bedecked thugs and lawyers with the morals of an officer in the SS to throw widows and orphans onto the street. I’d also wrongly assumed that bribing local government officials and councillors was a career requirement.

Actually they are the victims of criminal elements who try to bankrupt them by not having enough money to buy overpriced homes. Happily, according to this report, they can find justice in Belfast High Court.

Custom House Square apartment buyers sued

Another prominent property development firm has started legal action to force customers to complete the purchase of apartments in Belfast.

Abey Developments is suing people who have failed to complete the purchase of flats at Custom House Square.

Several cases were mentioned at the High Court in Belfast on Friday.

The property price crash means that some people have been unable to get mortgages to cover the cost of flats which were agreed at boom time prices.

Abey Developments is controlled by developers Paddy McKillen and Padraig Drayne.

Mr McKillen, who is originally from Belfast, is a significant figure in the Dublin property market.

His investments include the Powerscourt Centre and the Jervis Street shopping centre in Dublin and a stake in Maybourne Hotels, the company which owns Claridges hotel in London.

His lower profile partner, Padraig Drayne, is from Donaghmore in County Tyrone.

His interests include office developments in Belfast’s waterfront area.

Their firm is taking action against people who have failed to complete in apartments in the Custom House Square Residence.

Since the peak of the housing boom when work on many apartment developments began, property prices have plummeted by more than 30%, making them worth much less than the original price agreed between the developer and purchasers.

Banks are now reluctant to agree mortgages for the original inflated price of such properties.

That means some prospective buyers face losing large deposits and in some cases, being held liable for the total cost of the apartments.

Developers can apply to the courts for what is known as "an order of specific performance", which obliges the buyer to "perform" their part of the contract.

Actions of this type have been taken by several Northern Ireland firms including Big Picture Developments, who developed the Ormeau Bakery apartments, PBN who were behind the Woodlands Manor development and Harcourt who are developing the Arc buildings in the Titanic Quarter.

Most of the cases which have come before the courts have been settled in favour of the developer.