Irish Property Market chat II - *read mod note post #1 before posting*

Mad_maxx

ibarelycare wrote: »

Does anyone else keep getting unsolicited PMs from this user looking for advice on buying to rent? Or is it just me?

its not just you

Amadan Dubh

yosser hughes wrote: »

Astonishing recovery is down to QE. Our debt has ballooned in that time.

I'd give the government more credit, they also set out a red carpet tax avoidance regime for foreign capital to enter the jurisdiction!

I also am hesitant to call the last 10 years a recovery as I feel the mistakes of the 00s have not been corrected. It is not outrageous we could lose a lot of the economic growth of the last two decades as I'm not sure you can call hyper-QE sustainable or a reliable way to run the economy for such a prolonged period. It really is a precarious path forward from where we are now.

L1011

John1648 wrote: »

Actually I have sent to more, indeed. Any kind advice would much appreciated.

As to "unsolicited", that is how it goes on a public forum. Just ignore my question if you prefer. People also make "unsolicited" comments too.

Would you have anything to say about the question I have asked? If not, fine too, no hurt feelings

Pick one of your threads you've posted about specific locations and use it - only it, not this thread too - to continue posting about others in

taxdummy

I have a question that hope can be answered, without going into the specifics as to why, is it possible for a spouse to get a mortgage and buy a house (stating up front that it may not be their PPR) and have it in their own name, if the couple don't currently own any other property?
I understand that as a buy to let they need 20% deposit which is no problem, it's just the mortgage in one name that is the main issue - can the other spouse sign letter to state they have no interest in the house?

Hubertj

Amadan Dubh wrote: »

If give the government more credit, they also set out a red carpet tax avoidance regime for foreign capital to enter the jurisdiction!

I also am hesitant to call the last 10 years a recovery as I feel the mistakes of the 00s have not been corrected. It is not outrageous we could lose a lot of the economic growth of the last two decades as I'm not sure you can call hyper-QE sustainable or a reliable way to run the economy for such a prolonged period. It really is a precarious path forward from where we are now.

The Troika left too early. Reform of the public sector and unhealthy relationships with trade unions were not addressed. Hopefully, that will be fixed when they come back in a few years.
Without wholesale reform in how public services are delivered this country won’t change. Which government will take that on? I don’t see any viable options.

Mad_maxx

Hubertj wrote: »

The Troika left too early. Reform of the public sector and unhealthy relationships with trade unions were not addressed. Hopefully, that will be fixed when they come back in a few years.
Without wholesale reform in how public services are delivered this country won’t change. Which government will take that on? I don’t see any viable options.

Dream on ,this country is going full on socialist over the next decade and more

PommieBast

Hubertj wrote: »

The Troika left too early. Reform of the public sector and unhealthy relationships with trade unions were not addressed. Hopefully, that will be fixed when they come back in a few years.
Without wholesale reform in how public services are delivered this country won’t change. Which government will take that on? I don’t see any viable options.

They should have forced Ireland to overhaul how it does property sales. I am not convinced that the current blind-auction system is anything other than a crooks' charter that has helped reinflate Dublin's property bubble.

I think this country gona be on knees in next year or two with nose down to the ground and black smoke from exhaust.

We had similar demand supply situation in my country during last and this year
The property prices were up double digits and Central Bank was warning about overheating
Same inflation songs as in Ireland all one to one except foreign investment on private property market
The last week all building companies declared sales down when usually summer are the hottest time for sales
The emigration counter started work negative way .
The only matter of time when this will happen in Ireland.

At the moment government of Ireland started work on youth unemployment giving money to employers.But this will not help keep youngsters from emigration because housing crisis .

Any way nobody speak about it but it's doesn't mean bad days didn't started already.

PommieBast

PommieBast wrote: »

They should have forced Ireland to overhaul how it does property sales. I am not convinced that the current blind-auction system is anything other than a crooks' charter that has helped reinflate Dublin's property bubble.

This is the way private enterprise works. How would the troike dictate to a private builder, or a property owner the terms on which they sell a house? The CB quite rightly limits the amount which can be borrowed, but you cannot limit how much a cash buyer pays for property.

taxdummy

taxdummy wrote: »

I understand that as a buy to let they need 20% deposit

30% deposit.

Ace2007

PommieBast wrote: »

They should have forced Ireland to overhaul how it does property sales. I am not convinced that the current blind-auction system is anything other than a crooks' charter that has helped reinflate Dublin's property bubble.

There should be some sort of portal that anyone who puts a bid on can see what bids have been made etc - all bids have to be shown, and if a bid is not shown, the EA gets a fine from a regulator.

You pay €500 for a unique ID, and then have a rule that you can only bid of max 3 houses at a time - this stops people bidding on numerous houses "to keep their options open" - which really inflates prices etc. You read posters on here openly saying they are bidding on more than one at a time.

PommieBast

Dav010 wrote: »

This is the way private enterprise works. How would the troike dictate to a private builder, or a property owner the terms on which they sell a house? The CB quite rightly limits the amount which can be borrowed, but you cannot limit how much a cash buyer pays for property.

They could mandate the auctions being open by making it a condition of EA accreditation. I would also have forced through a few other things like making land registration a legal requirement for existing owner rather than waiting for a sale to come along.

Amadan Dubh

Hubertj wrote: »

The Troika left too early. Reform of the public sector and unhealthy relationships with trade unions were not addressed. Hopefully, that will be fixed when they come back in a few years.
Without wholesale reform in how public services are delivered this country won’t change. Which government will take that on? I don’t see any viable options.

There are no viable options, unfortunately. Probably FG getting a majority by itself would be the best outcome tbh so they wouldn't have to throw so many scraps to the populists. But I'm not saying that FG would be great, just the best of a bad bunch if they got the full majority.

In reality, the trends are pointing to the leftie loopies in power, if not after the next election, than almost certainly the one after. The trends are away from FF and FG among the ever growing younger demographics.

PommieBast

PommieBast wrote: »

They could mandate the auctions being open by making it a condition of EA accreditation. I would also have forced through a few other things like making land registration a legal requirement for existing owner rather than waiting for a sale to come along.

Currently auction sales tend to be confined to sales by Receivers, hardly indicative of the market overall. Having bought at auction, I’m not sure what difference EA accreditation adds to the process, the property is listed and bidders bid, what more is needed?

In relation to land registration, is that really an issue? The buyers solicitor checks the bone fides of the purchase, personally, I would prefer that to check that myself as a buyer rather than be handed it by the seller. But that’s just me.

Ace2007

Ace2007 wrote: »

There should be some sort of portal that anyone who puts a bid on can see what bids have been made etc - all bids have to be shown, and if a bid is not shown, the EA gets a fine from a regulator.

You pay €500 for a unique ID, and then have a rule that you can only bid of max 3 houses at a time - this stops people bidding on numerous houses "to keep their options open" - which really inflates prices etc. You read posters on here openly saying they are bidding on more than one at a time.

Why would a buyer be confined in an open market?

PommieBast

Dav010 wrote: »

Currently auction sales tend to be confined to sales by Receivers, hardly indicative of the market overall. Having bought at auction, I’m not sure what difference EA accreditation adds to the process, the property is listed and bidders bid, what more is needed?

Maybe it was (bad)luck of the places I had interest in, but all the supposed "estate agents" I have dealt with were in reality auctioneers.

In relation to land registration, is that really an issue? The buyers solicitor checks the bone fides of the purchase, personally, I would prefer that to check that myself as a buyer rather than be handed it by the seller. But that’s just me.

All I can say is that had my first Irish sale-agreed been conducted under UK law, the EA would have been liable for multiple counts of dishonesty. A major disfunction of the Irish property market is how much money is wasted in professional fees just checking basic questons such as "is free freehold".

PommieBast

PommieBast wrote: »

Maybe it was (bad)luck of the places I had interest in, but all the supposed "estate agents" I have dealt with were in reality auctioneers.



All I can say is that had my first Irish sale-agreed been conducted under UK law, the EA would have been liable for multiple counts of dishonesty. A major disfunction of the Irish property market is how much money is wasted in professional fees just checking basic questons such as "is free freehold".

What have you found to be the difference between an Estate Agent and an Auctioneer?

Again, why would you take the seller’s word on something as important as the searches solicitors conduct on behalf of the buyer? The cost of the searches is minuscule in proportion to the value of the property you are buying.

In relation to the description given by the EA, you have the benefit of legal advice and your own surveyor before you buy, if you are not satisfied that the property is as described, your solicitor can take that up with the EA/Seller before contracts are signed.

MacronvFrugals

Rebuilding Ireland 5X income mortgages to go from 50,000 income limit to 65,000


Further circumvention of the CB's rules through the backdoor!


https://www.independent.ie/irish-news/rise-in-income-limit-to-makemore-people-eligible-for-state-mortgage-40613097.html

Amadan Dubh

O'Broin given more column space to put forward his/SF's housing market arguments in the IT once again - it really is a sign of the times that they have such apparent legitimacy on housing with this prominent platform in what is really an establishment publication. The piece itself is a counter-argument to the claims about SF objecting to developments and then talks about public land - nothing new of course at this stage. He does have some attacks on FF/FG though;

https://www.irishtimes.com/opinion/real-change-beyond-ff-fg-is-only-way-to-tackle-deepening-housing-crisis-1.4611249

The single biggest drag on the delivery of public homes is the combined weight of the Department of Public Expenditure and Reform’s public spending code and the Department of Housing’s four-stage approval process. To date neither Fianna Fáil nor Fine Gael have seen fit to change this.

Sinn Féin councillors actively supported the Glass Bottle Housing Action Group campaign for genuinely affordable homes in the Poolbeg SDZ. That master plan will see the delivery of up to 3,500 homes along the southeast docks. Astonishingly, the then Fine Gael minister for housing, Eoghan Murphy, refused to sanction the funding. As a result, the Glass Bottle site was sold, along with the rest of the Poolbeg lands, to the Ronan Group. Council officials have since expressed concern that delivering genuinely affordable homes will now be very difficult.

Sinn Féin has campaigned for decades for public housing on all of these sites. The refusal of successive Fianna Fáil and Fine Gael governments to fund these developments has left the lands idle. Instead, the Government is promoting deals with developers at great cost to both the taxpayer and the local community. The most recent of these, in Donabate, involves the sale of public land to a developer at half its market value. In return, 60 per cent of the homes will be sold at prices up to and exceeding €400,000. Worse still, the developer has 10 years to complete the project.

Sinn Féin’s opposition to such deals is not ideological. It is plain common sense. Public land is a scarce and valuable resource. All homes built on public land should be affordable.

Meanwhile, the IT couldn't make the FG DBS candidate, James Geoghan, look more...Fine Gael (?) in a photo they used for another, unrelated piece on the DBS election. That there is currently no FG representative in the constituency, the FG home constituency arguably, means it is very likely he will be elected. But that there is even a threat to FG in this constituency, with no other representative here, is damning for them.

Let’s see if public dissatisfaction is as strong as some think, if housing is the pressure point for the governing parties, FG/FF candidates should perform poorly and SF/PBP should be strong. If housing isn’t the dominant consideration, or is just one of many considerations, the much maligned axis of evil will coast home, much to the chagrin of the Lefties.

MacronvFrugals

Dav010 wrote: »

Let’s see if public dissatisfaction is as strong as some think, if housing is the pressure point for the governing parties, FG/FF candidates should perform poorly and SF/PBP should be strong. If housing isn’t the dominant consideration, or is just one of many considerations, the much maligned axis of evil will coast home, much to the chagrin of the Lefties.

DBS is no barometer for the country in fairness

Marius34

MacronvFrugals wrote: »

Rebuilding Ireland 5X income mortgages to go from 50,000 income limit to 65,000


Further circumvention of the CB's rules through the backdoor!


https://www.independent.ie/irish-news/rise-in-income-limit-to-makemore-people-eligible-for-state-mortgage-40613097.html

It's not really 5X income, it just due to different rules, there maybe some rare scenario where person would be able to get 5X of their income. Definitely not the person/couple on 65K.

Cyrus

Amadan Dubh wrote: »

O'Broin given more column space to put forward his/SF's housing market arguments in the IT once again - it really is a sign of the times that they have such apparent legitimacy on housing with this prominent platform in what is really an establishment publication. The piece itself is a counter-argument to the claims about SF objecting to developments and then talks about public land - nothing new of course at this stage. He does have some attacks on FF/FG though;

https://www.irishtimes.com/opinion/real-change-beyond-ff-fg-is-only-way-to-tackle-deepening-housing-crisis-1.4611249









Meanwhile, the IT couldn't make the FG DBS candidate, James Geoghan, look more...Fine Gael (?) in a photo they used for another, unrelated piece on the DBS election. That there is currently no FG representative in the constituency, the FG home constituency arguably, means it is very likely he will be elected. But that there is even a threat to FG in this constituency, with no other representative here, is damning for them.

What does look fine gael mean exactly?

MacronvFrugals

Marius34 wrote: »

It's not really 5X income, it just due to different rules, there maybe some rare scenario where person would be able to get 5X of their income. Definitely not the person/couple on 65K.

That's odd i know at least 5 people who got 5X their income from RI

Marius34

MacronvFrugals wrote: »

That's odd i know at least 5 people who got 5X their income from RI

if you know it was 5X, you probably know the income as well. Was it joint or single income, on what wage brackets?

MacronvFrugals

MacronvFrugals wrote: »

DBS is no barometer for the country in fairness

In fairness, a by-election in the part of the country most acutely affected by the housing crisis could not be a more apt barometric test. Do you think Leitrim or Cavan/Monaghan would give a better indication of the mindset of the public in relation to housing?

MacronvFrugals

Marius34 wrote: »

if you know it was 5X, you probably know the income as well. Was it joint or single applicants, on what wage brackets?

The point is its all demand side, a single person on 51k could borrow 178.5k off the bank they can now borrow 255k off RI

Ace2007

MacronvFrugals wrote: »

The point is its all demand side, a single person on 51k could borrow 178.5k off the bank they can now borrow 255k off RI

But only if the banks have rejected them for a mortgage, if the banks all offer them 178.5k, can they rock on over to the RI and get 255k?

Amadan Dubh

Cyrus wrote: »

What does look fine gael mean exactly?

Well, I mean obviously the stereotype of a D6, private school educated, red brick home-owning, avocado-toast eater. And, of course, not like this anyway;

MacronvFrugals

Dav010 wrote: »

In fairness, a by-election in the part of the country most acutely affected by the housing crisis could not be a more apt barometric test. Do you think Leitrim or Cavan/Monaghan would give a better indication of the mindset of the public in relation to housing?

Anecdotally any of my friends from over that way housing is not too big an issue as their parents make up the difference with gifts, two SF TDs here in what the IT described as the "content suburbs" would be unbelievable but I think Ivana has a very good chance from what my mates do be saying.