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

Villa05

Do asylum seekers get pps numbers

What ever about house prices, you could see the country falling?

Timing belt

Everyone needs a ppsn. Children, babies, EU citizens relocating, foreign students, non EU people on work visas, asylum seekers.

The majority or the 183k will be working and paying taxes the same as everyone else in Ireland.

https://www.boards.ie/discussion/comment/119470963#Comment_119470963

Wives with “W” PPS numbers also have to apply for a new number if they want numbers which are separate from their husbands.

almostover

https://www.boards.ie/discussion/comment/119470963#Comment_119470963

The majority of decent Irish people have no issue with inward migration. People of other nationalities have enriched our culture and for the most part it's been very positive. The issue now being faced is that the countries' infrastructure is at breaking point and simply cannot support an ever increasing population. There have been a number of high profile job announcements from large MNCs over the last couple of weeks, one of whom I work for. It's been lauded by politicians as a big success story, which it is to a point. Everyone likes to see inward investment in high tech industry creating high end jobs. But the people who fill these jobs will primarily be inward migrants. Again not a negative thing as most will be highly educated and will integrate well into society here. The issue is there will be a severe lack of suitable housing for them and these industrial developments will put further strain on our energy system and will add further to Ireland's environmental woes. The same week there was 600 new jobs announced over the next 3-5 years at my company there was an internal email sent out pleading for people to rent out rooms in their houses to the incoming people on our graduate program which kicks off next month. There is a serious lack of joined up thinking in the upper echelons of political life in Ireland. We have record low unemployment but we continue to laud the funneling of corporate profit through Ireland, jobs which have to be filled by migrant workers, all while our housing system is broken and our energy infrastructure is creaking. Something is going to give soon and it ain't going to be pretty.

Timing belt

https://www.boards.ie/discussion/comment/119471079#Comment_119471079

I’m not commenting on immigration all I’m highlighting is that demand for housing is still strong and doesn’t look like easing anytime soon and as a result I don’t see house prices dropping anytime soon

Timing belt

https://www.boards.ie/discussion/comment/119465469#Comment_119465469

They would be included in the 41k Irish ppsn numbers

Villa05

https://www.boards.ie/discussion/comment/119470963#Comment_119470963

I acknowledge that, you'd think there would be some sort of plan from those issuing the ppsn to have sufficient housing and energy to support such increases. Our economy is similar to the US, they are frantically implementing measures to prevent overheating

Most policy here at the moment appears to be the opposite.

Timing belt

https://www.boards.ie/discussion/comment/119471591#Comment_119471591

What policies are the USA implementing besides raising rates.. that won’t solve the housing crisis in Ireland if ECB did the same. The simple fact is we don’t have enough housing and don’t have resources to build more thank 30k a year so unless that changes or there is mass immigration there is going to always be a shortage in the short to mid term.

ittakestwo

Even tho I have a house this country is **** disgrace. I am voting SF or any party that will actively destroy the economy.

The economy is creating thousands of jobs and there is not restirction on immigration which is leading to the crises.

Higgins is right. The country absolute shambles despite what some invested geek in a shiny suit says when quoting GDP figures.

drogon.

Saw this the other day, we seems to have a cyclical pattern with housing. This time won't be any different.

https://i.imgur.com/ZV1Y7H3.jpeg

Villa05

https://www.boards.ie/discussion/comment/119471774#Comment_119471774

Brilliant post, the only difference appears to be the damage caused increases in each cycle

Villa05

https://www.boards.ie/discussion/comment/119471650#Comment_119471650

They are engineering a recession, they must see that having a recession now is more beneficial than continuing to blow up the bubble and the extent of the damage that would cause.

Is there opportunity to take advantage of a global slowdown?

We don't seem to have any issues getting people in from abroad, why not get construction workers from the UK and elsewhere, reap the benefits of reduced Material cost and lowering demand for housing that recessions bring. Get the supply/demand to equilibrium and keep it there.

Increased construction activity cushions Ireland from the recession and helps our infrastructure deficit for the recovery

Where the plan? It won't happen with this government

Timing belt

https://www.boards.ie/discussion/comment/119471907#Comment_119471907

They are not engineering a recession they are raising rates to fight inflation. Did you see the job numbers for USA? The global slow down is due to USA raising rates as the dollar gets stronger as a result and which means that petrol prices rise in most countries even if the price of oil remained constant…The same applies for any commodity prices in USD. So you might look and see a fall in commodities and think it’s cheaper to build but it a country is importing materials they may not see a price drop due to the strength of the USD

https://www.boards.ie/discussion/comment/119471675#Comment_119471675

You want the economy to be destroyed?

Are you 12? Mummy and Daddy losing their job and shops having to close will not mean you will be able to buy more lollipops.

Villa05

https://www.boards.ie/discussion/comment/119472006#Comment_119472006

Recessions tame inflation,

raising rates cools economies

US jobs up GDP down more workers less output. Big problem

Europe in trouble due to energy crisis difference in us and European gas prices plus fears of sufficient supply

China covid and housing crash. Tanks back on the streets to quell demonstrators wishing to make bank withdrawals

dontmindme

https://www.boards.ie/discussion/comment/119465469#Comment_119465469

eh...who introduced and is running the scheme? What has been the forecasted and real effects on house prices since it's introduction?

What has been the effect of the availability of this scheme to a desperate prospective house buyer, as regards their debt burden?

Rather than do anything to effect a decrease in house prices. the government instead introduce a scheme that fuels further price increase at the expense of heaping more debt onto the shoulders of any participant. What point are you disagreeing with?

Villa05

https://www.boards.ie/discussion/comment/119472106#Comment_119472106

The only parties with a history of destroying the economy currently hold power.

Wallis, Evans, Debenhams, home base, smyths, argos, just some of the names that have closed stores in town in the last couple of years. High property prices a huge factor in their closure. Units remain empty.

There are many ways to destroy an economy. Do you support high property prices destroying an economy?

https://www.boards.ie/discussion/comment/119472506#Comment_119472506

The basic assertion that an agreement entered into voluntarily, to help a buyer purchase a house, could be considered the government “heaping debt” on them. Is that not obvious to you?

There is no obligation to avail of the scheme.

https://www.boards.ie/discussion/comment/119472522#Comment_119472522

I support the fact that Governments are not the only factor in high property prices here, hence changing Government is no guarantee that things will improve.

Good article in the Times today about where SF are going to get all the money to follow through on the promises they are making. For the significant proportion of the country who already own their homes, rising property prices are not their primary concern.

. I don’t have any political affiliation, but it really is stupid to think that the Government is solely to blame for the current situation.

Timing belt

https://www.boards.ie/discussion/comment/119472522#Comment_119472522

They closed because of peoples purchasing habits changed.

As for your comment about political parties in power during a recession they were the same parties in power during non recessionary periods. They were the only parties in power full stop.

Villa05

https://www.boards.ie/discussion/comment/119472534#Comment_119472534

If they are paying twice as much on rent, would you think that might be the gun to the head to sign on the dotted line to avail of this scheme.

When it all goes belly up, will our politicians head off to Davos and blame these people for going mad on property?

Bass Reeves

https://www.boards.ie/discussion/comment/119473065#Comment_119473065

And how can the government reduce rents. There is no magic bullet just more supply. We have a limited construction labour force. Yet I. All this demand house construction is starting to slow down especially on one off units, refurbishment's and extensions.

Builders providers reducing staff hours. Paint and tile shops starting to see less activity. This may reduce labour costs on these trades a bit, however will this be enough to keep activity going.

Or will the prices of supplies remain high. The reality is we have front loaded energy costs of houses into there construction stage.

Demands has increased as well because you have more single person households.

Is someone on an average wage better off with a house in which the government have 20-30% or are they better renting with no end in site.

https://www.boards.ie/discussion/comment/119473065#Comment_119473065

Do you know what the Shared Equity Scheme is, and how it works? It actually helps buyers out of the rental trap by bridging the gap between what they can pay and the price of the home they want to buy.

Im struggling to see how this could be construed as the Government heaping debt on the buyer. It’s equivalent to blaming banks for providing a mortgage to buy a house if the buyer hasn’t the cash.

Please read this before you post anymore drivel:

https://www.gov.ie/en/press-release/c3ecd-brand-new-400-million-first-home-scheme-to-make-home-ownership-a-reality-for-first-time-buyers/#

https://www.boards.ie/discussion/comment/119473287#Comment_119473287

It doesn't though? It just increases prices across the board, I doubt it changes who is actually buying the houses, it'll just change the prices.

pinksoir

There was a report recently enough that showed that the shared equity scheme in the UK has been a big driver of house price inflation. I'm not sure how it was approved for here.

It's a pretty bad deal all round for those who take it up. First, the government has a stake in your house. That would be fine, except after 5 years you need to start paying interest on that stake without actually paying it down. It is a low enough rate if interest, but it goes up every few years Depending on where the interest rate on the principal is at in 5 years, it could be crippling for the buyers to have that extra interest come due. Then to add insult to injury, if/when you sell, you need to pay back that 30% stake which will include any gains made. So for example if you borrow 90k on a 300k house, and that house is now worth 450k, you'll owe the government 135k. After having paying them interests all along.

Desperate folk will go for it and just wave away those issues because the alternative is utter hopelessness.

Of course, it wouldn't surprise me at all if in 15-20 years time when the gaff is sold the gov never comes collecting for some reason or other.

https://www.boards.ie/discussion/comment/119473436#Comment_119473436

Jesus wept, what exactly are you guys asking for?

You want the Government to help you buy a house, they introduce a scheme which helps people do that, but you are not happy for those people who avail of it. The Government are not going to hand you cash/cut the wages of all the people competing against you/stop companies investing in Ireland offering well paid jobs/going to build tens of thousands of houses so that prices fall and you can buy one. Residential property is built in all bar a minute number of cases by private developers, and as the cost of building/profits to be made are out of the control of the government, what exactly are you guys waiting for, and why wouldn’t you think it a good thing that those who do avail of this scheme, finally have an opportunity to buy a home.

https://www.boards.ie/discussion/comment/119473601#Comment_119473601

I bought my home last year so none of your rant applies to me. This whole thing is pretty simple, supply is inadequate, so giving people more money to buy houses is going to do one thing - increase prices. If we get to the point where building homes isn't profitable, then maybe this scheme would help, but we aren't there yet.

https://www.boards.ie/discussion/comment/119473662#Comment_119473662

Adam, what is it you think/want the next Government to do to help everyone who wants to buy a house?

Do you think the State is going to build them? Hopefully not, because if you do, then you are deluded.

No matter how much a Government helps, the houses are going to be built by private developers which means they are going to be expensive, and subject to market forces. So all those people with good, we’ll paid jobs are going to be bidding against those with an average wage. And as there will be no way hundreds of thousands of houses will be built at the same time, prices will stay high until demand falls. Supply is inadequate, everyone knows this, but you can’t magic up cheap housing.

So, tell me, what is it you think the next Government should, or could do.

https://www.boards.ie/discussion/comment/119473716#Comment_119473716

They should not do a shared equity scheme. If we're at max construction capacity, this scheme doesn't help at all, it just increases prices. That's all I'm saying, you've inferred so much more from my post that I haven't even hinted at.

https://www.boards.ie/discussion/comment/119473764#Comment_119473764

It helps the people availing of it if they buy a home.