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

Sierra Oscar

https://www.boards.ie/discussion/comment/121217829#Comment_121217829

I think it's likely it will be increased in successive budgets if FF / FG are in Government, this is just a starting point. It will be unpopular enough in some quarters introducing it alone.

Villa05

Mother of sweet divine Jesus more monty phyton comedy from from the budget

Help to buy us being extended to those availing of affordable purchase scheme.

How do they announce this madness and keep a straight face

SummerK

Will we ever see 300k ish new house prices for 3-bed in and around cork city ever or is it only in dreams? 400k+ is the norm now for a 3-bed. Affordability is getting worse day after day 😩

Timing belt

https://www.boards.ie/discussion/comment/121218105#Comment_121218105

Just look back to 2005/6 when they abolished it for a year and house market flat lines…reintroduced a year later and price went up.

CorkRed93

https://www.boards.ie/discussion/comment/121218649#Comment_121218649

nope only going up up and up

Villa05

https://www.boards.ie/discussion/comment/121218649#Comment_121218649

With regard to property FFG will not do anything unless it's inflationary. That's been the record for nearly 30 years

JohnnyChimpo

https://www.boards.ie/discussion/comment/121218649#Comment_121218649

Not a hope unless there's a huge crash again (seems unlikely), at which point unless you have cash on hand you're still gonna be sh1t out of luck

BlueSkyDreams

https://www.boards.ie/discussion/comment/121218863#Comment_121218863

Think yourself lucky!

In Dublin, 400k is a 2 bed apartment.

Newish 3 bed houses in ok areas are easily 600k, often more.

danfrancisco83

https://www.boards.ie/discussion/comment/121218649#Comment_121218649

you might have to cut your cloth. look for 2 bed houses where the attic can be easily converted, or 3 beds a bit farther out. not ideal but better to be on the ladder paying a 1000 pm mortgage, than renting for 1600 pm

grumpyperson

https://www.boards.ie/discussion/comment/121212383#Comment_121212383

They might find extra workers from the collapsing commercial sector.

Padre_Pio

https://www.boards.ie/discussion/comment/121220230#Comment_121220230

I get the sentiment but it's not that simple.

Timing belt

https://www.boards.ie/discussion/comment/121220629#Comment_121220629

It would help if they are building more total housing but from looking at their alternative budget where they plan an extra 7100 social housing units a very large chunk of that is coming from the private market so less houses to rent or buy for anyone that doesn’t qualify for social or affordable housing.

J_1980

If SF come in the sales market will become exactly like the rental market: zero supply, especially at the lower end. Currently the government is only meddling in the rental market (HAp, social tenants living in far more space than majority of lower end of working-non-social housing population etc).

government is not the solution to the problem, government is the problem

Ozvaldo

How are we supposed to buy houses when we are competing with local authorities on the prices thus driving them up ?

All they are interested in is converting these to social housing

Banana Republic

Villa05

https://www.boards.ie/discussion/comment/121222670#Comment_121222670

This is the only way, but gov won't do anything that stabilises or brings a necesarry correction in price. Homelessness and unaffordability are necessary in order to allow continuous house price appreciation

We've moved beyond social housing being a priority, Ffg have made such a mess of this, what should be the priority is build to rent for teachers, SNA's, nurses, guards and all the other professions (public & private) that are required for the smooth running of our country

This would flush out the land hoarders, knowing that a government acting on supply would devalue there land where they to continue to sit on it and do nothing. Remember alot of this land was sold by the state at fire sale prices in the last crash.

Even the mere announcement of change in policy by the government towards supply would panic the land hoarders into action as they would rush to get there's built before the state

Currently they are incentivised to sit on the land as the government continues with demand side policies, they know there land will continue to rise in value

Ozvaldo

Looks like you are better off packing in the job signing on and going on the housing list to get a house

Villa05

This has to continue because highgher and higher house prices and rents are far more beneficial for the Irish people and economy, until its not.

We must persist with this policy regardless of the cost. There is no better way

https://www.irishexaminer.com/opinion/commentanalysis/arid-41244979.html

SharkMX

https://www.boards.ie/discussion/comment/121220230#Comment_121220230

I think we are just going to go for a 1 bed apartment. Just get it over and done with and get out of the rent trap. Its only going one way and we want out of it. If it come s to it in the future we will trade up, but waiting to buy and being outbid is just messing around while we watch both rents and house prices go up as well as supply coming down. Time to take shelter from the market and pop back up in a few years and see whats what. At least we wont have to pay rising rents in the meantime.

Padre_Pio

https://www.boards.ie/discussion/comment/121223296#Comment_121223296

I dunno, you have to plan to live there for the next 5 years, and whatever may happen to you (and your family)

I have a colleague who bought a 1 bed in 2008, and only moved out in 2017, with a wife and 2 kids.

SharkMX

https://www.boards.ie/discussion/comment/121223399#Comment_121223399

tbh id rather live in my own one bed apartment with two kids for a few years than rent. We should be ok for a while though. No kids.

Your own place solves so many problems no matter how small it is. If a problem arises that it becomes too small then thats just one problem. If you were renting when you had that problem you would have to first find somewhere (all but impossible), and then if you did find somewhere pay extortionate rent.

At least if you owned the place your only problem is space and you have time to sort it out.

hometruths

https://www.boards.ie/discussion/comment/121223414#Comment_121223414

Interesting to read your comments, that you're ideally looking to buy a 3 bed house but will reluctantly go ahead and buy an apartment.

No idea what age you are but years ago when my generation were buying first properties (2000 - 2005ish) everybody was buying apartments to "get on the ladder" with a view to trading up later. Nobody was thinking of buying 3 bed houses straight out of renting.

The idea of the ladder seems to be totally defunct now, as most seem to be looking to buy their forever home on day one.

DataDude

https://www.boards.ie/discussion/comment/121223486#Comment_121223486

I would assume that is due to the average age of a first time buyer? The concept of laddering up makes sense if you get onto it at 23-25.

It’s a harder sell if the first rung is at age 30-35. By the time you get to the 3 bed semi, it’s nearly time for downsizing.

Padre_Pio

https://www.boards.ie/discussion/comment/121223486#Comment_121223486

Average age of FTB is increasing, and to be honest, there's no value in apartments anymore, especially not the Celtic tiger-era buildings. You'd almost be better off to save a little extra and get a house.

hometruths

https://www.boards.ie/discussion/comment/121223510#Comment_121223510

That presumably explains most of it. My peers were looking at buying apartments mid late 20s, trading up early 30s.

And I guess nowadays most in their mid late 20s cannot afford to buy apartments anyway, so they're skipping that step out of necessity.

DataDude

https://www.boards.ie/discussion/comment/121223655#Comment_121223655

Wish I wasn’t farting around trying to buy a new car in my early 20s and instead put the money down on a 2 bed in 2013. Although no idea if finance was coming back to the masses by then.

Don’t know of anyone my age who even half talked about buying until late 20s. Perhaps a hangover from the crash where nobody was talking about it as a good financial move. Missed opportunity.

danfrancisco83

https://www.boards.ie/discussion/comment/121223414#Comment_121223414

Exactly this. People saying it's more complicated than just getting on the ladder are wrong IMO. I was renting in a lovely area with great schools around and walking distance to the city, and the landlord said he was happy with us and we could stay as long as we wanted... until the RPZ came in and he magically found a nephew down the country that needed the apartment. Renting is just too precarious. I would suggest getting a 2 bed at a minimum though, even if it meant going a bit farther out. I'm not even sure banks will give a mortgage on the same terms for a 1 bed, isn't it 20% deposit at least? Also, there are lots of schemes like HTB etc. for FTBs, make use of them. You only get one chance at being a FTB, don't blow it. (FWIW I used HTB to buy a house 3 years ago that I now couldn't afford if I was to try buy it today, even with the 4X wage).

SharkMX

https://www.boards.ie/discussion/comment/121223612#Comment_121223612

That was our plan but as much as we save houses are going up by more as we save. We are going backwards. Time to takle what we have and settle for something less than what we were saving for. That way we can jump ahead of the cart instead of watching it get further in front of us as we run to catch up

Villa05

https://www.boards.ie/discussion/comment/121224246#Comment_121224246

I suspect you might have trouble buying an "entry level" apartment as that's what the state is buying and I would suspect the funds also as they may move away from financing building to buying existing stock

PommieBast

@danfrancisco83

I was renting in a lovely area with great schools around and walking distance to the city, and the landlord said he was happy with us and we could stay as long as we wanted... until the RPZ came in and he magically found a nephew down the country that needed the apartment.

My story is not vastly different. Moved into my (then) place in 2013 and until RPZ came along had never had any rent increases, but once it came in he would go as far as having the full rise calculated down to the single Euro. Eventually sold up. Guessing he was the type of landlord who previously only did rental reviews when tenants moved on.

Bass Reeves

https://www.boards.ie/discussion/comment/121225967#Comment_121225967

That was the way it mostly worked with a lot of LL's. They reset to market rents with new tenants. However those who understood the market better decided to change that system. A lot of LL's got caught by RPZ's.