Property Market 2019

JJJackal wrote: »

You are saying the bank (who own a mortgage) are not allowed to sell it? Surely banks have rights to buy and sell too?

I'm saying that this recommendation by the central bank, was put in to legislation and passed in the Dáil and I agree with it.

https://data.oireachtas.ie/ie/oireachtas/bill/2019/2/eng/initiated/b0219d.pdf

Sheeps wrote: »

That's simply not true. If you miss even one months rent, you can be evicted.

The more pertinent point is you can withhold rent for two years if you are brazen enough and when eviction eventually happens, face no consequence, its effectively legalised theft

Sheeps wrote: »

Assuming your eviction was legal, and you've exhausted your options with the RTB the next stage would be to obtain a court order to have the tenant evicted. How is this not acceptable in the event of this extremely rare scenario?

Replace "extremely rare" with very common

Rogue tenants are far more common than rogue landlords for the simple reason they have immunity

Mad_maxx wrote: »

The more pertinent point is you can withhold rent for two years if you are brazen enough and when eviction eventually happens, face no consequence, its effectively legalised theft

I'd be in favour of protecting landlords against this behavior, but not at the cost of keeping the status quo with regards to tenants rights.

Subutai

Mad_maxx wrote: »

The more pertinent point is you can withhold rent for two years if you are brazen enough and when eviction eventually happens, face no consequence, its effectively legalised theft

This is true only for indigent tenants. They are a tiny minority of renters. It's the same problem faced by all service providers who are paid after providing the service.

Sheeps wrote: »

I'd be in favour of protecting landlords against this behavior, but not at the cost of keeping the status quo with regards to tenants rights.

Talk about speaking outside of both sides of your mouth while eating cake!

Subutai wrote: »

This is true only for indigent tenants. They are a tiny minority of renters. It's the same problem faced by all service providers who are paid after providing the service.

Name another service provider who is faced with this

Anything about the property market in 2019 though?

Mad_maxx wrote: »

Talk about speaking outside of both sides of your mouth while eating cake!

Are you assuming I'm just anti landlord because I'm in favor of fixing the massive imbalance in the system towards tenants?

Subutai

Mad_maxx wrote: »

Name another service provider who is faced with this

Literally anyone who provides a service on credit. Chasing up clients for payment is a constant issue for legal professionals, for instance. Same for tradespeople and subcontractors. Debt collectors are a big business, and it's not because of landlords.

Plenty of small businesses went under during the recession precisely because those they were providing services to went bust. I'd a friend who owned a fruit and veg supplier and went under after two of his big contracts (hotels) closed in the same year.

Getting money owed from someone with no assets or income is impossible. That's why I wouldn't rent to someone without seeing a healthy bank balance and a job with a steady income. No problem recovering from such a person.

seasidedub

JJJackal wrote: »

Where was this?

Greystones

Sheeps wrote: »

Are you assuming I'm just anti landlord because I'm in favor of fixing the massive imbalance in the system towards tenants?

The imbalance is in favour of tenants

The_Conductor

Mad_maxx wrote: »

The imbalance is in favour of tenants

Even the Minister himself has acknowledged that the legislative and regulatory regime is very much in favour of tenants- and is on the record stating that any further development of the regime has to be such that it doesn't drive more landlords from the sector.

At present there is a sustained exodus from the sector- this has been reported on and acknowledged by the RTB, the CSO and the Department. The reasons that landlords are getting out- has different causes- depending on who you ask- but the fact of the matter is- despite historically high rent levels- it is not a good industry to be in for an average landlord (and keep in mind the average landlord in an Irish context has 1 or 2 properties- these people make up over 80% of the entire sector). Drive all the small scale landlords from the sector- and you end up with entire rental blocks of flats- the institutional investors are not interested in picking up random units scattered around the country- scale is of utmost importance to them.

The regulatory regime has never been more in favour of tenants- and potentially more open to abuse- than the Irish rental sector- the only people who disagree with this- are socialists of one ilk or another- the landlords are voting with their feet- which means its going to get harder and harder to get a rental property...........

https://www.rte.ie/news/business/2019/0307/1034886-european-central-bank-meeting/

Extremely worrying signs for the economy. This is very concerning. They are saying the economy can't handle an interest rate increase....

Wanderer78

Pussyhands wrote:

Extremely worrying signs for the economy. This is very concerning. They are saying the economy can't handle an interest rate increase....

I suspect you ll find many European economies currently wouldn't be able to deal with an interest rate hike, it's understandable why the ecb has put this on the back burner for a while

Wanderer78 wrote: »

I suspect you ll find many European economies currently wouldn't be able to deal with an interest rate hike, it's understandable why the ecb has put this on the back burner for a while

Scary times alright. 0% interest rate. If **** hits the fan (which the refusal to increase rates indicates is near) there is no way to combat it. The crash in 2008 may have a second iteration. Many people say we recovered extremely quick after 2008 so maybe we're in store for the true after effects of that..

q85dw7osi4lebg

Pussyhands wrote: »

Scary times alright. 0% interest rate. If **** hits the fan (which the refusal to increase rates indicates is near) there is no way to combat it. The crash in 2008 may have a second iteration. Many people say we recovered extremely quick after 2008 so maybe we're in store for the true after effects of that..

Won't happen, too many politicians and law makers invested in massive residential and commercial property developments Europe wide. I'd be getting out of stocks if you are expecting an imminent downturn though!

Bluefoam

Pussyhands wrote: »

Wanderer78 wrote: »

I suspect you ll find many European economies currently wouldn't be able to deal with an interest rate hike, it's understandable why the ecb has put this on the back burner for a while

Scary times alright. 0% interest rate. If **** hits the fan (which the refusal to increase rates indicates is near) there is no way to combat it. The crash in 2008 may have a second iteration. Many people say we recovered extremely quick after 2008 so maybe we're in store for the true after effects of that..

Where did you read 0% interest rate? I read the article a second time, still don't see it... Are you making up facts?

Thargor

Fol20 wrote: »

The problem however is they provide a lot of miss information and if they ever get into the power they could drive ireland even further off a cliff compared to the people we have right now. I actually think FG is doing a worse job than FF for their housing policies.

One interesting thing i saw on the the continent is small studio apartments for sale where they would be circa 10m squared in total. Its not ideal for a family however as a stepping stone to something where it provides some the option of not renting and getting one of these instead, i think it might be a good proposition. Even in cities such as Paris these were affordable.

AlmightyCushion wrote: »

I thought you must have got the size wrong because 10sqm sounds absolutely horrendous. Turns out it's true but they are horrendous and not even cheap.

https://www.green-acres.fr/en/properties/56363a-458.htm

€85,000 for that tiny piece of crap! That is not the solution to our housing issues.

abcabc123123 wrote: »

That looks like a stepping stone to suicide. Good god.

Cryptopagan wrote: »

Located at roof level and everything. Tbh if my real home was out in the country somewhere and that was just a place to stay in the city when working I could probably live with it. The kitchen also being the toilet though....

I think you're being a bit harsh on that Paris apartment tbh, look at the map, you're a short stroll from the Seine and the Louvre, its right in the centre, plus you'd be living in Paris! Thats many peoples idea of paradise. If I had to work or study in Paris for a year and buy that and sell it on again when done with it.

Bluefoam wrote: »

Where did you read 0% interest rate? I read the article a second time, still don't see it... Are you making up facts?

What is the ECB interest rate?

JustJoe7240

Bluefoam wrote: »

Where did you read 0% interest rate? I read the article a second time, still don't see it... Are you making up facts?

ECB?

[Deleted User]

Sheeps wrote: »

Are you assuming I'm just anti landlord because I'm in favor of fixing the massive imbalance in the system towards tenants?

If you think there's a 'massive imbalance' towards landlords then you're starting from an anti-landlord position right away.

JustJoe7240 wrote: »

ECB?

Yeah, ECB.

Bluefoam

I stand corrected

Fol20

Thargor wrote: »

I think you're being a bit harsh on that Paris apartment tbh, look at the map, you're a short stroll from the Seine and the Louvre, its right in the centre, plus you'd be living in Paris! Thats many peoples idea of paradise. If I had to work or study in Paris for a year and buy that and sell it on again when done with it.

Your right, thats a bad example of their studio apartments. you can get standard rectangle shaped studios that are small but have a toilet separate to the living area. Buying and selling houses there are much more expensive.. I cant remember exact figures but its at least 5 times more expensive that Ireland.

Pussyhands wrote: »

https://www.rte.ie/news/business/2019/0307/1034886-european-central-bank-meeting/

Extremely worrying signs for the economy. This is very concerning. They are saying the economy can't handle an interest rate increase....

Luckily there isn't going to be any interest rate hikes for years to come

Geuze

Bluefoam wrote: »

Where did you read 0% interest rate? I read the article a second time, still don't see it... Are you making up facts?

The current ECB main rate is 0%.

See www.ecb.int

Mad_maxx wrote: »

Luckily there isn't going to be any interest rate hikes for years to come

Lucky is definitely not the word I would use!

Economic forecasts cut again for this year in the eurozone, China has just had it's worst month for exports in 3 years due to trade wars and slowing global economy...

If we continue then we'll have a soft landing...

Look at this article from early last year:

"To loosen capital now is just crazy. When we get to a downturn, banks won't have the cushion to absorb the losses. Without a cushion, we will have 2008 and 2009 again."

This is what I'm talking about. If we run into trouble then the ECB are without the weapon that had us recover from 2008 so quick.

The first deputy managing director of the IMF said this in December:

“We ought to be concerned about the potency of monetary policy,” he said of the ability of the US Federal Reserve and other central banks to cut interest rates to boost the economy in the event of another downturn, while also warning that high levels of borrowing by governments constrained their scope for cutting taxes and raising spending.

Don't get me wrong, I think a recession is still unlikely. Ray Dalio, a very successful investor downgraded his risk of recession in 2019 to 35%. It's just IF something big happens we are in trouble.

cunnifferous

Just to post my 2c. I've been looking in the 400-450k range and noticing that second hand houses in the 500k+ range have been sitting up for 6+ months without any bids or with bids coming in the low to mid 400k range.

The area has a lot of new builds that seem to be depressing the prices of the second hand houses around them which for me is great as I prefer the greater garden size and lower density of older estates.