Property Market 2019

Hold old off... all I'm saying is how it is... rents are expensive, houses are expensive, lifestyle is expensive...

I never said people aren't entitled to have things the way they want them...

smurgen wrote: »

I don't get ya. Should every last penny we have be spent on housing? If there's a rise in disposable income who says landlords or property speculators have a right to it? Surely those that earned it can spend it in any manner they seem fit.

I never said that every penny should be spent on rent... I said that people were prioritising lifestyle... which is actually the oposite. That comes from the conversation on Newstalk this morning...

It is a fact that many young people are prioritising lifestyle... Coke use is going through the roof. So maybe if they spent less on class A's they'd have more income to spend on rent...

Just to clarify, I'm not saying that high rents are fair... but they are high, that is a fact. What can you do to get beyond that...?

Mic 1972

Bluefoam wrote: »

I never said that every penny should be spent on rent... I said that people were prioritising lifestyle... which is actually the oposite. That comes from the conversation on Newstalk this morning...

It is a fact that many young people are prioritising lifestyle... Coke use is going through the roof. So maybe if they spent less on class A's they'd have more income to spend on rent...

Just to clarify, I'm not saying that high rents are fair... but they are high, that is a fact. What can you do to get beyond that...?

That's where money is going???

Mic 1972 wrote: »

That's where money is going???

For some.

D.Wilmott

Ronan Lyons said on the latest daft report today about rents rising for the 14th quarter in a row that we could be in for another 10 years of high rents?

www. independent. ie/business/personal-finance/revealed-areas-with-highest-rental-hikes-as-country-braced-for-ten-more-years-of-rent-misery-38683635.html

"Otherwise, the market may not suffer another 10 years of rising rents, but it will likely suffer another 10 years of high rents. And for a country dependent on its attractiveness to businesses that could set up somewhere else, that is not good news," Mr Lyons said. "

Surely that can't be right? Although given the government's inertia on this issue, could be possible.

Why not. Its just mirrors people on boards who just ignore the basic principles in place.

Demand (Increasing population and immigration),
Shortage (Properties being taken off the market, new stock in poor supply),
Finance (unable to get loans to develop or buy, wages not matching rent, high taxes on everything).

Has any of this significantly changed.

smurgen

Bluefoam wrote: »

I never said that every penny should be spent on rent... I said that people were prioritising lifestyle... which is actually the oposite. That comes from the conversation on Newstalk this morning...

It is a fact that many young people are prioritising lifestyle... Coke use is going through the roof. So maybe if they spent less on class A's they'd have more income to spend on rent...

Just to clarify, I'm not saying that high rents are fair... but they are high, that is a fact. What can you do to get beyond that...?

The irony of your post is its probably the landlords upping their usage of coke.they can't spend fast enough.

smurgen wrote: »

The irony of your post is its probably the landlords upping their usage of coke.they can't spend fast enough.

Then they should lift the restrictions on LLs leaving the market. They've obviously made enough money so they should be allowed to get out of the market.

https://www.independent.ie/business/personal-finance/property-mortgages/bank-to-write-off-debts-of-more-than-1000-landlords-under-deal-36597051.html

let the banks take them over. They can become the mythical "professional LL"

[Deleted User]

smurgen wrote: »

I don't get ya. Should every last penny we have be spent on housing? If there's a rise in disposable income who says landlords or property speculators have a right to it? Surely those that earned it can spend it in any manner they seem fit.

I do, if you rent a property the owner has a right to whatever part of your income is required to cover the rent. If you buy a house, the seller/bank has a right to whatever part of your income is necessary to buy/pay for it. By entering the agreement, more importantly, you do as well.

beauf wrote: »

Then they should lift the restrictions on LLs leaving the market. They've obviously made enough money so they should be allowed to get out of the market.

https://www.independent.ie/business/personal-finance/property-mortgages/bank-to-write-off-debts-of-more-than-1000-landlords-under-deal-36597051.html

let the banks take them over. They can become the mythical "professional LL"

you want the banks to be the landlord? you want them to finance the property market, invest in the property market, contriol the property market and charge people for housing within the property market?

& this is meant to drive prices down???

Bluefoam wrote: »

you want the banks to be the landlord? you want them to finance the property market, invest in the property market, contriol the property market and charge people for housing within the property market?

& this is meant to drive prices down???

I think you missed rhetoric. Don't want LL as they are rolling around in Coke. So let them leave. Don't really care who takes over. Let those making the suggestion of removing LLs come up with that solution.

Assetbacked

Bluefoam wrote: »

No, its not fair to say that at all. You seem to be a rather disturbed individual.

I don't understand how you can equate personal financial prudence with wanting to kill old people so that you can have a cheep house.

Odd statement to say the least.

It's a response your cocaine hoovering nonsense comment deserved.

Samuel T. Cogley

I'm a LL where's my cocaine? Was expecting a shipment from Drogheda...

[Deleted User]

Samuel T. Cogley wrote: »

I'm a LL where's my cocaine? Was expecting a shipment from Drogheda...

Are you allowed raise the quantity by 4% each year, or can you just request better quality?

Graham

Mod Note

while high-purity coke may well explain some of the higher post counts, discussion of Bolivian marching powder is better suited to another fora.

Thanks

SteelyDanJalapeno

Been bidding on a house for the past few weeks, all went quiet after our last offer 2 weeks ago, so I called the EA today, he told me he had planned to call me later today.

We were the highest bidder for the past 2 weeks but now the seller has decided to sell to his nephew instead, sigh

Horusire

SteelyDanJalapeno wrote: »

Been bidding on a house for the past few weeks, all went quiet after our last offer 2 weeks ago, so I called the EA today, he told me he had planned to call me later today.

We were the highest bidder for the past 2 weeks but now the seller has decided to sell to his nephew instead, sigh

Ouch! Was it above asking out of interest?

SteelyDanJalapeno

Horusire wrote: »

Ouch! Was it above asking out of interest?

No, about 10% under asking, was in need of complete renovation, but a great location and detached. Been looking for 10 months

19233974

So im after some opinions if people could kindly help.

Currently considering buying. Im single, 34 and have pretty much 375-400k of a mortgage to buy (depending on property and exemption).

Now im torn as im currently renting close enough to the city centre in a really nice house, I get on great with housemates and rent isnt absolutely insane per month (although not too far off the entire mortgage repayments of an average 3 bed semi) but im still able to save a reasonable amount every month.

Now i seem to have this irish thing of an uncontrollable urge to buy a house ingrained in me, and i guess uncertainty around the landlord increasing rent and general issues with rental houses have me wanting to buy now.

So any advice? my heart is telling me to buy now and get on with having my own place while my brain is telling me to wait a year to see how the market settles.

Mickiemcfist

To be honest what I'd be doing in your situation is buying a house & have your current housemates come with you.

Irish house prices are not overvalued:

https://www.irishtimes.com/business/economy/house-prices-not-overvalued-despite-85-hike-since-2013-esri-says-1.4081013

I'd hold tuff if you get on ok with your housemates, beats rattling around on your own or getting a tenant that's a pain with your own place. Your in no rush to buy, what happens if you meet the galway girl and decided to head out west. 34 is still young, see how life plays out over the next 6yrs as it's not going to be the same as the last 6.

JohnnyChimpo

Bluefoam wrote: »

Irish house prices are not overvalued:

https://www.irishtimes.com/business/economy/house-prices-not-overvalued-despite-85-hike-since-2013-esri-says-1.4081013

Thanks for the link, but you'd want to have a memory that started in 2009 to take anything the ESRI says at face value. The same lads who predicted that there might be a global downturn in 2007/2008, but that Ireland would escape unscathed because the fundamentals of our property market were rock-solid.

lol.

drunkmonkey wrote: »

I'd hold tuff if you get on ok with your housemates, beats rattling around on your own or getting a tenant that's a pain with your own place. Your in no rush to buy, what happens if you meet the galway girl and decided to head out west. 34 is still young, see how life plays out over the next 6yrs as it's not going to be the same as the last 6.

Getting a mortage is allot more difficult at 40 than it is at 34... you will have less time to pay it back, making your monthly payments much higher. Plus you don't know what house prices will be like in 6 years... they may be lower than now, but history tells us that they will probably have inflated sygnificantly...

Buy a house when you are young, get the best terms possible, buy cleverly... If you meet the girls from Galway, or want to travel the world, you can & just rent the house out... If you have trouble with the mortage, then rent out a room, if you want a house somewhere else, just sell it and move on... Home ownership is empowering, it lets you do the stuff you want... if you spend the next 6 years thinking about buying a house, you'll restrict yourself from doing the things you want.

JohnnyChimpo wrote: »

Thanks for the link, but you'd want to have a memory that started in 2009 to take anything the ESRI says at face value. The same lads who predicted that there might be a global downturn in 2007/2008, but that Ireland would escape unscathed because the fundamentals of our property market were rock-solid.

lol.

I'd literally made a post with the same paper for the last 10yrs quoting different opinions every year but mistakenly wiped it, but it's full of headlines like "Average house prices could still be overvalued by up to 30%" etc and some from 2018.
Our economy could get an awful kick in the teeth in the next 14mts. They kick Trump out and i'm cashing in every investment I have, much an all as some people hate him, the economy has been flying. Then we've the UK nobody knows what's happening, and Europe is an economic basket case to the rest of the world but we never see those headlines living in it.
2020 is a going to be one hell of a year.

Bluefoam wrote: »

Getting a mortage is allot more difficult at 40 than it is at 34... you will have less time to pay it back, making your monthly payments much higher. Plus you don't know what house prices will be like in 6 years... they may be lower than now, but history tells us that they will probably have inflated sygnificantly...
.

It's not harder, you probably have more saved, earn more money, possibly have a partner to go in with you.
Your assuming were in a never ending cycle of house price rises, we are on a long enough time scale but there's highs and lows in that cycle, I'd say were near a high. With what's happening in the word I think it's a risky time.

drunkmonkey wrote: »

It's not harder, you probably have more saved, earn more money, possibly have a partner to go in with you.
Your assuming were in a never ending cycle of house price rises, we are on a long enough time scale but there's highs and lows in that cycle, I'd say were near a high. With what's happening in the word I think it's a risky time.

Sure theres peaks and troughs... but ultimately throughout history, property prices have risen & will continue to do so. They may increntally drop, but will rise again.

Mickiemcfist

drunkmonkey wrote: »

It's not harder, you probably have more saved, earn more money, possibly have a partner to go in with you.
Your assuming were in a never ending cycle of house price rises, we are on a long enough time scale but there's highs and lows in that cycle, I'd say were near a high. With what's happening in the word I think it's a risky time.

I see what you're saying, but the trend of housing prices has been continuously upward historically. We had the worst recession in living memory not too long ago, those who held out through it are back where they were equity wise, but were insulated from the sh1tshow of a rental market which developed at the latter half of it.

You're recommending he gambles on having a partner, gambles on earning more money & gambles on being able to save more. His rent is probably not far off what his mortgage would be so it's a no brainer for me tbh. He's single so he could probably happily rent out a room or two to completely cover the mortgage at the minute, that's what I'd be doing.