Irish Property Market 2020 Part 2

fliball123 wrote: »

So what do we do with the homeless give them a tent and say good luck any government doing that would be lambasted.

Homelessness is not a housing issue and wasn't one until it was cleverly bundled by assorted NGOs into the affordability issue affecting wider society.

Homelessness is largely a substance abuse problem, and it's long been around. Once affordability is resolved (and a deep recession is likely to "solve" it), it will be forgotten about - as it always was. I'm not saying this is right, but it's almost certainly what will happen: our society didn't suddenly become more caring in the last 10 years.

I don’t see a government thinking that handing a lot more tax money to REITs which don’t pay tax is a great idea.

fliball123 wrote: »

I cant see them getting the amount needed to sort out the housing issues its easily in the 10s of bilions and .1% I think it would be a slight bit more. I think its a good idea but will they do it?

The only issue I have with SF is their figures are plucked from no where they have never costed any of their plans and have also been found out up the north for rolling back on promises. So I dont think they will be any better. Over all more accountability needs to be shone on any party entering government and if they have a list of a top 10 policies they want to implement in the 5 years they have , they should have their pensions reduced by 10% for each policy they didnt get through. The only way to hurt a politician is in the pocket

https://www.irishtimes.com/business/economy/state-raises-750m-at-negative-rate-of-0-51-1.4306061#:~:text=The%20State's%20debt%20management%20agency,repaid%20less%20than%20they%20lend.&text=The%20bills%20offer%20investors%20an,take%20many%20years%20to%20mature.

I never said SF will do any better,but if this Government dont do something drastic the under 40 vote will give SF a chance to show what they can do in the next election

fliball123 wrote: »

OK well you go and tell Mary on the housing list that she has to take the house that is vacant down in the back a$$ of Leitrim and they cant get a house in Dublin.

So the 100k or so people on the housing list all have substance abuse problems?

Very few on the housing list are actually homeless
You do realize that don't you

Lets say the Government borrow a billion
At 250K a house (land and finance given free to builder ) thats 4000 houses
Sell those and rinse and repeat
Borrow 5 BILLION that's 20,000 HOUSES
Rinse and repeat
The land is there ,the PP could easily be there ,the infrastructure can be put in place,the finance is available and cheap.
Is the will to do it there
Are they prepared to let builders make only a living instead of a killing .that's the question
Are they prepared to upset the landlords and REITS by driving down rents and property prices ,who knows

Marius34 wrote: »

It make sense in a way, but if its a house in desirable location, let say around Dublin, that would be well below market price, right? who would be eligible to buy those houses? I imagine there would be a massive demands from FTB.

Big problem in Ireland is that the less you work the more handouts the Gov will give you. Why would you bother going to work in say Tesco when staying at home you get free childcare, free house medical card and all the trimmings.

neutral guy wrote: »

One of examples of lie in media and signs of falling property prices

https://www.independent.ie/business/personal-finance/property-mortgages/house-prices-rose-slightly-in-may-despite-lockdown-limiting-sales-39372057.html

PAs spreading lies trough media trying get people hurry buy property telling them lies that property prices rising up making people nervous.How would you react of you read that kind of information about shortage of toilet paper on shelve in shop ?Same here.

You think the article is false ? On what basis ?

brisan wrote: »

Very few on the housing list are actually homeless
You do realize that don't you

Yep! Knew a "homeless" lad. Looking for a gaf so called the homeless bluff. On the list he goes.

He's definitely not sleeping rough anyway

My two housemates are off back home as they'll both be fully working from home for the foreseeable one confirmed to be WFH until July 2021!

I actually see this as good work planning as a vaccine is 2 to 3 years away when being realistic about it. I'll have to get new flat mates in or move myself. I've a couple of friends also with recently freed up spots so it's not a total disaster.

The rental market is like a lead jacket on housing prices. The rental yields and seemingly endless airbnb earnings have all but disappeared. It will be interesting to see how long prices can be maintained on life support. When does the house of cards fall?

Can banks indefinitely freeze morgage payments eradicating their own profits in order to prevent the inevitable drops? We are in such strange times. Personally I believe the rug needs to be pulled. I can't really see why the landlord class who have spent a decade extorting the youth should now be protected. Protected by who? The tax payer of course...

OwlsZat wrote: »

My two housemates are off back home as they'll both be fully working from home for the foreseeable one confirmed to be WFH until July 2021!

I actually see this as good work planning as a vaccine is 2 to 3 years away when being realistic about it. I'll have to get new flat mates in or move myself. I've a couple of friends also with recently freed up spots so it's not a total disaster.

The rental market is like a lead jacket on housing prices. The rental yields and seemingly endless airbnb earnings have all but disappeared. It will be interesting to see how long prices can be maintained on life support. When does the house of cards fall?

Can banks indefinitely freeze morgage payments eradicating their own profits in order to prevent the inevitable drops? We are in such strange times. Personally I believe the rug needs to be pulled. I can't really see why the landlord class who have spent a decade extorting the youth should now be protected. Protected by who? The tax payer of course...

Spot on. The recently reported plummet in mortgage applications and approvals just about says it all really.

MattS1 wrote: »

40pc. Yeah not a hope of that. Maybe in Leitrim.

I reckon prices will fall at least 60% in real terms. But interest rates will be back at 20-25%. So the 1970s basically. We already have all the preconditions for stagflation but it will take a year or two before people see it.

Graham wrote: »

You don't think culling the market of hundreds or thousands of landlords might bring with it other issues?

An oversupply of housing on the sales market ,leading to falling house prices .leading to people leaving the rental market and buying their one and only property.
Thats one scenario
There will still be REIT property at 2.5k a month to rent .
Maybe the REIT will have to drop their prices

With WFH 2 or 3 days a week as the new norm people don’t need to waste their time in the soulless Docklands, so there will be much less demand to buy or rent those tiny expensive apartments but instead people will buy bigger houses and apartments in other areas. Commuting to the office only 2 or 3 days a week is not the same as full week, people will be willing to commute longer but live in more affordable and bigger houses.