beauf wrote: » We'll find out when the rent arrears come due. No handing the keys back in Ireland. You'll pay the mortgage and the interest eventually. The banks have proved they can get blood out of stone.
Pelezico wrote: » Nobody should bother paying rent nowadays. You cant be kicked out.
thefridge2006 wrote: » I'll just leave this 2500 job losses right here for whoever it was saying that the covid crisis was only going to affect low paid workers who arent even in the market for a mortgage....... this is huge and only the start of it allFears for 2,500 jobs as Ulster Bank closure being considered Ulster Bank made a loss of €276m for the first half of the year. It has struggled to gain market share because of its small scale. Ulster Bank got a bailout of €15bn (€16bn) from its British parent after the financial crash more than a decade ago. Much of this money came from British taxpayers. It has since sold a number of mortgage accounts that are in arrears, cut jobs and has closed branches.
beauf wrote: » How long has lack of supply been a problem now. A decade?
ExMachina1000 wrote: » Ulster bank may be sold off to other banks and lenders. Jobs will be created /saved
Cyrus wrote: » You think ulster banks problems started with Covid ?
Bubbaclaus wrote: » "The banks are all bust" is a tad misleading, wouldn't you agree?
brisan wrote: » There was an oversupply in 2010
beauf wrote: » There was also undersupply. Since there was lack of demand in some areas and high demand in other areas and there was a mismatch between them. Hence the ghost estates in the middle of nowhere. The Bacon report mentioned supply issues in the 90s. We don't seem to be able to provide a stable sustainable market. It's boom and bust everytime.
Bubbaclaus wrote: » Really? Tell me what is going to happen so. Employment actually increased amongst third level educated people in Ireland in Q2 this year, mid pandemic. I would guess at least 90% of first time buyers in high demand areas have third level degrees. Our income tax receipts this year are pretty much unchanged from last year. Unfortunately, as the stats bare out, it is the low paid that have been affected by the pandemic. Everyone else is business as usual, apart from working from home and saving more money than usual. People expecting these people to suddenly not buy houses are in for a surprise. People claiming its 2008 again clearly either don't understand what happened in 2008 or don't understand what is happening now.
brisan wrote: » So the low paid have no vested interest in the property market Example Mary has a high tech job earns 100k John is a Barista earns 30 k On those wages they qualify for a mortgage of 455k John loses his job Mortgage available 350k So what happens ???
thefridge2006 wrote: » yes..... on support from the Gov....not providing for themselves
schmittel wrote: » I sensed sarcasm but you can never be sure! The last time I tried to discuss the impact of falling rents in this thread I was told that rental valuations and sales prices were completely separate with no impact on each other - 'decoupled' was the phrase used. Something to do with landlords kicking tenants out if they lose their job. I gave up discussing rents after that.
beauf wrote: » How quickly can LL evict. One year, two years? It doesn't seem like that would have any dramatic effect on anything. LL can't sell, can't re-rent with a tenant in situ even if not paying. If rents fall. Many LLs cover the shortfall in rent. If the property becomes unviable it will be sold. But if you look at last time we banks didn't let people sell. They dragged it out and ruined everyone including themselves. They don't seem to have the same approach this time. It will depend on how many people are over leveraged.
pearcider wrote: » No I wouldn’t. They have no earnings and are sitting on huge losses facing this recession. You only have to look at their accounts. Look at the Euro Bank Stoxx Index. The Price to a Book ratio is at an all time low even lower than back during the Lehman crisis. There is no recovery for these lads they’re zombie banks only kept alive by the ECB. The question is for how long. When the next bailout comes for the banks, will the European taxpayers accept it?
beauf wrote: » People want to believe the low paid have equal access to property, and that no one has been uneffected or even done better out of the pandemic.
fliball123 wrote: » Some people just want doom and gloom and are pretending that there is no interest in property yet there are a sh1t load of threads on here on that particular subject and this one alone has how many posts??. But no there is no interest in property at all. The fact is it is borne into an Irish person when they are born to get on the property ladder now weather that is foolhardy or something ingrained from being a nation that was colonized I don't know but I know myself and my siblings where told to get onto the property ladder asap. Now am I telling anyone to buy or sell. NO but do I think there will a price drop in the next 2 years YES but a small one if I was a betting man maybe 5-8% with 8% on anything over a mil and going down as the price gets lower, will it last long HOW KNOWS
MacronvFrugals wrote: » The ingrained want to get on the property ladder is to avoid ever having to deal with the outrageous rental market and all the cowboy landlords involved. This situation suits an awful lot of people though.
fliball123 wrote: » Yeah I am sure there is an element of that as well only thing I will say is there are as many tenants out there taking the p1ss out of landlords and the current structure (excluding the high rents of course) is tailored for tenants to screw landlords.
brisan wrote: » Speaking as an ex landlord here , and one who was hopefully considered a good one Have you ever considered why the current legislation was brought in ? What made successive Governments which consisted of some landlords as well , bring in what are considered by landlords restrictive regulations Did they wake up one day and say screw the landlords I know their own failed housing policies led them to rely too heavily on the private rental sector ,but that can’t be the main reason Surely there had to be underlying reasons why Threshold and the RTB were brought into existence in the first place ? I have my own ideas , anyone else care to comment ?
fliball123 wrote: » Don't get me wrong I believe some landlords are taking the p1ss as well. The policies put in place do nothing for landlords adhering to the rules and you will find more and more rogue landlords just not bothering to register with the ptrb and just getting cash under the table and looking at migrants and foreigners which should be sorted out. Just to flip your question and ask you one why do you think more and more private landlords are leaving the sector and have been doing so for the last 5 years or so when rents were and still currently are very high??
Assetbacked wrote: » https://www.independent.ie/business/irish/long-term-remote-working-could-be-the-ruin-of-city-centre-economies-and-fdi-39538032.html A rallying cry to not let offices die from a director of Savills! It's premium (an Indo article, premium!) so I can't actually read it.
