enricoh wrote: » Only thing keeping up property prices at the minute is the government imo. As for rents they've totally distorted the market. How long can they keep spending so much dough on housing i wonder? I know they are borrowing dough for free at the minute but surely the more you borrow the riskier you are and the more you pay?
Hubertj wrote: » https://www.irishtimes.com/business/commercial-property/hugo-boss-signs-new-10-year-lease-on-grafton-street-store-1.4456393 24% reduction. Does this essentially set a benchmark for vacant units and lease renewals in the graft on st area?
AlmightyCushion wrote: » All the people in the over 75% category are also in the over 60% category and over 50% category etc.
timmyntc wrote: » I get that - but if you sum across the 4 categories in over 25%, for EU28 you get more than 100% of population. The categories sound like they are mutually exclusive (tenant, owner, etc) but maybe they are not. I could understand if it was less than 100% (expect some people to have housing burden under 25% of income) but not over 100%?
schmittel wrote: » Figures are % of the categories rather than percentage of population. Eg 12.7% of owners with a mortgage have burden over 25% does not equal 12.7% of the population are owners with a mortgage and burden over 25%
timmyntc wrote: » Really? So ~95% of owners with loan/mortgage in this country have housing burden of less than 25%? And ~40% of renters (at market rates) have burden of less than 25% disposable income? Maybe things are better than I thought
schmittel wrote: » Hence all the comment on here. These stats are telling us that the vast majority of people are having no affordability issues re housing costs. Not exactly what we hear every day from other sources.
fliball123 wrote: » Well to be fair if you can afford to pay something and are comfortable doing it your not going to be on complaining about it. The people who can afford it are hardly going to go out and say its ok we can afford this as it might drive prices up higher. Its the cohort that are on saying they cant afford are most vocal and leads to the notion that everyone cant afford it.
schmittel wrote: » Sure that makes sense, but essentially you are saying we don't actually have an affordability problem, the whole thing is being blown out of a proportion by a minority of loud poor people! I am quite skeptical about the true extent of our "housing crisis" but not even I'm that cynical!
fliball123 wrote: » We have a housing problem (not enough houses) and judging by the stats of income vs rent and income vs mortgage ratios as well as savings ratios in the country that another poster put up it would suggest that at the current price levels we have not got an affordability problem. Are there areas in the country that the majority can not afford. Yes there are. Is this the same every other country in the world. Yes it is. Also when you do a comparison with the average and the median wage and the average house price it shows that housing is affordable
schmittel wrote: » On top of that our affordability rank is below the EU average. We spend 15.7% of our disposable income on housing, the EU average is 20%.
schmittel wrote: » Not enough houses? Really?! 70% of people live in houses that are too big for their needs. Twice the EU Average. Only 3.2pc of the Irish population were classified as living in overcrowded households in 2019 - the EU average is 17.2% Our vacancy rates are above the normal rates. In some parts of Dublin they are double. On top of that our affordability rank is below the EU average. We spend 15.7% of our disposable income on housing, the EU average is 20%. So we currently have: Very large % of people living in houses that are underoccupied. Tiny % of people living in houses that are overcrowded. A very large number of empty houses.Extremely affordable housing. Yet people say we don't have enough houses?! Can somebody please explain this to me?!
AdamD wrote: » Eh???
fliball123 wrote: To say that we are paying out over 1/3rd of what we pay in taxation on welfare and this has has nothing to do with our indebtedness is just wrong. Everyone feels it on a weekly / monthly basis on their paycheck. To be exposed to losing half of every Euro earned at a rate way lower than the norm with regards to other OCED countries and lower than the AIW is the biggest factor to people working than what you are trying to spin.
timmyntc wrote: Really? So ~95% of owners with loan/mortgage in this country have housing burden of less than 25%? And ~40% of renters (at market rates) have burden of less than 25% disposable income?
PropQueries wrote: » In the Irish Times on the 6th January, Brendan Kenny, Deputy Chief Executive of Dublin City Council stated the following: "We cannot build a unit in Dublin for €300,000, no way. The average cost is more than €400,000. The schemes we are building at the moment, the big ones in the city, the average costs are €430,000 per unit." At the moment, in Castlebar, A2 rated 119sq.m. 3 bed semi-detached houses are being advertised for €243,500. I use an A2 rated example as I think this has to be the standard going forward. There are plenty of A3 rated units currently for sale for less and much closer to Dublin. Can anyone reconcile the difference in cost in delivering similar sized A2-rated houses in Dublin given that site costs and labour costs do not appear to make up the c. €180,000 difference in costs between Dublin and the rest of the country even if the council had to pay market rates for the sites they build on, pay market level finance costs and had to make the industry standard profit margin. Link to Irish Times article here: https://www.irishtimes.com/news/ireland/irish-news/affordable-housing-subsidy-must-double-for-dublin-housing-chief-says-1.4451582 Link to the Castlebar A2-rated 3 bed semi-detached units for sale here: https://www.myhome.ie/residential/brochure/the-clydagh-carrabeag-newport-road-castlebar-co-mayo/4470500
Bass Reeves wrote: » I am not sure what a site costs in Dublin but suspect it is in the 100k+ bracket. Down in Castlebar it probably sub 30k. After that you have labour not just for the houses but higher costs involved in maintaining a business in Dublin. Actual building labour could be 60% of the Dublin price. In Castlebar the builder may directly employ 50-80% of his labour directly. For a worker or contractor building a house in Castlebar travel to and from work may involve a 15-30 minute travel time morning and evening compared to 50-90 minutes and maybe longer in Dublin. If we assume that 80k is the difference in site price there was s 10k extra in Vat Inc in the 100k difference. I imagine that levies paid to local authorities us higher in Dublin as well. You have to factor in higher professional fees in Dublin's as well from Engineers, certification and legal. Margin will alway remain a similar percentage even when costs cost is higher TBH I have expected the difference to be higher
Idbatterim wrote: » not having a property tax, is a joke! Did or do we let people in massive engine cars, driver around with as good as free motor tax... no! The home is way more emotive, they wont touch it here. it just absolutely screws over the non homeowners, remember all decision makers are homeowners, they dont even have to be landlords to want rip off prices! If you guys have time and are interested in why governments support rip off prices, take a look at this Australian documentary on the subject, it is excellent!
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