Yea, the State is a big player in the housing market. A bigger player than the funds for sure.
Can you explain your thinking behind that?
I'm not having a go, just genuinely curious.
The economy is slowing down and all the talk is of a coming recession. I think people's willingness to take on huge debt might be diminishing, which will slow down prices. Just my own opinion.
People who need to buy houses, like first time buyers, still need to buy houses. Most don't have the luxury of just waiting it out.
There isn't much evidence to support that people will self-regulate their own behaviour in this regard. When it comes to essentials, people will get as much credit as they can and worry about it down the road.
I completely agree that absent this intervention, house prices were showing evidence of at least slowing growth and potentially some declines, but I think this will add more juice.
The deposit shift for existing home buyers to 10% from 20% is really material as well. I know plenty of people who previously viewed this as a major stumbling block.
A cynic might say the intervention of the central bank here is to prevent prices from falling by inviting ftbs and others to simply take on more debt, rather than allow higher interest rates to depress prices (which in a 'normal' market is what would/should happen). Rates for ftbs could rise by 2 or 3% over the next 18 months, pushing to between 5 and 6.5%. People will stretch etc, but that should definitely have a depressing effect on house prices. I suspect that policy is squarely intended to prevent that happening.
I miss Jaco's eloquent rants and fully blame the mods that we don't get them during this time of strength and stability across the water.
Rising interest rates lead to price falls in the housing market as, to put it simply, people can't afford as much of a mortgage. There are competing influences obviously, but there is an expectation for house prices to fall across Ireland and the UK (and Europe more generally).
Nothing will "solve" the housing problem other than massive building however, but that is just never going to happen for a multitude of reasons.
Yeah, obviously I understand the first piece. My point to this was that despite the lack of supply, the interest rate rises were starting to have that effect and lead to slowing growth or in some cases a decline in house prices. That momentum was stalled by this intervention by the CBI, which will likely have the effect of propping up house prices here in the short to medium term.
This point was acknowledged expressly by the CBI Governor Gabriel Maklouf in his press conference announcing the measures:
'There will be a modest effect on house prices,' he says, but says there are multitude of factors that go into house prices.
My new favourite thing to do on boards when I don't want to continue an inane discussion, is to thank their stupid incendiary reply and forget about it all
If I give you a thanks how will you interpret it…?
I was really hoping everyone would thank it and say nothing
I don't think it will wash out the interest rate influence, its just going to be too large.
It's all tinkering around the edges until society as a whole cops on and stops blocking any kind of reasonable building though.
Stripe and twitter laying off staff. I hope Ireland is not affected. What an awful year for the average person. It's likely going to be worse.
Irish Times saying Twitter staff in Dublin are affected. I'm no employment lawyer but the way they're going about it seems like it's going to get them sued.
I’ve never been a Twitter user and only see the odd witty tweet but it strikes that Twitter risks obscurity. If it just becomes a cesspool of vitriol, people will leave and advertisers will shun. It’s really an American thing to hire and fire at will. There, it’s seen as radiating power as far as I can tell.
I don't have Twitter either. No social media except whatsapp. With the world's economy crapping the bed.... what's next?
War, generally. There's loads of money in that.
Meta appear to be joining the party.
This is all fairly miserable.
Meta laying off 11k people worldwide. This had been floated but that is a truly massive cut in headcount.
Despite it's numerous imperfections Andor is probably the best produced and most iconic content Lucasfilm / Disney have put out in relation to the Star Wars franchise.
My kids don't particularly care for it but I think it's close to exceptional.
Won't get a minute to watch it until Xmas, but can't wait for it.
No midweek football this week so I watched the first 5 episodes last night. Loved it!!
As you can probably guess, I don't have kids 🤣
I thought it started slowly. The first 3 episodes could have been rolled into 1. Even the few after that we’re only okay. But it has gotten better and better with each episode since. Denise Gough has been really excellent as Dedra. At this stage it really is hitting its straps and I’m honestly excited for each new episode.
The depth it’s giving the content is superb. To be almost cheering on an antagonist (Dedra) at times because of how they’ve written her and how she’s portrayed shows that most of these aren’t one dimensional, stale and by the numbers characters. But it’s an adults show. Kids won’t get a whole lot from it in the main. I just hope they make more like this because the way it’s going right now it’s the best Star Wars content Disney have produced and right up there as one of the best since the OT.
Wasn't it the same person who made Rogue1, which for me has been the best thing they've made since Lucas sold up.
Same writer yeah. Tony Gilroy.
Saw this rte archives video pop up today.
😂
Jesus the entire World Cup debacle is so incredibly bad from one end of it to the other. I can't get my head around the sheer scale of inhumanity and corruption.
It'd be nice if people turned away from the sport in droves and the whole ****-pyramid collapsed in on itself.
Has anyone watched Gangs of London.
No is it any good? They've been pushing it on Sky and was half thinking of watching it.
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