Irish Property Market chat II - *read mod note post #1 before posting*

The squeezed middle are ready to burst. I actually agree those in the middle pay for everything.

From my straw man poll with people in my social and work environment people are becoming very frustrated at how they are being treated in terms of income taxes they pay and the overall everyday costs they must cover without any State assistance.

Dublin property if far more affordable than London. If you cap your search at 400k max you’re still left with half the search results for Dublin.

problem is most are apartments, in “poor people’s areas”, or need a little DIY. The “housing crisis” (talking about buying) is largely an entitlement crisis. Unlike rents, that’s a genuine issue.

an entitlement crisis lol!

Prices have to fall or people won't be getting mortgages it's as simple as that. The 4x LTV max is all well in good but when your getting stress tested at 6 or 7% banks will be slow to give these loans out.

Definitely, not long until mortgage interest relief is brought back to keep demand high.

That's what was unveiled in England last November, it was reduced from 8 months in arrears to 2 months in arrears then you qualify for mortgage interest relief.

At this stage, I think we need to throw away the idea that those in power are stupid. Whilst there are certainly horrifyingly incompetent people in the government and state bureaucracy, what they are doing, to me, can only be explained by ascribing it to overall malicious and sinister intent. The state serves the ends of globalism, and globalism wants more growth.

Honestly, it's not just housing that is in crisis. Virtually all social systems are in decline due to an excess of demand. I don't see any good ending for any of this.

Interesting developments in Mallow,

The state is providing rapid build housing for refugees from Ukraine. Apparently the units have a 60 year life span. Would be interesting to see the cost per unit.

Appears to have progressed so quickly that locals were not consulted

Hopefully these will be a huge success and that the those increasing the price of concrete blocks/products are taking notes

Its comical Gabriel Makhlouf ie the guy who the ECB recommended Ireland not appoint is at home raising LTI limits (lifting demand) while simultaneously wanting more ECB rate rises (dampening demand).

Affordability appears to be there main issue, so current policy of driving up prices to "ahem" increase supply is falling short

I dont know how their mind works at all but they paid 800k for a 4 bed house that was falling down near my Dads house about a year and a half ago. It was boarded up for a while. It will be over €1m spent on buying and doing up that house before they are finished. There were loads of other 4 beds for sale at the time in towns less than 10 mins drive away for half that price. I think they have a target amount to spend and they dont care about value or number of houses they get for it.

Can someone tell me why we are stilling building so many 3/4 bed semi-detached? Surely terraced housing is cheaper and quicker to build?

So I was just on the phone to the management company of the apartment im selling to make sure my management fees are up to date and get stuff like fobs and keys in order etc. Had a very interesting conversation when i told him i wanted to get the fees in order as I was selling. There are over 150 apartments in the development. He told me that the council have so far bought 22 apartments over the last few years. Every one of them are former landlords who were selling up. I asked him about the other 2 i saw for sale as well as my own. Landlords selling too he said. Then he told me that the council had at least another 18 apartments leased and he knows because he is the one who has to call the owners of those apartments about the anti social behaviour of those tenants and then gets told to talk to the council, who wont talk to him. He said that he doesnt know how many others are rented by the council, he only finds out the ones that are if there is trouble. But of the owners who he has had to contact about their tenants, they (all of them) said they are selling as soon as their leases are up with the council too.

So glad we decided to sell up already after that conversation.

Are you sure about that, 60 years would easily be the lifetime of the mortgage holders given the current ftb average age.

Mortgage holder/owner would also be more incentivised take care of it to maximise its life

Many pernament houses are stripped and renovated in a 60 year cycle, possibly more than once. Getting a new modular may be cheaper and quicker, whereas the old modular could be up/recycled