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

Modular homes wont get planning permission at scale. They wont be built in large towns and cities, where homes are needed. Because they wont get planning permission.

A landlord doesnt need to sell their property. They can hold it. Its not a zero sum game.

And every home a landlord removes from the rental market is one less home available to a growing population.

The repercussion is increased homelessness.

We need Landlords to stay in the market, especially when the govt buids f**k all social homes themselves.

There is effectivley no supply of rental property other than what is delivered by the private landlord.

If the govt actually built their own properties we could get tough on landlords.

But they don't. So we can't.

Asking prices are often guide price. I find given how long Ive been looking I can tell fairly easily now if something is priced low to get bidders in. I still personally would not do 50k jump bid as its not in me but I have been bidding on plenty of houses where I wish I had given where price ended up. Also if it is a house with lots of bidders it is likely a good few will pay what its worth but to decide who gets it means someone usually has to pay that bit more. Look at recent stats on volume and value of first time buyer mortgages...way up over last year despite rate rises. All chasing little supply and running away from high rents. Prices remain strong as result with exception of doer uppers maybe

Modular is not cost competitive in this country - unless its timber framed modular which do not last in this climate.

The maintenance costs will increase and increase over time - but thats a problem for 40 years from now so nobody cares

Indeed.

Another headwind that the resi sector faces.

Some people continie to believe thst SF will just magically move through the gears and enable construction of 60k+ homes from year 1 onwards.

It isnt going to happen and how sorry the youth will be when they realise they have gained no extra homes and have lost good job opportunities at home to boot.

As SF go after the multinationals and highearners with increased taxation and the targeted groups just move country.

Net result is fewer homes and fewer good employment prospects for everyone, including the 20 somethings.

Do you have any examples where modular homes have been built at scale in Dublin or other high price areas?

Horsecrap about the planning our state effectively controls this and local authorities can be told to do what they are told. Anyone locally objecting should have a CPO put on their property to put some manners on them. It is a zero sum game if a landlord is not making a profit on rent they are hardly going to hold on to an asset where prices are actually starting to drop? Doesn't seem like the brightest idea to me but who knows I reckon a lot will be cashing in so if a landlord sells their property then someone buys it so zero sum as one person loses a place to live and someone gains a place to live. Put in vacant property tax and it will force the landlord to rent. So no incentivization for them put a tax on their place if its vacant so they either rent or buy we should not be giving tax payers money to any individual who is rich enough to own 2 or more properties..

hang on one person moves out and another moves in regardless of being on any list its a zero sum game. Someone had 2 properties they now have 1 and someone else had no property or a partial space in a property and now they have one. Giving landlords a tax break is absolutely bananas in the current situation. As I say if they have a vacant property tax at 10% they have to use it or lose it. Time is up on people hoarding critical infrastructure. Stick needs to be sharpened the carrots have been well and truly eaten

We went 30k over in our final bid. We'd been looking for about 4 years. The time and money wasted over those 4 years is probably over 30k.

Both cases were not in receipt of any state housing assistance

In both cases rent significantly below current market rent as LL's caught in the rent freeze

Income limits for a couple circa 60k net p/a

Scheme is open to tennants not in receipt of state assistance and to persons not on social housing list

Having and declaring savings inadvisable for qualification

The CIF can go and do one buying a house is already too expensive when you take all the costs involved. Why don't they look at all of their members take home pay for the last year and tax it at another 10% to fund infrastructure phucking pricks. Call it a gougy mc gougerson tax

I think you are right that the prices are near the top of the cycle, but the controls over rental property from the govt are the driving force in landlords getting out of the game.

The eviction ban was the final straw for many.

Rent returns have never been better. If you own a 1 bed apartment in a basic part of Dublin, you can still easily get 1800 or 1900 a month for it.

Plenty of 2 bed apartments in decent areas ( not top end areas) going for 2.5k a month.

The rental income is so high that landlords shoud be falling over themselves to get into the game and yet the exacty opposite is happening!

Why is that happening?

Because the govt shafts landlords at every turn and it is now paying the penalty for that approach.

One example: It can take years to get a non paying tenant out of your home. It should take 6 months tops.

I didnt say it was a sustainable model for couples in their 30s to stay living with parents. I said that when the couple buy a home, they generally dont leave a vacant property behind them.

To answer your question, the tax break for landlords is simply to encourage them to stay in the market.

If there are 50000 homes to rent in Dublin and the demand is 70000 potential renters, the last thing we want to do is drive 50% of those landlords out of the market.

If we do, the 25000 homes no longer available to rent will push up prices for those 70000 folks looking to rent.

Of the 25000 homes taken out of the rental market, lets say 5000 remain unoccupied.

Landlord renovates etc or just leaves the property idle until the market becomes more favourable for landlords again.

Another 5000 are bought by investment funds or big business to house visiting global staff. They do not return to the public rental market.

10000 are sold to private buyers who do live in the home, but many of them moved into ireland from abroad to take up a job or moved out of their parents/shared accom - in other words, they have not left a property in ireland empty.

5000 of the homes are re-let and back on the rental market.

So we have gone from 50k homes to rent, against a demand of 70k renters, to availability of 30k homes to rent, against demand of 70k renters.

Thats why we need to incentivise landlords to stay in the market.

To protect the renters.

Bidding started low. In the end we looked at what we could afford and went all in. We had to borrow from family to get it over the line but after 4 years it's done.

Looks like it's all taking off again. How disheartening.