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

AIB August Property Report has a different tune than before:

"The last time prices fell for this length of time was late 2011"

"Looking ahead, the rising interest rates environment will likely continue to act as a headwind to homebuyer activity and exert some further downward pressure on prices"

The report states that we need 30,000 units per year of new homes that we are meeting. I thought that went up? They do say that there is a backlog and that's why it isn't enough right now.

I would say that scenario is comparatively rare in practice.

Well at least the tenants get to keep their home.

+1

Every rental I've ever lived in had 0 spare rooms. When renting, leaving a room empty costs you money, almost always look for someone to fill. And on top of that, privately rented student homes typically had 2 beds in most bedrooms - when landlords sell a student rental the occupancy rates plummet in comparison

This situation is arguably the norm. Given the current rental prices its far cheaper to rent a room. Realistically it's very hard for most people to rent their own place and then buy. The cost versus income doesn't make financial sense. People will rent a room just to save money to get a deposit.

A lot of house shares these days have more in common with bed sits especially in situations where house mates don't have pre existing relationships/friendships. Basically people rent a room and aside from that you just have the bare minimum of a common room and kitchen. Every other room will be converted into a bedroom. They are just bedsits under a different name.

However when landlords renting these places sell to an owner occupier, the owner occupier will not tolerate the previous occupancy levels unless they are financially desperate. So while these house shares are not ideal what's even worse for the rental market is these houses being sold.

Sayonara

For me the difference is that no tenant will treat your own house with the same care that you do. It would bug me to see someone being messy or careless with appliances and furniture, so there's no chance of renting out rooms to anyone, even if i knew we would get on well.

In a rental, no one in the house really cares if the floors get scratched, or someone puts a hole in the couch,

Ye but I'd argue a lot of people are clueless about the reality of house shares in the current market. We've seen some of this on the thread when it comes to the numbers of people in rented accommodation versus owner occupied.

There are more practical issues as well, unless it's a council owned house, I imagine it would be hard to convince existing landlords and tenants to take some one from the social housing list. When you put a group of random people in a house living together interpersonal relations can be hard at the best of times. If there are issues with the person/people from the council it would just add another layer of complication on an already delicate situation.

In terms of using council houses for house shares it's a good idea in the short-term. But its short-term, the reality is that house shares are not really suitable for the long term. Even if that's the reality for a lot of people now unfortunately. I imagine there would be significant push back against this idea politically. The council would also have to get involved in situations where house mates fell out. I doubt they want to deal with this hassle.

I don't think bonkers has up to date figures. I could be wrong. Anyone with a current offer like to share the rate?

Need to be borrowing more than 250k to avail of the 3.95 for 4 years with BOI.

I'd presume most Dublin FTB would be.

No cashback deal on it either.