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

There is something very interesting happening. In Dublin, the number of houses for sale has reduced to half compared to last year but the number of rents (including rooms) is now double. Layoffs effect maybe? People leaving Dublin?

Loads of new apartment schemes have been completed in the last 12 months in Dublin...maybe it's finally contributing to more availability.

Would you guys recommend First Home Scheme to a couple in their 30’s that otherwise won’t have a chance to buy without using this scheme?

anyone that bought recently using this scheme?

thank you

In a normal market you wouldn't touch with a barge pole as it brings forward demand and once it's satisfied price will fall as there is no further demand unless we go 50% shared ownership.

However we are not in a normal market and if I were you I'd be very tempted to pull the trigger as the minister was warned from every independent voice of the high risks of this scheme. If such a scheme failed there would be a strong argument from participants that the Scheme was flawed and forced upon them by a government that were advised against it.

As with every construction industry failure the negative effects will then be laid on the backs of the taxpayer

What exactly are the tax payers paying through the nose on this scheme? Much better deal for society than social housing.

Its going to create some morally terrible scenarios. Someone living in social housing, on welfare/public pension, with a medial card, renting out their room to a young person on a low enough salary.

The 'landlord' will be getting circa 1000e a month tax free from welfare, plus say 1000e tax free from renting the room if its in Dublin, plus the free medical care - worth say 100e a month. Thats 2100e net.

If the worker is earning 45k or less a year they'll come out with less than that per month in disposable income (45k p.a. gives a net income of 3k p/m, minus the 1k rent..). As their reward for working 40 hours a week, while their landlord sits at home doing nothing.

All because the government is now absolutely desperate to get any room in the country rented, at any cost.

The young are voting for left parties, so they are happy with it and want more of this.

This.

Ireland has consistently voted in parties of neo-liberals, lefties and (in some cases) out right communists and done nothing when they inevitably behave in appalling ways. After decades of this, the civil service and state bureaucracy itself is riddled with such people to the point that if, hypothetically, a centrist or even moderately right-leaning party were to be elected, it would cause near psychotic meltdowns.

Honestly, I think modern Ireland is what happens when a society has lived on easy-mode for such a long time. Unfortunately, things are starting to change, and the realities of living on a finite planet are starting to bite.

Anyways, never let it be said that turkeys don't vote for Christmas.

That explains why one house I we looked at late last year had an asking price over €100k above the exact same other houses in the estate. When asked the EA said that there was rental income of €12k a year on the shed in the back garden. We made our excuses and left.

if things continue all it will take is a few good viral sound bites about the current housing crisis, immigration etc and young voters and not so young could switch to a new party (perhaps a little bit to the so called right than we are used) over night

at present there is no real proper party for voters to switch even sinn fein seem not too bothered with housing crisis and immigration so people will probably vote for independents next time especially at the upcoming local elections

Yes...we don't even have a fake conservative party like the Tories or Mrs Melons over in Italy!

Someone looking to be paid off.

Could it be that people will vote for them because they're seen as the alternative? In the next UK election, Labor will almost certainly win through the "virtue" of not being the Tory party. Most who will vote for them are probably not Labor supporters, whatever that entails in the modern world. In other words, it's a case of voting someone out rather than voting someone in because they're perhaps better.

As it happens, I agree with your summary of SF. Ireland is run like an investment fund for the benefit of those who bought into it decades ago. Keeping it going is destroying the country's future.

sounds like appetite for longer term fixed mortgages is increasing after last couple of years of rising rates hitting certainty and pockets