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

Read it again.

To quote myself "There's probably a hundred acres"

And there is over 140 acres according to the report.

No need to get emotional.

In the college I am attending as a mature student. They did a survey of first year students this year, how many planned on emigrating when they graduate? 69%/70% stated they planned on emigrating. That's simply shocking is that becomes an annual trend.

That doesn't excuse the previous two decades of vacancy and dereliction

A further reminder to read the mod note in post 1 before posting.

Lily announced new plant in Limerick in Jan 22. I'm sure it was known before that. They just started recruiting for days only for 18 months. I would assume they go 24hr after that as the technology in the plant is state of the art. That's alot of notice to get the required housing and build up your rental market. Rinse and repeat for Edwards Lifesiences, Northern Trust, Regeneron plus expansions at most of the other Limerick based multinationals

The REA reported that 60% of home sales in Limerick city and 40% of sales in the county were from landlords exiting the market in first qtr 24 (source: Limerick Post)

The LDA (set up 2018) is sitting on state owned city centre land capable of delivering 2k units

The state has been the beneficiary of ever increasing unexpected corporate tax since 2016

The state began this cycle as the largest land and property owner in the world with the state in significant oversupply

The planning system governed by the state is dysfunctional and in many cases used as a land price appreciation tool and in other cases used as an extortion tool for Fine Gael party members

Any delays or distortions are self inflicted by state apparatus. What we are doing is akin to Ukraine taking out oil refineries in Russia or Russia taking out port and energy infrastructure in Ukraine.

We are attacking our own economy by denying it the necessary resources to function

innovation in Uk mortgage market - perhaps we could do with a bit of the same here to keep our bubble rising

https://www.independent.co.uk/news/uk/home-news/santander-interest-only-mortgages-bank-b2524155.html

Its pretty grim reading overall for anyone looking to buy in the short/medium-term. Continual increases in price, continual decrease of the stock of properties for sale, and no increase in housing completions to anywhere near the required levels.

With the still consistent large yearly population increases ongoing too on top its hard to see anything changing hugely in the market within the next 2-3 years anyway.

This is very true.

A crude comparison, but we have supercharged the employment sector (which is a good thing) without developing housing stock to partner that growth in wages and employee numbers.

In the same way a gym goer that only works on their upper body and bulks up heavily experiences back pain from under developed legs, abs and back muscles, the state is in a prolonged period of growing pains, which can only be resolved by aligning the size of the economy and housing/infrastructure.

Until then, we are going to suffer societal growing pains for the forseeable.

In fairness, a survey of first year students in a college isn't really a statistic that blows anything the poster said out of the water.

They gave an example of people emigrating and it being for a few years, and they come back home. Your reply doesn't really deal with that.

Also- "plan to". You honestly believe 70% of these people surveyed will actually emigrate? If that were the case we'd have levels higher than the 50s and 60s.

I know plenty who have gone abroad for a year or 3 for the experience, out of choice.

Even in 2012 when there was no public sector recruitment, and virtually no graduate roles in the private sector here, 50,000 Irish people emigrated. I'd count that as necessity.

Now, there's apprenticeships, public sector recruitment of all sorts, private sector roles and plenty of employment. People have the choice to emigrate for lifestyle reasons or can choose to work here. Often, they're moving to places for a few years, places with equally bad housing problems.

Find it quite cringey some Instagram posts etc people almost linking themselves to those on the famine ships, or moving from rural Ireland to even England in the 50s which at the time was very far away and they stayed there for life.

The emigration today we see with the current employment prospects in this country, is not the same. Fair play to anyone going btw, I'm just saying, it's driven by different factors altogether.

Are there many people out their with <50% LTV and a BER of B3 or above?

I assumed most with green mortgages are new builds and FTBs

And for second time buyers, are there many who sell an older house to buy new? In my (limited) experience overwhelmingly FTBs for new builds because either location or garden space is quite limited