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

Sisk are specialist infrastructure builders and have worked in the UK for ages. Built the recent Blackpool tram extension.

The actual builders are unlikely to be the same people as Irish house builders need

The 4 minutes was frustration with the minister saying he was implementing 75% of the commissions findings. If the minister said he and predecessors were responsible for 75% of the problems, we would be closer to the truth. But the minister has form in this regard. Agreed he went of in a tangent with 1 aspect which the listener will be no wiser

1 minute if you make a product unaffordable you price yourself out of the market and work = everybody looses

2 minutes saying developers can't get funding unless they can show a significant margin, therefore need to look at the funding model. This is a little different to saying can't make a profit

He mentioned vat was 3% when he started business now, It's 13, The cost of housing provision/services to the state is recurring not one off. Need to find a way to remove this tax from new supply and make it an annual tax amongst all households without the developers pocketing it

His views on right to housing referendum only reinforced mine. I would expect a rejection greater than the last 2 referendum. Further waste of time and money.

It's just interesting hearing it coming from a developer who could make a killing if it was introduced

100%

It's very reassuring when people are posting that houses on the market for a million euro represent value.

I'm not even going to bother with viewings anymore... cannot wait for this house of cards to collapse.

More likely a decade+

What ive noticed the last few years is that even if an older family member could be convinced to downsize, if something decent was available for them and there was enough money left over to actually be useful to them, they still dont want to go from 3 or 4 bedrooms to 1 or 2.

Because they now have children and grandchildren living far away from them and they want to have somewhere for them to stay when they come for a visit, because expecting them to pay 3 or 400 euro per night in a hotel for a family of 4 is a joke.

In fairness, its a big house on a big plot, looks well maintained, A rated 5 bed, 4 bath..lots of parking space, well finished....while I think prices for some things are crazy and you might well struggle to get the colour of that for it in a downturn ..... it does represent value for a certain buyer in the current market if you like the location etc

Especially when you see the kind of shiteholes making 750k in some places

5 more people join the game of musical chairs. One more chair is added. Things going to get interesting :)

I disagree on removing vat all that would happen is builders would rise house prices by 10%. In reality government has removed vat on new builds it called HTB. It paid directly to FTB

No point in removing vat if its going to developers margin, that why ways to prevent it should be explored.

FTB's are buying predominantly second hand homes so your 2nd point is not wholly correct. This is a measure of how distorted the new build market is

The refurbishment, HTB and shared equity are all kicking in, it time we need now to see the results

We have seen some of the results already. In your home County of Limerick we have the council paying 630k for 2 beds and 520k 1 bed for social and affordable. No private buyer would pay that

There were 5900 self build and one off homes built last year. It would appear that to afford a new home (historically this was the Ftb market) you need the site, ftb grant and possibly shared equity scheme also. This is not sustainable, government schemes have replaced jumbo mortgages of the celtic Tiger

Refurbishment grants are another high risk policy ast they pose a further risk of owners keeping property off the rental and purchase market to avail of the grant. You can't continually throw carrots at the market without effective sticks to prevent abuse

So here's my logic

• site value 300k
• cost to build 800k
• garage 50k
• landscaping, garden, groundworks etc 75k

New houses never come with land and need more money to 'finish' old houses cost the purchase price again to renovate to modern standards. I think there is a sweet spot of houses that are new enough to last about 30 to 40 years, have a lot of post build work and money put into them so once you buy your done.

Housing and cost of living the Number 1 priority..…Their own housing and cost of living

Despite the slightly increased supply in the last few weeks, all that pent up demand is sending bids crazy. Everything in Clare is going 20-25%+ over asking now. It would push you towards building but any value you are getting (And there is no guarantee there - depends who you know) is traded for the 2+ year timeframe.

Its extremely disheartening. Obviously the answer is to go for houses with lower asking prices so you can easily afford the 25% premium, but then you feel really shafted for what you get!

There's bidding on a house in Clare at the moment that has (so far) gone 35% over asking - and I think it will keep going a bit more. Pent up demand for sure (there's 5 active bidders), but part of the problem is the EA setting the "asking price" way too low. It was obvious from the get-go that it was only set to get as many people as possible to the open viewing (which worked), and that asking + 150k was the real starting point.

We're trying to move from a perfectly fine 4 bed semi-d to something a bit bigger with more space inside and out. We have what we thought was a very good budget. But there's clearly a good number of people out there with bigger ones. We're having to reset expectations.

You're right, it is extremely disheartening.