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

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Comments

  • Registered Users, Registered Users 2 Posts: 2,916 ✭✭✭PommieBast


    It was never spelled out to them. At least not until after polling day.



  • Registered Users, Registered Users 2 Posts: 3,619 ✭✭✭Timing belt


    how can you possibly say that…it was a labour government who’s belief for over 100 years is more tax to pay for an increase in public spending. Its not something that needs to be spelled out.



  • Registered Users, Registered Users 2 Posts: 2,916 ✭✭✭PommieBast


    Only two things was the pledge not to increase Income Tax, NI, VAT, GCT, or Corporation Tax; and shoving VAT+Corpo onto private school fees. No doubt whatsoever in my own mind that taxes would go up regardless of who wins, but Labour were clearly trying to shy away from their tax&spend reputation. And I've long given up on the idea that British voters as a collective think long-term.

    Anyway, back on topic before the mods get woken up..



  • Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭Villa05


    I'm a labour voter and one of there policies is a huge contributer to why your taxes are falling. Free third level education brought the Celtic tiger economy zooming up the value chain leading to record tax receipts

    Do you think FFG squandering your taxes to the tune of upto 40/50% per unit to provide a unit of housing to one private citizen when we are on record wages will help reduce your taxes

    It is astonishing that our best, brightest and consequently our best paid are unable to see this, maybe they are too busy to give it 5 minutes thought.

    Everytime labour have been in government, the country has been in a much better position financially, economically and sustainably than when they took over.

    Additionally when tough decisions need to be made, they did it regardless of whether it damaged the party

    In the UK, Years of conservatives privatising public services has resulted in investment funds asset stripping, loading with debt, collect the bill payments with little investment in infrastructure meaning services are no longer fit for purpose. Continue untill taxpayer bailout is required

    Which is more damaging for taxpayers?



  • Registered Users, Registered Users 2 Posts: 2,916 ✭✭✭PommieBast




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  • Registered Users, Registered Users 2 Posts: 2,431 ✭✭✭combat14


    serious wobbles in stock market at moment with japan seeing biggest drops since 1987 and likes of warren buffett offloading huge portion of apple to build 277 billion dollar cash war chest

    oil at 7 month lows despite major war brewing in middle east

    wonder will see more ecb interest rate drops to help drive more property prices rising here



  • Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭Villa05


    Looks like yen carry trade unwinding, cutting rates in the west would accelerate the sell off



  • Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭Villa05


    VIX (fear guage) up 170%



  • Registered Users, Registered Users 2 Posts: 1,451 ✭✭✭herbalplants


    "The Irish Examiner has spoken to several housebuyers, all of whom dealt with the same West Dublin estate agent, and who were all subjects of a lengthy sales process after going ‘sale agreed’, before discovering that the property had either been sold or promised to another party.

    Each of the buyers in question paid deposits of several thousand euros to secure the sales.

    One 25-year-old new mother and her partner went ‘sale agreed’ on a house in Dublin in December 2022 with the estate agent. Finally, in July 2023, the woman discovered that the house had already been sold to someone else."

    Oh where are all the sicko fans who will say EAs are pillar of the society who go by the rules and God forbid they won't be liars and cheaters.

    Remember the shills only get paid when you react to them.



  • Registered Users, Registered Users 2 Posts: 4,121 ✭✭✭RichardAnd


    This is going to keep happening as long as there are no consequences for this kind of behaviour. I don't know whether this qualifies as illegal behaviour, but it is ethically bankrupt. Keeping your word and honouring an agreement should be fundamental to doing business, and in most cases they are.

    However, it should be noted that the property owner is at fault here too. The houses would not have gone sale-agreed without the owner's agreeing to sell his/her property to the potential buyer.



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  • Registered Users, Registered Users 2 Posts: 1,583 ✭✭✭DataDude


    There are over 15,000 estate agents in Ireland. I don’t think anyone has suggested all of them are perfect, moral people. The conversations I’ve seen on this thread have always just said they’re probably not all systematically being crooked.

    Like any job - doctors, nurses, plumbers, electricians. Some will be good. Some will be bad. Some will be downright criminals. The vast majority will be somewhere in the middle.



  • Registered Users, Registered Users 2 Posts: 1,045 ✭✭✭MacronvFrugals


    I bought in the last couple of months, believe it or not the estate agent didnt pass our €10,000 higher bid to the sellers. Suspecting something was up I knocked down to the sellers myself and they informed me that the estate agent said "the people viewing over the weekend were not interested so you might aswell just accept the only bid available".

    Despite me having email proof of the €10,000 higher bid. Needless to say they fired the EA on the spot and went with us.

    This EA is fairly popular in the Dublin market, whatever about trying to scam buyers but ripping off sellers is fairly unbelievable.



  • Registered Users, Registered Users 2 Posts: 1,451 ✭✭✭herbalplants


    No doubt at all.

    Wonder was it Gallagher quickly?

    Congrats on your buy, I am sure you are happy to be done with the game playing.

    Remember the shills only get paid when you react to them.



  • Registered Users, Registered Users 2 Posts: 1,045 ✭✭✭MacronvFrugals


    It wasnt that EA no.

    Thanks very much :) and yes its one of the most stressful experiences i've ever had, delighted to be done with unscrupulous EA's.

    It's a long road and we lost out on another house which was probate despite having a higher bid under slightly weird circumstances where you can't just knock down to the house because nobody lives there.

    The EA pressuring the sellers to accept an offer on Sunday despite us viewing it on Saturday and informing them we would be bidding, after the sellers wanted to wait until Monday to see if any other offers came in the EA hilariously said " you'd only be beating a drum thats already been beaten".

    A friend of my family is also an EA and she put it well by saying "there is pressure from every corner, family, friends neighbours to tip the scale in somebodies favour, especially in this tough market."



  • Registered Users, Registered Users 2 Posts: 2,431 ✭✭✭combat14


    its summer time perhaps the EA want to wrap things up and get their summer commission - chances are the price is already tens of thousands above the asking price



  • Registered Users, Registered Users 2 Posts: 1,045 ✭✭✭MacronvFrugals


    It was exactly at asking price, not a euro more. The EA continued to say we never bid despite us having and showing the sellers proof. Granted it is good to give people the benefit of the doubt but in this case unfortunately they were crooks in my opinion.



  • Registered Users, Registered Users 2 Posts: 4,418 ✭✭✭arctictree


    Sure we even had an EA refuse to pass on a 1K higher bid and were accused of 'trying to be smart'. More like the EA trying to be lazy.



  • Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭Villa05




  • Registered Users, Registered Users 2 Posts: 5,618 ✭✭✭Padre_Pio


    Every single policy is designed to inflate prices of houses or rent.

    Every single one.

    Is there any policy to decrease VAT? Stamp duty? Planning fees?

    Is there f*ck.

    House prices are a sacred cow that has to get fatter and the government have no bother throwing money to grow the problem more.



  • Posts: 14,708 ✭✭✭✭ [Deleted User]


    What effect would those decreases have on property prices? If demand continued to outstrip supply, I’m struggling to see what effect those reductions would have on prices. Reduction is stamp duty would mean buyers could bid more, the other decreases would improve the bottom line for developers.

    Post edited by [Deleted User] on


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  • Registered Users, Subscribers, Registered Users 2 Posts: 6,673 ✭✭✭hometruths


    So it appears that private landlords are not exiting the market in droves as has been the narrative. Quite the opposite in fact according to the RTB:

    The figures, published on Thursday by the Residential Tenancies Board (RTB), suggest a contrary picture to the view that private landlords are leaving the market and do not appear to be explained by a burgeoning build-to-rent sector.

    The number of registered private landlords has gone from 96,702 at the end of June of last year, to 103,035 at the end of March of this year, according to the new RTB data. That is an increase of 6.5 per cent.

    The idea that they were abandoning the sector en masse never really stood up to scrutiny in the first place, but it is good to see data that confirms it nonetheless.

    https://www.irishtimes.com/ireland/housing-planning/2024/08/08/landlords-with-more-than-100-properties-now-own-22-of-dublin-rentals/



  • Registered Users, Registered Users 2 Posts: 5,618 ✭✭✭Padre_Pio


    I wonder is that related to the rent relief and tenants petitioning their landlords to become legit.



  • Registered Users, Registered Users 2 Posts: 4,121 ✭✭✭RichardAnd


    Yes indeed, and if anyone thinks that SF, Labour or any other champagne socialists or assorted lunatics would do anything differently, I have a sack of magic beans to sell them.

    Prices will not fall until the day comes when the state cannot do anything to inflate the market.



  • Posts: 14,708 ✭✭✭✭ [Deleted User]


    Or, it could be that compliance is increasing, more unregistered properties are being registered. Also worth noting that though registrations have increased, so have the number of properties rented by owners of 100+ units, think it was almost 10%.



  • Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭Villa05


    Plus the obvious action is to sell your property that got trapped on low rents in rpz and buy a different one where you can charge market rents. The state has a scheme to buy properties where the tenant has been served notice and where the Tenant can buy the property they qualify for the first home scheme

    Another government action that raises both rents and prices. Taxpayers money should be focused on removing barriers to/ and creating new supply



  • Registered Users, Subscribers, Registered Users 2 Posts: 6,673 ✭✭✭hometruths


    Sure but if numbers are explained by an increase in compliance, it still contradicts the narrative that private landlords were leaving the market in droves.

    If it is compliance related, the true narrative should have been that private landlords were not complying in their droves, but that is obviously politically unhelpful.



  • Posts: 14,708 ✭✭✭✭ [Deleted User]


    That really depends on the numbers of both those who are leaving, and those who are newly compliant.

    The stats seem at odds with the low number of BTL mortgages being approved by banks, and the stats on tenant terminations due to LLs selling, and the number of former rentals EAs say they are selling.

    I suppose there are lies, damned lies, and statistics, we may not be getting an accurate picture from either side. But if the lack of rental properties which have been available is an indication of a shrinking market, it is hard to reconcile those increases as being other than institutional investors bringing new developments into the martket.



  • Posts: 0 [Deleted User]


    Its both - they're leaving in droves and the ones that are left are under pressure to register due to the tax credit



  • Posts: 14,708 ✭✭✭✭ [Deleted User]


    that’s what I suspect as tenants’ demand to be able to get reliefs that require registration.



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  • Registered Users, Subscribers, Registered Users 2 Posts: 6,673 ✭✭✭hometruths


    Both sales transaction volumes and stock advertised are historically low, so if LLs are selling up en masse and EAs are selling vast quantities of ex rentals where is all this stock being sold?

    Whatever way you look at it if registered private landlords have increased by 6% this is not a market characterised by private landlords fleeing the market.

    Trying to argue otherwise is just yet another example of trying to make the narrative fit the data.



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