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

500k property, interest over 30 or 35 years... yes, a million euro... after tax...

There is a mortgage calculator there... also no 3000 a year management fee... no bin charges... like I said, a one million. Euro benefit...

Yeah, it can't be ignored... people need to do the maths...

Ok so one of your big solutions is live in your parents garden until they die and give you an inheritance.

What if there's more than one young adult in this family? What if the person living the high life in Mammy and Daddy's back garden gets into a relationship, does the partner now live in the garden as well? There's no planning for a family in this scenario.

Just live off someone else's (parents wealth) til they die and give you a house. Not much of an adult life.

You do realise that not everyone in the country lives in Dublin? What about the people who are originally from Cavan, Sligo, Roscommon, Tipperary who work in Dublin and are now being brought back to the office on a more regular basis?

Some people do have to rent. Majority of people can't (illegally) just erect a garden room in their parents back garden and be grand there waiting for them to die to get an inheritance.

Can you leave your couple of mates out of this who are, in my opinion, still sponging off their parents as adults. They are not the many, they are the few.

Yes there are plenty doing this too, it's not ideal and distorts the market, often increasing prices.

A lot are giving "early inheritance" eg parents have 2 children, one bought a house years ago, other gets 30k from the parents for a deposit now, written into the new will that the first child gets 30k more from the sale of the house. You're all for inheritance being a solution so you should be fine with this.

It doesn't change the fact that your mates getting their parents to give up a part of their garden so they can illegally live there rent free is sponging.

I didn’t disagree with it in my post, never called it sponging, the other post insinuated that.
All I said was it’s not ideal for house prices or really for FTB’s and it distorts the market between those with parents willing and able to provide a large lump sum opposed to those who don’t have it and have scrimped and saved to get their deposit.
Myself and my partner received no gift or inheritance from either of our parents. It was offered from her side but I preferred that we stick to our means and what we could afford with our savings.

It's a fine looking house in a great location. I guess a million is the new 800k…

Anyone who is waiting for a reversal of prices would do well to just buy something. I don't think this is stopping any time soon.

I actually do not believe most care about homelessness. Well they care, but whilst normalisation is part of it, I think the real factor is that it was the tip of the iceberg for a broader societal issue. It was immediate and in plain site and people could manifest their own unhappiness with their housing situation.

Since 2020, first time buyers accelerated. So whilst homelessness got worse, it wasn’t as big an issue.

I think when we look back at 2020 it will be determined that it was the perfect point in time for housing to be the issue. As mentioned, the generation most screwed over by the global financial crisis and housing were all reaching or already in their 30s. In 2020 housing still seemed an impossibility. I don’t believe that is the case anymore, although I accept there remains a lot of anger out there on it which motivates some voters. Just not as many as 2020.

😂 True he lives around the corner 😂

Very true, yet people object to schemes like HtB, which helps young people bridge that affordability gap and start the process of "building a life" for themselves.

Dont give up the ghost QT and I hope it works out for you.

Are you able to avail of Help To Buy, to bridge the deposit gap?

Can you commute to work from a little further afield, where prices may be cheaper than the area you are currently in?

Once you are on the property ladder, you have leverage to trade up in the future; so dont look at the first purchase as being your last, but more of a starter home & then a stepping stone to the next property.

2.5k rent is picking an extreme figure to suit your narrative, though.

The median national rent in 2024 was €1,612 for new tenants, €1,391 for existing tenants. Which given your 3.1k net income would allow for 1500e-1700e income left over - far far above the 204e a week someone living in social housing on JSA would have to live on.

And that also completely ignores the fact that someone on €45k in employment will have their income going up every year as they get promoted / more senior, within a few years the income gap will be even larger.

And its also completely ignoring the 10+ year wait for a social housing unit, to even get into that position.

Again, the stats are really clear - we have very few long term unemployed people in Ireland. Which would suggest in the real world its not actually that cushy a lifestyle. As would the fact that the people who claim "sure you'd be better off not working" are in fact not doing exactly that.

Yes, my point above is that the issue is skewed by the cost of housing, which is obviously higher in Dublin.

Average rents in Dublin are 2.1k pm, so a renter working on 45k & taking home 3.1k is really no better off than someone paying 120 euro a month for subsidised rents.

Dont forget that if the person on Subsidised Rents is not working, or is only working part time, they have the huge added advantage of free time.

Time is money.

Factor that into an hourly rate, and very quickly the part time worker/unemployed person living in the same apartment block as a full time worker on 45k, arguably has the better deal.

Also, an average worker on 45k probably wouldnt pass the stress test to rent an average property in Dublin anyway.

That says it all.

If you can't understand my post that's on you not me. Other posters have and they have clicked on the thanks button.