Pssst! Houses - they're cool, and scarce....Oh Yeah!ssshhh!

Stavros Murphy · 02-02-2014 01:15PM #1

Anyone noticed that the dreaded "P" word is slowly, quietly sneaking back up the cool-wall? "Pruhperteyh - have you got yours? Will you miss the boat? Have you painted the sitting room magnolia yet?"

My own addled guess is that the old adage that the only real money is in property is pretty much true - and right now, a lot of big investors are sitting on a lot of cheap property. So, it's needs to become ok again to tell the Murphys that you're considering buying a flat in Ringsend. Or whisper to Pat down the pub that there seems to be good value to be had in Donnybrook. God knows, there's money to be a makin. Can't be having these crappy prices for much longer, dontcha know.

So, good folk of Awful Hoors, sorry, After Hours, is your foot on the ladder yet? Or are you hanging onto the bottom rung by your pinkies? Or is the bottom rung so far out of sight that you can barely see it through the flaps of your tent?

I reckon they're saddling up the horses for another ride. I hope to fcuk we don't have to follow with a shovvel again, dealing with the shyte.

Frank Lee Midere · 02-02-2014 01:16PM

That bubble has already bust.

Cee-Jay-Cee · 02-02-2014 01:17PM

Oh I'm on the ladder alright, my problem is trying to stay on the fcuking ladder!

kneemos · 02-02-2014 01:22PM

Don't get this anti property bubble bias.Who cares unless you're buying or selling which in both cased it's a good thing.

Stavros Murphy · 02-02-2014 01:22PM

But, but, there's property supplements again...TV shows that are non-ironically suggesting how to improve your house if you are selling it(no more mentions of "a can of petrol and a match", either) - there's even adds for "Mortgages"

-"Are you a millionaire? Do you not need the money? Talk to us, we can help! All you need is a 100% deposit, have a father who used to own De Beers, be able to juggle five bottles of Heineken while singing "Give me sunshine" and bingo -you're a new mortgage holder! Waay better than them old type too!"

Deffo green shoots.. I think it's great. Probably.

02-02-2014 01:25PM

Rent prices are mental and it's cheaper to buy than to rent for a lot of people.

The house next door to me rented for €1,650 and was snapped up within a week. I don't live anywhere particularly special.

I've had my foot on the property ladder for 10 years. My current mortgage will be paid when I'm 47 I think. I'm sorry I got on it when I did tbh as I'm in negative equity, ah well. My pension kicks in when I'm 50 so I'm just going to sit around in my gaf eating chips and smoking weed when that happens. Be grand.

Stavros Murphy · 02-02-2014 01:29PM

Frank Lee Midere wrote: »

That bubble has already bust.

Thank you, Father Stone.

Filibuster · 02-02-2014 01:38PM

[Deleted User] wrote: »

Rent prices are mental and it's cheaper to buy than to rent for a lot of people.

The house next door to me rented for €1,650 and was snapped up within a week. I don't live anywhere particularly special.

I've had my foot on the property ladder for 10 years. My current mortgage will be paid when I'm 47 I think. I'm sorry I got on it when I did tbh as I'm in negative equity, ah well. My pension kicks in when I'm 50 so I'm just going to sit around in my gaf eating chips and smoking weed when that happens. Be grand.

Bee's are grand hibernating this time of year too. I'm grand too.

The Backwards Man · 02-02-2014 01:39PM

I was lucky that a few deals went the right way for me, and I didn't get in over my head, so was able to get my mortgage paid off after a couple of years. Cleared my car loan last week too. Takes a hell of a lot of the pressure off every month, that's for sure.

In my parents' time only people with money went to the banks to get mortgages or car loans, and they were the wise ones. Debt is a killer. Anyone not already in it, stay the fcuk out of it.

Legs.Eleven · 02-02-2014 01:50PM

I haven't decided where I'd like to live permanently yet but when I do, I might buy.

Stavros Murphy · 02-02-2014 01:55PM

Legs.Eleven wrote: »

I haven't decided where I'd like to live permanently yet but when I do, I might buy.

So we'll put you down as a "maybe" so? Or is that tying it down too much?

Legs.Eleven · 02-02-2014 02:07PM

Stavros Murphy wrote: »

So we'll put you down as a "maybe" so? Or is that tying it down too much?

Put me down for a half dozen.

Jonkenji · 02-02-2014 02:11PM

Double dip recession

Don't we still owe like €200 billion or something, and growing?

Stavros Murphy · 02-02-2014 02:15PM

Jonkenji wrote: »

Double dip recession

Don't we still owe like €200 billion or something, and growing?

Be grand- cover them all in magnolia and beige carpet - go like hot cakes.

Muise... · 02-02-2014 02:15PM

Legs.Eleven wrote: »

I haven't decided where I'd like to live permanently yet but when I do, I might buy.

me too. A house would be nice and all - if I had the money - but where would I put it?

02-02-2014 02:16PM

and right now, a lot of big investors are sitting on a lot of cheap property.

If the only people able to buy are "investors" due to the difficult mortgage requirements at the moment, then they are likely to be left holding the baby.

The problem isn't people willing to buy, it's banks willing to lend.

Stavros Murphy · 02-02-2014 02:17PM

Muise... wrote: »

me too. A house would be nice and all - if I had the money - but where would I put it?

You could keep it in your tent - they always go up in value and don't take up much room. Bang it in behind the porta-potty.

Plates · 02-02-2014 02:21PM

Jaysus lads. How many threads on property prices are we going to have? No amount of moaning on here will halt the march of the free market.

Wabbit Ears · 02-02-2014 02:27PM

Its really already started in a big way in dublin and why wouldnt it? The government put in place absolutly zero safeguards after the last crash. There was no changes in the transparency of bids with estate agents for example, they can still make phantom bidding wars to their hearts content to completly artificailly raise the prices of houses.

But why would the governmnet put in safeguards, they want the unsustainable over-paid jobs in construction, they want high tax intake from purchases, the property bubble looked fantastic on the books and they want that back.

Stavros Murphy · 02-02-2014 02:29PM

Plates wrote: »

Jaysus lads. How many threads on property prices are we going to have? No amount of moaning on here will halt the march of the free market.

Feck that, I'm not moaning. I long to have a good old Boom. This bust shyte is dull as fcuk. I have 42 gallons of magnolia on order from B&Q and a massive brush. Bring on the rise.

Mongfinder General · 02-02-2014 02:34PM

Wabbit Ears wrote: »

Its really already started in a big way in dublin and why wouldnt it? The government put in place absolutly zero safeguards after the last crash. There was no changes in the transparency of bids with estate agents for example, they can still make phantom bidding wars to their hearts content to completly artificailly raise the prices of houses.

But why would the governmnet put in safeguards, they want the unsustainable over-paid jobs in construction, they want high tax intake from purchases, the property bubble looked fantastic on the books and they want that back.

How dare you tell the truth. The rest of us are supposed to believe that 400k for a duplex in Balbriggan is great value.

Muise... · 02-02-2014 02:34PM

Stavros Murphy wrote: »

You could keep it in your tent - they always go up in value and don't take up much room. Bang it in behind the porta-potty.

ah that's where it is! I've been looking all over my 1:1 scale model of Ireland.

hatrickpatrick · 02-02-2014 02:35PM

I'm convinced that Irish people's obsession with property is a historical ghost of the fact that in the not too distant past, we either couldn't own it or were persecuted for owning it. As such, I believe it's deeply ingrained in the Irish psyche and an economic crisis lasting a decade won't be enough to undo something with roots that are hundreds of years old.

Stavros Murphy · 02-02-2014 02:37PM

hatrickpatrick wrote: »

I'm convinced that Irish people's obsession with property is a historical ghost of the fact that in the not too distant past, we either couldn't own it or were persecuted for owning it.

God made the world, but seaweed made that field.

It runs deep.

Frank Lee Midere · 02-02-2014 02:38PM

Plates wrote: »

Jaysus lads. How many threads on property prices are we going to have? No amount of moaning on here will halt the march of the free market.

Lol. If there was a free market in property there would be 200k repossessions and prices would be 50% lower.

Muise... · 02-02-2014 02:39PM

hatrickpatrick wrote: »

I'm convinced that Irish people's obsession with property is a historical ghost of the fact that in the not too distant past, we either couldn't own it or were persecuted for owning it. As such, I believe it's deeply ingrained in the Irish psyche and an economic crisis lasting a decade won't be enough to undo something with roots that are hundreds of years old.

I don't believe in ghosts, or in using history of poverty as an excuse for contemporary greed.

anncoates · 02-02-2014 03:07PM

I don't pay much heed as I'm not buying or selling a house but it's always amusing to see a certain type of poster losing the plot at any mention of price rises.

The type of poster that wants to buy a house and is convinced that it's only a dastardly group of interfering influences that's stopping the market from being able to deliver semi detached houses in South Dublin for 500 euro forever.

kupus · 02-02-2014 03:14PM

hatrickpatrick wrote: »

I'm convinced that Irish people's obsession with property is a historical ghost of the fact that in the not too distant past, we either couldn't own it or were persecuted for owning it. As such, I believe it's deeply ingrained in the Irish psyche and an economic crisis lasting a decade won't be enough to undo something with roots that are hundreds of years old.

Bolloocks.....Its pure unadulterated greed. Nothing much else to add.

That line was sprouted out about the past and I'd love to find out where it first came from....
My bets would be ad agency, estate agent or historian who had a load of houses to offload.

Please remember in life that even the so called experts that you get in to do something wheteher its for you or your company or your country. ALL OF THEM, without fail, have some kind of angle or vested interested.

shopaholic01 · 02-02-2014 03:20PM

Buying property will always be attractive as there are no long term leases available here. If you know you are going to settle in one area it makes more sense to buy, especially if you have, or plan on having, children. Otherwise, you are at the mercy of landlords.

If people buy what they can afford, don't view their home as an investment and chose a house that will meet their needs for life it shouldn't create another false bubble.

A lot of what happened before was due to a keeping up with the Jones' mentality - people trading up to 4 or 5 bed mac mansions, when they had lived happily in their previous home for years. Hopefully we won't see a return of buying apartments as starter homes, when you really needed a family home.

ytpe2r5bxkn0c1 · 02-02-2014 03:24PM

I don't know what all this stereotyping about magnolia is supposed to signify however....

Do you realise how small a proportion of the population give a toss about property bubbles or bursts? Just contemplate for a moment just how many bought in the 1980s and 1990s alone. Mortgages for these people are mostly paid off. The value of the property is still multiples of what was paid for them. Then you have the high proportion of those still paying mortgages but can afford to do so, have no intentsions of selling and thus are not impacted by negative equity.

Then you have the quandary: do we want property prices to go up, down or stay stagnant? I own a home in negative equity and need to move, so I want values to rise. I am hoping to get on the property ladder (hate that expression) so I want prices to fall. I inherit a property so please let prices go up. I'm liuving nin my paid for house and intend staying here so i don't care anything about prices. What we want depends on where we are starting from and we must always keep in mind that we have large numbers coming from all directions on this.
The other factor is that we have always found it difficult to buy or pay for property. Its only the brief tiger years of cheap credit that changed things. 30 years ago a single person could not easily buy property. It took 2 salaries and years of saving towards a deposit before you could contemplate buying a house. Interest rates were such that at least one full salary went to servicing the mortgage.

Anyway, I suppose the point is that we are all at different stages and the rise or fall in property prices had different implications for us all.

02-02-2014 03:25PM

I can't wait to buy myself and will be doing so asap. Now is the time prices are already on the rise and I want to get in before they go up again. I will probably buy initially somewhere that I don't plan on living long term but it sure beats paying rent and protects you from price rises also.

Pssst! Houses - they're cool, and scarce....Oh Yeah!ssshhh!

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