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Medium & Long Term Property Market Chat

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    #152
    Wanderer78
    Registered Users Posts: 28,805 ✭✭✭✭Wanderer78


    schmittel wrote: »
    Apologies, I’m probably as thick as mince, but I am just not following this train of conversation, so I give up!

    dont worry, none of this makes any sense anyway, but we do truly need to take our heads out of the sand, as it looks like everyone's gonna get screwed if we continue as is


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    #153
    neutral guy
    Closed Accounts Posts: 402 ✭✭neutral guy


    For those who does not follow and does not believe repossessions will start next year

    The brainwashing process trying prepare public for changes started

    Mortgage arrears mean thousands of families 'face losing their houses'

    https://www.independent.ie/business/personal-finance/property-mortgages/mortgage-arrears-mean-thousands-of-families-face-losing-their-houses-39571224.html

    The deputy governor of the Central Bank, Ed Sibley, has indicated that it should be easier for banks to repossess homes or otherwise take security on loans if the mortgage market in Ireland is to function properly again.

    https://www.independent.ie/business/personal-finance/no-single-fix-for-distressed-loans-warns-central-banks-ed-sibley-39571088.html

    Independent by my own opinion is the lobby source used to put pressure on government decisions

    Banks moving to tailored approach on payment breaks - Sibley

    https://www.rte.ie/news/business/2020/0929/1168129-sibley-on-ending-of-payment-breaks/

    This is only some from very first places and only for today

    I pretty sure public opinion creation to start repossessions started.


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    #154
    neutral guy
    Closed Accounts Posts: 402 ✭✭neutral guy


    There will enough to FG and FF tell to young SF supporters that they can not buy house because people does not pay mortgages
    And believe me SF supporters will start repossessions them self throwing non payers from them houses.
    Well known political games.


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    #155
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    schmittel wrote: »
    On airbnb, yes I agree it is possible the market/covid will sort that problem. I just expected/hoped the new government would strike whilst the iron was hot and kill it off now - don't waste a good crisis as they say.

    On demographics - it is key plank in my long term oversupply theory! I really think the government should be focussing on this - what accommodation do the young and the old need? Use tax incentives to drive development of that, and generous tax incentives to downsize - eg increased CAT thresholds/income tax reductions whatever.

    This will increase supply for those in the middle i.e families with 2.4 children. At the moment all the talk is of building 30k family homes a year for the next decade, which will end up with the wrong types of houses in the wrong places.

    I know my mother would love a small apt
    At 81 she finds a 3 bedroom extended house a bit big o manage on her own and has given up to a large extent on the garden ,so we have to do that for her
    Heating costs do not help.
    Yhere are nice apts in the area ,only problem is a lot are rentals
    If specific apts were built purely for owner occupiers over 60 with no rentals and no children allowed (except as guests) in her area then a lot of people would be interested
    Apts would be sold back to company at market price when resident moves on and sold back to tenants of the same status
    Not sure if discrimination laws would be broken though
    It would free up a lot of family homes if they were built in targeted areas


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    #156
    Ipro
    Registered Users Posts: 131 ✭✭Ipro


    brisan wrote: »
    I know my mother would love a small apt
    At 81 she finds a 3 bedroom extended house a bit big o manage on her own and has given up to a large extent on the garden ,so we have to do that for her
    Heating costs do not help.
    Yhere are nice apts in the area ,only problem is a lot are rentals
    If specific apts were built purely for owner occupiers over 60 with no rentals and no children allowed (except as guests) in her area then a lot of people would be interested
    Apts would be sold back to company at market price when resident moves on and sold back to tenants of the same status
    Not sure if discrimination laws would be broken though
    It would free up a lot of family homes if they were built in targeted areas

    Such apartment blocks already exist and work quite well. Deffinatly something worth looking into.


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    #157
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    brisan wrote: »
    I know my mother would love a small apt
    At 81 she finds a 3 bedroom extended house a bit big o manage on her own and has given up to a large extent on the garden ,so we have to do that for her
    Heating costs do not help.
    Yhere are nice apts in the area ,only problem is a lot are rentals
    If specific apts were built purely for owner occupiers over 60 with no rentals and no children allowed (except as guests) in her area then a lot of people would be interested
    Apts would be sold back to company at market price when resident moves on and sold back to tenants of the same status
    Not sure if discrimination laws would be broken though
    It would free up a lot of family homes if they were built in targeted areas

    There is a development on Pembroke road that is only for owner occupiers and over 55s I think. Pricey but good idea. https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/over-55s-only-three-bed-apartment-in-d4-for-595k-1.4103306


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    #158
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    Hubertj wrote: »
    There is a development on Pembroke road that is only for owner occupiers and over 55s I think. Pricey but good idea. https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/over-55s-only-three-bed-apartment-in-d4-for-595k-1.4103306

    600k and its 3 bed
    300k and a 2 bed and she would jump at it ,as long as maintenance fees wee kept reasonable

    7K a year maintenance fees
    Only for the rich and famous


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    #159
    Ipro
    Registered Users Posts: 131 ✭✭Ipro


    brisan wrote: »
    600k and its 3 bed
    300k and a 2 bed and she would jump at it ,as long as maintenance fees wee kept reasonable

    7K a year maintenance fees
    Only for the rich and famous

    https://www.myhome.ie/residential/brochure/6-arranmore-13-17-pembroke-road-ballsbridge-dublin-4-d04-dd73/4325063

    1 bed for €250k if it’s any help.

    Might move in myself!


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    #160
    neutral guy
    Closed Accounts Posts: 402 ✭✭neutral guy


    Ipro wrote: »
    https://www.myhome.ie/residential/brochure/6-arranmore-13-17-pembroke-road-ballsbridge-dublin-4-d04-dd73/4325063

    1 bed for €250k if it’s any help.

    Might move in myself!
    Badly looking place the kitchen just terrible.


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    #161
    awec
    Administrators Posts: 53,365 Admin ✭✭✭✭✭awec


    neutral guy wrote: »
    Badly looking place the kitchen just terrible.

    The kitchen is entirely superficial though.


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    #162
    neutral guy
    Closed Accounts Posts: 402 ✭✭neutral guy


    awec wrote: »
    The kitchen is entirely superficial though.
    Typical open prison.For parents ! For everything they did !


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    #163
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    neutral guy wrote: »
    Typical open prison.For parents ! For everything they did !

    That has to rank up there with one of the most ridiculous posts you have ever posted
    And believe me it has some serious competition
    My 80 year old mother does not want a 3 bedroom extended house with 2 bathrooms and gardens and all the work and expense that entails
    Her social life is too hectic to be doing housework and gardening
    A small 2 bed apartment with security and somewhere for the younger grandkids to spend the odd night would suit her down to the ground
    Once it was within her parish


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    #164
    neutral guy
    Closed Accounts Posts: 402 ✭✭neutral guy


    brisan wrote: »
    That has to rank up there with one of the most ridiculous posts you have ever posted
    And believe me it has some serious competition
    My 80 year old mother does not want a 3 bedroom extended house with 2 bathrooms and gardens and all the work and expense that entails
    Her social life is too hectic to be doing housework and gardening
    A small 2 bed apartment with security and somewhere for the younger grandkids to spend the odd night would suit her down to the ground
    Once it was within her parish

    We have different understandings then
    My 70 years old mother love gardening and she cant imagine dinner without home grow cucumbers/tomatoes/onions/etc
    She cant imagine live without home grow cherries and strawberies jam.
    She doesnt come to church every Sunday
    She will die in your type of property within couple of weeks.


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    #165
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    neutral guy wrote: »
    We have different understandings then
    My 70 years old mother love gardening and she cant imagine dinner without home grow cucumbers/tomatoes/onions/etc
    She cant imagine live without home grow cherries and strawberies jam.
    She doesnt come to church every Sunday
    She will die in your type of property within couple of weeks.

    That’s fine but no need to make a stupid comment referring to an apartment as an open prison. You’re not stupid so it was definitely a comment intended to elicit a reaction.


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    #166
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    brisan wrote: »
    That has to rank up there with one of the most ridiculous posts you have ever posted
    And believe me it has some serious competition
    My 80 year old mother does not want a 3 bedroom extended house with 2 bathrooms and gardens and all the work and expense that entails
    Her social life is too hectic to be doing housework and gardening
    A small 2 bed apartment with security and somewhere for the younger grandkids to spend the odd night would suit her down to the ground
    Once it was within her parish

    There is definitely an opportunity to develop this type of living for older people whether is is apartments, houses Or a mixture. Question as always will be the cost. It also provides older people the opportunity to make new friends, I know my mum was lonelier in her final years as many of her friends and sisters had passed away.


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    #167
    neutral guy
    Closed Accounts Posts: 402 ✭✭neutral guy


    Hubertj wrote: »
    That’s fine but no need to make a stupid comment referring to an apartment as an open prison. You’re not stupid so it was definitely a comment intended to elicit a reaction.
    We are speak about property here !

    Mods, I think this person said enough to my address to be banned for week.
    Time finish this permanent online bulling !


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    #168
    hometruths
    Registered Users, Subscribers Posts: 5,797 ✭✭✭hometruths


    Help to buy just got literal:
    The minister is proposing that the new scheme, which is aimed at young professionals, will impose no salary cap for those seeking to buy a new home.

    Under the scheme, a percentage of the cost of a new home will be bought by the Government. It can then be bought back later by the homeowner. They will not be required to pay back the State's stake until five years after they buy the home.

    It has yet to be decided whether homeowners will have to pay interest when buying out the State's part of the house, although a source said it would be either "low or no interest".

    To be announced in the budget apparently. What could possibly go wrong?


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    #169
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭Bubbaclaus


    neutral guy wrote: »
    We are speak about property here !

    Mods, I think this person said enough to my address to be banned for week.
    Time finish this permanent online bulling !

    Pretty clear that you are on a wind up at this point.


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    #170
    awec
    Administrators Posts: 53,365 Admin ✭✭✭✭✭awec


    schmittel wrote: »
    Help to buy just got literal:



    To be announced in the budget apparently. What could possibly go wrong?

    Almost identical to the UK scheme.

    If the state buys a percentage of the house, then as the value of the house changes so does the amount you need to pay to buy them out. So after 5 years you could end up paying back more than you borrowed if the value of the property increases.


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    #171
    hometruths
    Registered Users, Subscribers Posts: 5,797 ✭✭✭hometruths


    awec wrote: »
    Almost identical to the UK scheme.

    If the state buys a percentage of the house, then as the value of the house changes so does the amount you need to pay to buy them out. So after 5 years you could end up paying back more than you borrowed if the value of the property increases.

    Sounds fine in theory. And I presume if the price goes down you have to pay back less?


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    #172
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    schmittel wrote: »
    Sounds fine in theory. And I presume if the price goes down you have to pay back less?

    this would be my concern. I would have thought it would be a fixed amount pegged to inflation or some boll*x like that? Protects the tax payers investment?


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    #173
    awec
    Administrators Posts: 53,365 Admin ✭✭✭✭✭awec


    schmittel wrote: »
    Sounds fine in theory. And I presume if the price goes down you have to pay back less?

    Yea that's the way it works in the UK.

    The UK scheme is essentially they'll buy up to 20% of your house. You pay no interest on this for 5 years, but after 5 years you pay interest on the money they gave you. You do not have to pay back any capital.

    You pay back the 20% of the value when you either sell the house or finish paying the mortgage. The 20% is based on the value of the house, so if the value increases the amount you have to pay increases, and vice versa.


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    #174
    hometruths
    Registered Users, Subscribers Posts: 5,797 ✭✭✭hometruths


    awec wrote: »
    Yea that's the way it works in the UK. It's not a loan or a grant where you pay back the amount they give you with interest, rather they become a co-owner of the property and you have to buy out their percentage.

    I predict this will be a disaster whether prices rise or fall.


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    #175
    awec
    Administrators Posts: 53,365 Admin ✭✭✭✭✭awec


    schmittel wrote: »
    I predict this will be a disaster whether prices rise or fall.

    I updated my post as it was a bit misleading.


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    #176
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    awec wrote: »
    I updated my post as it was a bit misleading.

    how long has the scheme been operating in the UK do you know? Is it working?

    I don't whether its a good idea or not but would be good to compare with an actual working scheme


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    #177
    awec
    Administrators Posts: 53,365 Admin ✭✭✭✭✭awec


    Hubertj wrote: »
    how long has the scheme been operating in the UK do you know? Is it working?

    I don't whether its a good idea or not but would be good to compare with an actual working scheme

    Was introduced in 2013 I think. It was supposed to finish this year, but they extended it.

    Note when I said UK, it's actually only available in England. The UK actually has numerous different HTB options.


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    #178
    hometruths
    Registered Users, Subscribers Posts: 5,797 ✭✭✭hometruths


    Hubertj wrote: »
    this would be my concern. I would have thought it would be a fixed amount pegged to inflation or some boll*x like that? Protects the tax payers investment?

    i agree - but I suppose if the government is hell bent on policies designed to push prices higher they might as well have a vested interest.


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    #179
    awec
    Administrators Posts: 53,365 Admin ✭✭✭✭✭awec


    schmittel wrote: »
    i agree - but I suppose if the government is hell bent on policies designed to push prices higher they might as well have a vested interest.

    The interest you pay each month (after year 5) increases every year by 1% + RPI.


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    #180
    hometruths
    Registered Users, Subscribers Posts: 5,797 ✭✭✭hometruths


    Hubertj wrote: »
    how long has the scheme been operating in the UK do you know? Is it working?

    I don't whether its a good idea or not but would be good to compare with an actual working scheme

    from what I have read about the UK, the biggest beneficiaries were the housebuilders, predictably enough.


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    #181
    hometruths
    Registered Users, Subscribers Posts: 5,797 ✭✭✭hometruths


    awec wrote: »
    The interest you pay each month (after year 5) increases every year by 1% + RPI.

    I didn't know that. I presume it is capped at some level?

    Is this UK or have you seen this idea floated from an Irish source?


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