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House prices.

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Comments

  • #52
    riclad
    Registered Users, Registered Users 2 Posts: 8,184 ✭✭✭riclad


    Mortgage,s are 25 years plus, i don,t think it would make much difference if price,s declined by 10-20 per cent.
    It would reduce the amount of new house,s being built and of course it will
    put many people into negative equity .i,m not a economist so its probably
    a lot more complicated than that .
    It may could make it harder for first time buyers to get a mortgage .


  • #53
    Sarn
    Registered Users, Registered Users 2 Posts: 3,091 ✭✭✭Sarn


    Between 1996 and 2016 Ireland’s population increased by just over 30%, that’s just over a million people. That, combined with far more dual income families, has effectively pushed property out of reach of single applicants in some areas.


  • #54
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    Should a single person under 30 be able to afford a semi d in Dublin? or a one bed apartment?

    I wouldnt think it reasonable to expect a single person under 30 on the average income for that age to be buying a semi d in Dublin.


  • #55
    Mad_maxx
    Registered Users, Registered Users 2 Posts: 13,503 ✭✭✭✭Mad_maxx


    drunkmonkey wrote: »
    Mad_maxx wrote: »
    The average guard and nurse married couple are on over 100k combined

    After tax? You pay your mortgage with your nett not your gross.

    Are you a siptu union spokesperson doing an interview with RTE?

    Everyone else quotes gross when referring to salaries


  • #56
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,331 ✭✭✭✭drunkmonkey


    Mad_maxx wrote: »
    Are you a siptu union spokesperson doing an interview with RTE?

    Everyone else quotes gross when referring to salaries

    When talking about affordability I think nets the figure to use. Fine saying Guards and nurses are on 100k but that's not what's left before they pay their mortgage every month. Probably closer to 80k take out 1500pm in cresh fees, 2 cars, food and everything else needed to run a house there's not enough there to service a 500k mortgage even 350 will be a strain.


  • #57
    SozBbz
    Registered Users, Registered Users 2 Posts: 1,889 ✭✭✭SozBbz


    drunkmonkey wrote: »
    When talking about affordability I think nets the figure to use. Fine saying Guards and nurses are on 100k but that's not what's left before they pay their mortgage every month. Probably closer to 80k take out 1500pm in cresh fees, 2 cars, food and everything else needed to run a house there's not enough there to service a 500k mortgage even 350 will be a strain.

    As has already been pointed out to you, the figures used when calculating how much one can borrow are the gross salary figures, so talking net is just to confuse matters. Also, we are all subject to the same tax regime so it doesn't matter, we all know how much taxes are.

    I don't agree with your numbers, but even for arguments sake, isnt the real issue the cost of childcare rather than the cost of a house for this hypothetical couple?


  • #58
    paulieeye
    Registered Users Posts: 900 ✭✭✭paulieeye


    drunkmonkey wrote: »
    When talking about affordability I think nets the figure to use. Fine saying Guards and nurses are on 100k but that's not what's left before they pay their mortgage every month. Probably closer to 80k take out 1500pm in cresh fees, 2 cars, food and everything else needed to run a house there's not enough there to service a 500k mortgage even 350 will be a strain.

    do you understand how the mortgage rules work and what is been discussed here? the amount u can borrow is based off your gross.

    Please read this: https://www.centralbank.ie/consumer-hub/explainers/what-are-the-mortgage-measures


  • #59
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,331 ✭✭✭✭drunkmonkey


    paulieeye wrote: »
    do you understand how the mortgage rules work and what is been discussed here? the amount u can borrow is based off your gross.

    I do but I don't see what gross salary has to do with house price predictions. How did it drift onto mortgage rules.


  • #60
    Aldaniti
    Registered Users Posts: 14 ✭Aldaniti


    drunkmonkey wrote: »
    I do but I don't see what gross salary has to do with house price predictions. How did it drift onto mortgage rules.
    The amount of mortgage relative to gross salary is purely a guide to determine the maximum amount that can be borrowed.

    If you're carrying alot of expenses such as car loans then you'll have less disposable income.

    The bank will want to see that you're savings are the equivalent of the new mortgage payment.


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  • #61
    Eric Cartman
    Registered Users, Registered Users 2 Posts: 26,280 ✭✭✭✭Eric Cartman


    JJJackal wrote: »
    Should a single person under 30 be able to afford a semi d in Dublin? or a one bed apartment?

    I wouldnt think it reasonable to expect a single person under 30 on the average income for that age to be buying a semi d in Dublin.

    it was possible when our population was 30% less, 80% of households were single income and most people were popping out more kids to feed, so a generation that turned its back on all of that expects to be able to continue that for some reason....


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