Cuckoo fund buying 229 in Shackleton Park Lucan

You live in a capitalist country. If something is for sale, whoever offers the most will buy it.

unkel wrote: »

You live in a capitalist country. If something is for sale, whoever offers the most will buy it.

Not necessarily true, New Zealand has recently restricted the purchase of residential properties to citizens and residents.

"The general policy intent behind the Bill is to create a housing market with prices shaped by New Zealand-based buyers that will lead to more affordable homes"

emo72 wrote: »

do you want your kids renting for life, put to the pin of their collars. i want my kids to work hard and have the same chances i had. this is not happening.

You're being a bit dramatic there. Back in the late 90s a new starter home in the cheaper suburbs of Dublin like Blanchardstown or Lucan cost IRP 130k, or about 10 times the annual salary of someone fresh out of university.

Today a starter home in those suburbs also costs about 10 times the annual salary of someone fresh out of university. And the mortgate interest rate is less than half of what it was back then. And the income tax someone pays on an income like that is a lower percentage than it was back then. Yes, people need a bigger deposit and yes, it is hard to save for a deposit when you are renting. Back then people did not rent / share all mod con houses so much, they stayed at home in the parental house, or lived in dire smelly bedsits for IRP 60 per week with no money for expensive fancy coffees out or avocado toasted sandwiches

emo72 wrote: »

No I wish you were right. That's not accurate though. People can't buy houses as easy these days.

The two main reasons for that are that the deposit needed is high and that people don't save enough (the average net income is high enough, but they spend too much too much of it)

average_runner wrote: »

The milked thing, gone on for the last 30 years

Gone on for a lot longer than that, since forever really. Remember the disgraceful tenements in Dublin? 100 people living in just one house? The landlord was often enough a TD, naturally.

emo72 wrote: »

And that's quite ok. IF....we had the type of protections that Europeans have. Long tenancys and a bit of security. And maybe their rents are fairly priced too. Here we have the worst of both worlds.

Tenants have plenty of protection. Long tenancy contracts needs to be a must and rents readjusted and go with the same indicators as Europe.

hmmm wrote: »

And what happens people who are trying to rent? We have lots of landlords leaving the market because the hard-left in Ireland orchestrated a campaign of hate against them, so rental supply has collapsed. Now the same hard-left seem to be objecting to big landlords who are financing thousands of houses and apartments - you can't have it both ways.

Not everyone wants to buy a house - some people also want to be able to find a place to rent.

These groups are buying up houses because they know they can price gouge renters. They're not going to bring rents down, they'd rather leave homes idle if they can't get the price they're looking for.

Skelp wrote: »

Also as I recall houses in south Lucan were selling for about 50K Irl in the mid nineties.

Yes you recall right. In 1990 a new 3 bed semi starter home in Lucan was IRP30k, in 1999 it was IRP130k

Matt Cooper is spot on though in that article. As usual. And he doesn't even mention the horrific COVID debt that our children and grand children will have to pay back.

unkel wrote: »

You're being a bit dramatic there. Back in the late 90s a new starter home in the cheaper suburbs of Dublin like Blanchardstown or Lucan cost IRP 130k, or about 10 times the annual salary of someone fresh out of university.

Today a starter home in those suburbs also costs about 10 times the annual salary of someone fresh out of university. And the mortgate interest rate is less than half of what it was back then. And the income tax someone pays on an income like that is a lower percentage than it was back then. Yes, people need a bigger deposit and yes, it is hard to save for a deposit when you are renting. Back then people did not rent / share all mod con houses so much, they stayed at home in the parental house, or lived in dire smelly bedsits for IRP 60 per week with no money for expensive fancy coffees out or avocado toasted sandwiches

For IR£60 a week, Unkel You must have been living in luxury, I think IR£40 a week was probably closer to the Mark. And if you pull back to (say), 1994, a new 3 bed in the Gallops on the southside would have been £60,000.

The increase in property values over the past 30 years has accrued to those who are 50+ and, ironically, it is their children who cannot afford to buy now. It’s as if the huge increase didn’t need to be paid for by anyone.