Property Prices in the 70s and 80s Compared to Now

mariaalice wrote: »

So how do you reckon so many average people purchased a house, people who worked in retail or postmen and the like because lots did the type of people who would find it difficult if not impossible today.

mariaalice wrote: »

I did actually as I said my neighbors started off a barman and hairdresser and purchased a house aged 21 and 22 in the 1980s

Barman was a well paid unionised job back then - time and a half for Sundays and double time for working bank hols, barmen in union shops actually had to serve a long apprenticeship. Not to mention some barmen managed to build up a nice cash pile on the side (I was in the business for 15 years, so I know the score). Hairdressing was a cash business, so much easier to save if you are getting cash in hand, whether self employed or doing nixers on the side, I imagine anyone ambitious to save a big deposit would be doing lots of nixers. Taxidrivers another “low wage” occupation back then, yet I knew a few who managed to buy multiple properties from their undeclared income (admittedly they had to borrow big initially to buy the licence). I reckon a good hairdresser would still be able to earn enough to get together a deposit, but barmen and taxi drivers, definitely no.

SusieBlue wrote: »

My dad was a labourer and got one. In my immediate family I have aunts and uncles who worked as butchers, waitresses, cleaners and in a bar and all managed to buy houses in their early 20’s in the mid 90s on those wages.

We were talking about the 80s. Interest rates and loan to value criteria had come down by the 90s, and banks were throwing money at people, turning a blind eye to over-stated incomes etc ... which was fine, because you could borrow more and still afford the repayments - by then 2 incomes were the norm. There was a period from the late 90s when anyone with any kind of job could get 110% mortgage, but by then prices had gone crazy. My niece and husband bought in a Balbriggan estate cos it was the only area she could afford, it was miles from family and friends. The house still isnt worth what she paid back in 2006 and it is not where she wants to live, but she cant afford to move. If you want to live in Balbriggan there are lots of apartments and houses for sale right now for well under €200,000. And there are lots of similar areas of Dublin.

Claw Hammer wrote: »

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Pp to 1987 you had to pay your own solicitor as well as the building society's solicitor. It was at scale rates as well. No negotiation on price those days. IR100 plus 1% of the price.

You could always negotiate the price especially if you got on well with your own solicitor - they'd get a better rate from the societies solicitor

TSQ wrote: »

Do you actually know lots of shop assistants and regular postmen who got a mortgage? These are exactly the kind of working poor who qualified for corpo houses. Unless you mean shopkeepers and postmasters?

Banks/ Building societies wanted to lend money. The 2.5 times salary rule was not enforced and the local branch manager could approve loans. If you gave a good story and had a good record in that bank / society, it was not too difficult.

Remember you could buy a house for under £30k in many parts of Dublin. Birchfield in Goatstown sold at £32,950 for a 3 bed semi in 1986, good areas of Tallaght were under £25,000.

First time buyers grant took care of the deposit.

L1011 wrote: »

Supermarkets used to be unionised relatively well paying employers in the time period we're talking about here. Plenty of staff would have been able to buy after a significant period saving for a deposit

Among my friends / colleagues where I have any idea what their parents worked as I know of at least one where two Quinnsworth incomes paid for a house in D5. Another was a hackney driver and a part time waitress. Don't think either would have a chance now

Ex corpo houses in Raheny were cheap, as were pats of Kilbarrack, Killester etc. D5 is a much more desirable address nowadays. Think population explosion... couple working full time in Dunnes or Arnotts could still afford home in the less desirable burbs, but Would have to move out to Balbriggan or Tallaght. Bet the waitress was paid cash in hand, and as for hackney drivers, licence to print money when taxi plates were restricted, and all cash in hand.