Current public sentiment towards the housing market?

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blindjustice said:
in my honest opinion i believe that a soft landing is not possible
they are building 80,000plus houses a year and we already have dare i say it 275,000 houses "in the bank" empty
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More like 100k houses this year.

Not to mention the 20,000 odd houses on daft.ie today, I wonder how many are on myhome?

On the over 50s:

They are off playing golf, have banked their money and are living off the interest. An economic crash/property market downturn will have little effect on their desire to read newspapers and play golf all day.

The 25-30somethings are the great losers. Probably multi-national workers, defined contribution pension scheme and living in Westmeath.

Compare this with 45-50somethings (the great winners). Probably civil service workers, defined benefit pension, living beside the sea in D3 mortgage-free.
 
Calina said:
Why? That's hardly helpful. Some of us actually like living here; I'd prefer to get on with life - because like it or not, it goes on - and deal with reality rather than looking for blood. You just - as it happens - have to get on with it and deal with reality. The world does not stop.
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Well it might give the next shower of muppets that think about pulling something like this pause for thought, and it might give the current shower a new reality to deal with. Thats a distinct benefit I can come up with. Obviously calling for actual blood is silly, but strict regulation of the lending market with criminal penalties for infringement (including misleading marketing practices), as well as harsh laws to counteract corruption in goverment, would do wonders.
 
Calina said:
Why? That's hardly helpful. Some of us actually like living here; I'd prefer to get on with life - because like it or not, it goes on - and deal with reality rather than looking for blood. You just - as it happens - have to get on with it and deal with reality. The world does not stop.

Oh, and in case it's relevant I am a FTB currently "waiting". Am I happy that I had to wait? Nope, but hell, life goes on. It's not like I'm sitting at home with bitterness building up inside.
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aint sittin at home plenty of plans made

people should stand together a bit of unity would have stopped this years ago
as for the blood remark dont be so gutless
 
whathome said:
Does daylight bother you?

I'm taking garlic and bringing the holy water before I post here again!
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This could be difficult. Thanks to globalisation, vegetables don't have quite the same taste/smell/pungency as they used to. You might want to fly to a food market in France for suitably effective garlic rather than going to Tesco for mass-produced Spanish garlic.
 
tententwenty said:
Well it might give the next shower of muppets that think about pulling something like this pause for thought, and it might give the current shower a new reality to deal with. Thats a distinct benefit I can come up with. Obviously calling for actual blood is silly, but strict regulation of the lending market with criminal penalties for infringement (including misleading marketing practices), as well as harsh laws to counteract corruption in goverment, would do wonders.
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amen to that
 
tententwenty said:
Well it might give the next shower of muppets that think about pulling something like this pause for thought, and it might give the current shower a new reality to deal with. Thats a distinct benefit I can come up with. Obviously calling for actual blood is silly, but strict regulation of the lending market with criminal penalties for infringement (including misleading marketing practices), as well as harsh laws to counteract corruption in goverment, would do wonders.
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But none of that is blood - it comes with the label of getting on with things. Or do you assume that learning from mistakes equals blood whereas burying your head under sand is getting on with life?
 
its a touchy subject afterall a home is a basic necessity
what tententwenty posted was what i meant by callin for blood anywho
not a bit sorry if i upset those with queasy stomachs LOL
 
I think the process of buying and fitting a new home for the average FTB these days demonstrates the unsustainability of this economy quite clearly. The couple one of whom works for an american multinational and one as a construction professional borrow massive amounts of money to buy in middle of meath or similar where theres no shortage of land to build yet prices are sky high. Their house price includes around 100k for the governement who then uses the money to pay the civil servants but not for better transport links to cut their daily grinding commute. They furnish their house with finest italian slate and marble, finest korean and japanese electronics ,finest scandinavian pine ,finest german kitchen appliances etc etc, all the profit of which goes abroad and negatively affects the balance of payments. They drive their german and japanese cars and spend their holidays in europe asia and the americas. When their interest only mortgage rises due to the ecb they don't know who to blame as the government and central bank have little or no control over interest rates no matter how bad the economy becomes. Their childcare costs eat into disposable income but one of them cant stay at home to raise their kids like their parents raised them because they feel they couldnt afford it with the big mortgage,credit cards and lifestyle costs. They start to feel something has to give.
 
what has happened is a disgrace seriously there is anger among some people
it shouldnt be allowed to happen in future
the government never tried to prevent investors outbidding FTBs
 
griswold said:
To make matters worse about signing up for a 35 year mortgage - inflation wont devalue the principal to the same extent that it did for our parents' generation.
I hear a lot of people say "It'll be tough enough for the first few years but by the end our repayments will be piffle in real terms." OK for our parents who borrowed, lets say 10,000 in 1973. By 1983 inflation of 10%+ had diminished the value of what they owed.
Our generation are looking at 35 year terms rather than 20/25 years and inflation of 4% rather than 15%.
People are basing their expectations of life on what their parents tell them, (to a certain degree), but it's going to be tougher.
Forget about early retirement etc with a long term mortgage, prepare for difficulty when your Mrs has babies and you miss her contributions toward the mortgage....
Lower your expectations......
Am very pessimistic - I wish it wasn't so...
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But does the effect of interest rates not negate this? i.e interest rates then were also above the inflation rate, so whilst their initial capital was less, they had to repay many multiples of what you repay on the same nominal amount.
 
Glenbhoy said:
But does the effect of interest rates not negate this? i.e interest rates then were also above the inflation rate, so whilst their initial capital was less, they had to repay many multiples of what you repay on the same nominal amount.
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Not if your borrowing 6 times your salary . Inflation often exceeded interest rates in 70s and 80s and wage inflation usually kept pace with both.
 
blindjustice said:
its a touchy subject afterall a home is a basic necessity
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Not this again, who exactly is being denied a home?
blindjustice said:
the government never tried to prevent investors outbidding FTBs
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If only they'd taken account of this possibility in their 5 year plan, no matter, they should just seize these (dare i use such bad lannguage on AAM) 'investment' properties, and redistribute to those in need of owning their own homes.
 
blindjustice said:
what has happened is a disgrace seriously there is anger among some people
it shouldnt be allowed to happen in future
the government never tried to prevent investors outbidding FTBs
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Yes, it's always some one else's fault that we get into trouble, isn't it?

Plus ca change in this country by the looks of things.
 
Glenbhoy said:
Not this again, who exactly is being denied a home?
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Im not suggesting people are living on the streets but since the country has supposedly never been better off then whats with all the people commuting from so far away with a crappy quality of life
 
bearishbull said:
Not if your borrowing 6 times your salary . Inflation often exceeded interest rates in 70s and 80s and wage inflation usually kept pace with both.
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But wage inflation is currently in excess of both inflation and interest rates too, and inflation has been below interest rates for the past 3/4 years. So what is the difference?
In addition, there's no point in looking at borrowing in terms of salary, surely you must look at is a multiple of net household income in order to have any meaningful comparisons.
 
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