79% of new houses bought by landlords

Probably fact-checked by the same researcher who told him Supervalu was a US mega-corp....

Their press release on the subject is devoid of details which doesn't encourage me to take it at face value. Just scary numbers (which may or may not reflect reality) to drum up outrage amongst the unquestioning who'll vote for them anyway.

No such thing as bad publicity as they say.
 
Perhaps time for another few hundred million in tax breaks to stem the "landlord exodus" And maybe another few hundred million a year in rent subsidies. IRES REIT only got €15 million in HAP payments from taxpayer last year.
 
In the ideal world local authorities would build their own houses, cutting out the developer % and rent directly cutting out the landlord %.

However they don’t do that.

They used to, I can’t remember why and when they changed. I do recall a uni economics lecturer talking about it but that was decade ago and I’m sure the logic has changed.
When they did that it wasn’t ideal, they built vast estates creating ghettos. And then their policy was to let tenants buy.. like in the UK, thereby depriving the LA/landlord in the future. Now they don’t have the expertise so restarting it all is a major expense and not a vote winner as it’ll take years to regroup.

My dad’s family were relocated to a massive housing estate from inner city, then they bought their house.. then the fair deal got a % of it back when nana developed Alzheimer’s and lived for over a decade in the hospice. But meanwhile the house changed hands a few times and is now worth well over half a million. But the LA don’t have it or a replacement.
 
Protocol said:
Many of these large landlords are local authorities or AHBs.
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I'm wondering about that. He says on Twitter that these are excluded, but AHBs are companies governed by the Companies Act 2014 so Revenue would classify them as companies.

Also, if Funds bought 79% of all new builds in Dublin and first time buyers bought the remaining 21%, what did the AHBs and local authorities buy?

Interview with Pearse is here if anyone is interested. No mention of AHBs

All very strange as the changes to the RPZs were to attract the Funds back in - they had, we were told, disappeared. Can we rely on anyone's numbers at this stage?
 
Policy is clear. Remove home ownership as a realistic option for most workers and replace it by a private rental model underpinned by vast amounts of public money in landlord subsidies.
 
Anecdotally where I live, four relatively big apartment blocks have been built in the last few years
Not one of them had a "for sale" sign only a "letting" sign, so I can only presume that a big landlord or developer is involved
Only time I see a "for sale" sign is on houses and apartments seem to be for letting only
 
This is one major strand of our current problem. While very beneficial for tenants (and I count members of my own extended family here), these houses were sold off too cheaply and, more importantly, not replaced until recently and very expensively.
 
Cervelo said:
Only time I see a "for sale" sign is on houses and apartments seem to be for letting only
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Any recently build apartment blocks near me were never advertised for sale. They all seems to be run by AHBs though, or, at least that is what I have heard.
 
Driving through stillorgan recently I saw the MASSIVE new apartment blocks where there used to be a bowling alley. Chatting to the landlord of the pub across the street he said the apartments never went on sale or to let.. no signs or publicity about them. So I assume large corporate landlord(s).

There is another development planned across the road from it, work seems to be stalled there, but that’s going to be student accommodation apparently.

So nothing for anyone to buy.
 
Also worth noting.. the new apartments are beside the old corporation/co council housing estate. Where again the houses now change hands at crazy money. While I was a kid there it was most definitely considered to be “the wrong side of the tracks”. One on the market now for 3/4/million…
 

The land was bought by developers Kennedy Wilson who built the new apartments and they are now renting them out, so they never changed hands.
 
These apartments are more valuable in single ownership than multiple ownership.

For a few reasons:
-investment funds have lower finance costs than BTL landlords
-institutions can manage at scale and achieve lower vacancy rates than BTL landlords acting alone
-when the time comes to renovate or demolish the development there aren’t dozens of homeowners who can block or delay it

This explains a lot of this phenomenon that very few understand. Of course it’s easier to blame private greed or government incompetence.
 
Annieindublin said:
Where again the houses now change hands at crazy money. While I was a kid there it was most definitely considered to be “the wrong side of the tracks”. One on the market now for 3/4/million…
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I was in Kinsale recently. Old corporation houses built years ago up on a hill overlooking the town are now worth over 1 million. Here is one.

Myself and my wife got chatting to a man who has one. He had lived there all his life and inherited it from his parents. He said his parents were not at all impressed with it when they got it. It was up a hill, a bit far from the town back then and quite windy! Friends and neighbours commiserated with them. He's sitting on million plus house now and good luck to him.
 
Greenbook said:
was in Kinsale recently. Old corporation houses built years ago up on a hill overlooking the town are now worth over 1 million. Here is one.
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A one bedroom semi D former council house @ €1.35mill!!

Good luck to anyone who won this tax payer funded lotto but Is there any way to stop future Govt from repeating this family silver giveaway folly?
 
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