A very Dublin focussed viewWith respect to the people of Carlow I don't think they want everybody who cannot get a decent mortgage for elsewhere inhabiting their area thereby jacking up the price of housing there. So what if you can get to Tallaght in an hour! You can scan the weekend Property Pages too and no doubt you'll find a house within a 100 metres of the Cork/Dublin railway line in Limerick Junction or elsewhere at knockdown price with an outside toilet described by Lisney as a period piece and the crumbling ruin referred to as a property of potential. Turn on your television and somebody is scouring rural Ireland with property for sale with just rising damp, falling chimneys, rotting windows, floorboards bending like thin wire and three quarters of an acre that you'd need the army to keep in trim.
You're working from home mostly so Ireland is your oyster. I think not. A few years ago decentralisation started in the Civil Service. Many sold their homes in Dublin and bought in the provinces with a leftover amount equivalent to a good win in the Lotto. All was grand until their children wanted to go to university in UCD, Trinity or wherever. Suddenly, the "Lotto" winners had to pay dearly for accommodation for their loved ones and their huge leftover amount started to take a kamikaze dive and suddenly even the most resentful Dublin Blow In became The Greatest Lover of Dublin.
These houses at knock-down prices are only television entertainment and/or folly for the uninitiated. It's not money well spent; in fact it can be compared to my sallies into AIB and Eircom shares.
There are better ways to solve the nation's failure to provide proper housing ownership for decent people but the financial institutions are doing everything they can to avoid these. I never thought I'd get politically involved in the housing situation, but our main political parties have failed us and perhaps it's time to give others a chance? - I never thought I'd say that.
It's really nothing to do with the financial institutions. There's a housing affordability problem across the developed world and it's a result of the decisions that were made after the 2008 crash. Unless the "others" are going to massively increase property taxes, reduce taxes on builders and developers, take on the local authorities and every planning office in the country and give tax incentives for people to work in the construction sector then they are going to achieve absolutely nothing. Their current plans to reduce taxes on wealth and increase taxes on labour will certainly make things worse.There are better ways to solve the nation's failure to provide proper housing ownership for decent people but the financial institutions are doing everything they can to avoid these.
Yep, investment money is chasing land, pushing up prices. Lumber, Iron and just about everything else that goes into a house is a traded commodity, all of which have been pushed up in price by the increased money supply.One of the problems touted is that the cost of building houses is too high relative to the amount of finance that borrowers can typically raise. There’s a disconnect that’s difficult to bridge.
In an inflated capital market they are required but the underlying issue is the relative devaluation of labour.I don’t know whether this is true or not but it’s often offered as justification of the need for investment funds to provide building capital and that we should all therefore be very grateful because without it, there would be no building and we’d all be living in tents etc etc.
I don't think it matters in the broader view whether a housing unit is rented out of sold.The result of course is that properties are offered for rental, not for sale. The problem isn’t as acute outside Dublin but it’s a concerning trend. Those seeking to live in Dublin are reliant on an expensive and largely unregulated rental market.
It's an international problem so the grass may not be greener.If I was starting my working life again, I think I’d be looking abroad.
No, but the rental market might have a bit more order to it.It's an international problem so the grass may not be greener.
That's true, and there may be a better legacy housing stock and less population growth.No, but the rental market might have a bit more order to it.
There would be fewer institutional buyers hovering up existing properties.So if there was an increase in bond market yields and international investment moved away from property, what then?
Would building just cease because there’s no other source of funding? Would wages reduce? What about the cost of materials?
That post sums up the problem with our approach to the housing cost problems we have.Guys, Some lovely arguments in there and well done with the mind games. Let's talk bottom line:-
1. Most property is overpriced
2. Proper mortgages are difficult to get.
Anything else is only talk and you can talk forever. Ireland Ltd has got to find a way to build more decent homes (not just starter homes or apartments). The financial institutions can play their part too, they are profit making bodies so let them give decent mortgages. Other than these happening Eileen the Nurse and Paddy the Guard can aspire to only owning a plastic house with Lego written on little dots.
There are to issues;How would that provide any more houses though if international investors are the real culprits?
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