"Rents are at a record high – so why are private landlords selling up?"
- Thread starter Brendan Burgess
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I agree
but in the back of my mind, I feel there will be upheaval in relation to taxation to many pressure and lobby groups are controlling the Government no matter who gets elected,
Couples on 70K per annum are going to see a big increase in taxation,
That doesn't answer the question. Demand is outstripping supply. What will cause the next crash?
That's the key point , the state will have borrowed 50billion to pay for the pandemic, the pup and all the other stuff, that's why demand for housing did not fall.
For some reason though inflation is still relatively low through out the eurozone in comparison to UK and US even though sterling has risen in value in comparison to the euro over the last year. Surely high inflation in the UK should be reflective in the currency falling in comparison to the euro?
I think interest rates are more negative in the eurozone than in UK or US yet still very low inflation rates. Something not really right about the whole thing, if the eurozone has to raise interest rates its game over for the borrowing binge that the government has been enthusiastically engaged in
slowing down of the job market, loss of corporation tax, and the need for tax increases along with job losses,
a Citizens assembly proposing to bringing in a hefty wealth tax on property to make for tax shortfalls,, and the main political parties going along with it because they have no other choice,
one thing I notice I bought a few properties after the crash and have them let out I looked at other properties before and after I bought mine, I have a good idea who bought a good few of them most were bought and left vacant if bought by Irish people
the new Irish bought and moved in straight away
Irish first-time buyers who could get a mortgage were not buying for some reason,
now all of a sudden they all want to buy today if possible just like before the last crash,
there are a large number of homes with one or two old people living in them which will be coming on to the market
in the coming years,
DazedInPontoon
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I would say the last crash was *after* everyone bought
if everyone had bought why was there so many half-finished ghost estates all over Ireland after the crash,
don't forget demand was outstripping supply the day before the crash, demand disappeared overnight,
strange,
as I said after the crash people who could get mortgages and afford to buy are now in the market buying at the same time,
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DazedInPontoon
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Because the number of houses an Irish person in boom times must own is 'n +1' when 'n' is the number of houses they currently own.
Seriously though, anecdotally there didn't seem to be much of a shortage, neither in terms of property nor credit, everyone I know who wanted to buy did, which is not what I'm seeing today.
Seriously though, anecdotally there didn't seem to be much of a shortage, neither in terms of property nor credit, everyone I know who wanted to buy did, which is not what I'm seeing today.
Outside of the cities, I accept that modest houses are affordable to couples.
A relation recently paid 210-215k for a 4-bedroom detached 125sqm house in an okay estate (not great) in a provincial town.
An okay detached house in an okay estate, but nothing you'd aspire to, for 215k, so not too bad.
Is this affordable for a couple on 80k? Yes.
Is the price reasonable compared to build costs? Yes.
However, move to a city suburb, and a new 125 sqm semi-detached house can be 375k-415k.
That price is out of reach for a couple on 80k or 90k.
I bought a house I am afraid to tell you how little I gave for it, I believe the people who bought it off plans slept in their car overnight in case they missed out, credit was no problem back then,
most of the labor was East European I know a few Irish who worked on the site most are past retirement age,
they tell me the problem with the building industry now is most of the eastern European around here moved to Germany
there is ongoing small scale building going on a few large sites around where I live the labour is not there to scale up anymore,
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There seems to have been a big change in aspirations over the last 2 decades, it is now very difficult to attract labour into the construction industry no matter how good the wages are, nobody wants to do it anymore. The immigration that is coming in now also does not want to work in construction, the welfare rates are simply too good in Ireland and now the pup is acting like a magnet to keep a lot of potential labour away from construction. The government is the problem along with left wing populism
You keep talking this up like its the same as the crash after the Celtic tiger. Its not.
Gordon Gekko
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It’s a mistake that lots of people make.
They compare what we’ve been through to a recession or a crash.
It’s neither; we consciously and deliberately switched off elements of the economy in order to save lives. And now we’re rebooting it.
If you look at what’s happening in the US, and indeed globally, I’d argue that it’s more likely we’re entering a golden era rather than a period of woe. Look at what happened post Spanish Flu and World War I; the Roaring Twenties.
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Then explain why the gubberment cant get "the immigration" to work then???
If a 4 bed detached house is “nothing you’d aspire to”. For a couple on €80k. I think we have allowed our aspirations to get ahead of our reality.
Gordon Gekko
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It’s in an “okay estate” in a provincial town…