Irish Politics Thread |
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Shedite
Jack Charlton Joined: 09 Dec 2011 Status: Offline Points: 9823 |
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32815 |
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Also the central bank sets the the lending rules. It has nothing to do with social housing or rent allowance.
If you are on 50 K in Dublin you are stuck in a rental trap there is no doubt about that. That is why we need public housing where working families and single people can avail of them
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AKA pedantic kunt
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Jackal
Liam Brady Joined: 14 Sep 2019 Status: Offline Points: 1367 |
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That's grand if you're living in the West. If you are renting in Dublin or Cork that would be really hard.
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Offline Points: 26339 |
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It's relative. You are very unlikely to be on 50k in the west. It's as hard to save up for a deposit on the average wage here as it is on 50k in Dublin or Cork. If you make 50k in the west you will be extremely comfortable. Central Bank rules are very prudent and I would argue important.
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They finally did it man... They killed my f**kin' car...
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Baldrick
Robbie Keane Peyton-tly Pedantic Joined: 18 Sep 2008 Location: Ireland Status: Offline Points: 32815 |
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Agreed the solution to the problem is not to let people get into unsustainable debt.
In addition a single person on 50K is competing with couples for houses and apartments. 2 people in 25k each will have better take home pay than 1 person on 50K as they will have Better tax credits and be on lower tax rates. That is the huge societal change since the 80/90s is the double incomes. As a result the answer is that single workers have access to public housing.
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AKA pedantic kunt
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Lenny82
Liam Brady Joined: 20 Aug 2010 Location: Ireland Status: Offline Points: 2914 |
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That is one solution alright but we have an awful sense of entitlement in this country. Just because somebody wants to live in Dublin, or Cork say, doesn't mean they are entitled to.
I know plenty of people who would have loved to have bought in Dublin but instead bought in Kildare/Meath/Louth. I would argue that very few home owners have actually bought their dream house in their dream location. There are 10,500 properties currently for sale in Ireland for €200k or less, which are within range for the mortgage our fictitious single person on €50k could achieve.
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9fingers
Paul McGrath Ballymun Resident #MONKEANO Joined: 30 Jan 2010 Status: Offline Points: 16145 |
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Stephen Donnelly showing himself up to be the patronising clueless bellend he’s always been on Clare Byrne last night.
Roisin Shorthall was excellent, Louise Reilly I thought did well too
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pre Madonna
Robbie Keane I am MALDING Joined: 30 Nov 2014 Location: Trumpton Status: Offline Points: 44659 |
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That Donnelly lad has a blue tick on Twitter, yet he still has a picture of an egg. Something weird there.
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Het-field
Roy Keane By Appointment to His Majesty The King Joined: 08 Mar 2016 Status: Online Points: 10723 |
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An alternative solution is the return to the availability of 100% mortgages. Sensibly applied these can free up capital for people who long term can afford houses, but may not have the capital at that time. However, a forensic look at circumstances should demonstrate that people on 50k, with contracts of indefinite duration should be easily able to sustain mortgage repayments, provided that is their only property. It can he treated like a rental payment. A working family on a collective income of €100k should be able to sustain a larger mortgage. The difficulty with 100% mortgages was the number of people who had more than one, and arrived with little or no capital. The nonsensical assumption was that each property used for speculative investment would pay for the primary residence. It made little sense and really came to light when people couldn’t maintain the interest repayments on the primary residence, let alone anything on the “investment”. Working people, with a single, sustainable, decent income should be trusted and not tarred with the brush of those maxed out years worth of earnings by acquiring a property portfolio on credit.
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Offline Points: 26339 |
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Has to be said that the debates on Claire Byrne are excellent. Proper discussion and no clapping or whooping from the audience.
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They finally did it man... They killed my f**kin' car...
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sausy
Jack Charlton MAYO FOR SAM Joined: 13 Jan 2009 Location: The local Status: Offline Points: 6989 |
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if 100% mortgages come back (I can't see it happening) then it will cause prices to increase sharply as all eligible buyers will be in a position to buy at the same time and create bidding wars. The 3.5X you salary was a good idea, however it makes saving the deposit very difficult given the amount needed.
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Bimbos Burgers - "Official Sponsor of the Irish Squad"
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Het-field
Roy Keane By Appointment to His Majesty The King Joined: 08 Mar 2016 Status: Online Points: 10723 |
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But it also can cause a flurry of building activity to keep up with demand. The private housing stock need not be stagnant and provided there is a willingness on the part of authorities to let building occur, there is no reason it can’t be kept up. Also, I would advocate a very conservative approach to the provision of 100% mortgages. You could make first time buyers eligible only. I believe only a truly small group of people are eligible and willing to engage 100% mortgages. Given a choice, the vast majority would undoubtedly want to pay down the capital with the down, which gives instant breathing room.
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sausy
Jack Charlton MAYO FOR SAM Joined: 13 Jan 2009 Location: The local Status: Offline Points: 6989 |
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I rather see an increase from 90% to 95% for FTB's. Will still make people save but make home ownership more obtainable for a lot more people.
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Bimbos Burgers - "Official Sponsor of the Irish Squad"
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Het-field
Roy Keane By Appointment to His Majesty The King Joined: 08 Mar 2016 Status: Online Points: 10723 |
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One thing that has been said to me before is that Irish folk have a strange attitudes towards savings. Apparently we have a very low rate of people who invest, and a lot of people I know leave their money either in extremely low interest savings accounts, or worse still, in their current account, with no return, and effectively have the money sitting in a mattress, as far as developing savings is concerned. Now I’m not sure that this is entirely true, but I feel there is a serious lack in financial education in the country and that plays in to people’s disposable income, which in best terms should be set aside, in the best yielding accounts with a view to using it to finance property purchases and retirement.
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sausy
Jack Charlton MAYO FOR SAM Joined: 13 Jan 2009 Location: The local Status: Offline Points: 6989 |
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Interest rates have pretty much been zero for savings for a long time now, but some Bank's do have "save to buy accounts" which rewards people for regular savings (providing the mortgage is taken out with the same bank obviously). Go back 15 years and everyone was investing in property and bank shares so I think there is definitely fear there. But there are some guaranteed managed funds which are still earning great returns and are open to people rather than just having cash in a savings account. But in general investments are not for young people looking to buy their first home, can't be locking funds up for years when it's needed now.
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Bimbos Burgers - "Official Sponsor of the Irish Squad"
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cliffrichard
Liam Brady Joined: 16 Nov 2009 Status: Offline Points: 1243 |
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Where are these houses located? How close are these to the place of employment of the single person on €50K? All well and good saying that there are 5,000 properties under €200k in West Mayo, but if this person has to work in Dublin or Cork, that's not much use is it? We need to get more jobs out of Dublin - that does two things - 1. Takes the pressure off Dublin infrastructure, schools, housing and 2. Spreads working opportunities throughout the country. 1 in 3 new jobs is in Dublin. That's unsustainable and Dublin is at breaking point. I commute from Tipperary to Dublin by train most days and see this firsthand. The push towards more remote working will support a more balanced country, but without better networks (both transport and IT), this will be a struggle. On that, I can't believe Eamon Ryan came out against the Limerick to Cork motorway yesterday. With that, he's probably f****d up any chance Brian Leddin had of getting elected in Limerick. If we had a motorway from Cork to Limerick, we then would have a direct connection by motorway from Cork all the way to nearly Sligo. You suddenly have four cities (Cork, Limerick, Galway and Sligo) all closely linked and you can push some sort of "Western Seaboard" economic hub to FDI. |
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Het-field
Roy Keane By Appointment to His Majesty The King Joined: 08 Mar 2016 Status: Online Points: 10723 |
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But that’s where I think the financial education needs to come in. You’ve hit the nail on the head as to what people were investing in. The two major problems was that those investments were not diversified, and were often paid for by way of credit. It was a dangerous game to play, whereby if you purchased shares from existing funds, all you lost was the money you already had. When you lost it and the money was borrowed, that’s where the problems started. The funds approach is the way to go, and if people start early enough they can be building it with the intention of unlocking it at 27/28.
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Drumcondra 69er
Jack Charlton Joined: 07 Oct 2009 Location: Ireland Status: Offline Points: 7123 |
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It's 100% true, I'm as guilty as anyone on that count. Definitely should be part of education system imo.
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