...what are we up to?

1. Buying breakfast rolls from Centra

2. Working part time for 10 euro an hour and buying properties and creating a portfolio

3. Getting haircuts in Toni & Guy

4. Planning on buying a yacht even though you have 2000 euro in you bank account

Part time job in Supervalu. And working with the father plastering in the summer. Well labouring. So was actually good money as a 17 year old. 

First proper girl friend as well. And a bit of freedom going out drinking. 

Good times to say the least. 

The boom, much like the bust thankfully, passed me by. 

I was ripping the piss

There was one lad on here after the boom circa 2010 (think it was Vivakenbarlow or SirAlex) boasting about their property portfolio

For 95% of my purchases my mindset has always been if you dont have the money to pay for it in your account you can't buy it. 

Using that logic you would never buy a house or start a business or for some buy a car.  It depends on what you are buying and what the interest rate is. 

Why do you think I said 95%?

Drinking over priced pints 7 nights a week. Partied hard!

Thankfully I bought my current gaf right at the bottom in 2012 so you win some, you lose some.

Remember builders on sites in 2006 were saying the arse was going to fall out of the market, credit drying up, etc.

Nobody listened.

Was talking to a builder the other day and he reckons they'll have a boom 12/18 months then is expecting a crash in their field.

Forget your financial experts on newstalk or rte. One thing I did learn is that the labourers and taxi men were first to see signs of the crash 

There is no skill in saying there is a crash,  the skill is to say the extent of it and the timing although that’s more luck too. 

I give you Bill Ackman.

Tbh I'm more talking about lads "on the grounds" experience. I remember at the peak in 06 a carpenter telling me the work has started to dry up, that there seemed to be an issue with getting paid, etc - everyone else was saying there be no crash. 

A number of months later, bang!!!

I don't think housing will cause any downturn for a long time. There's such a big shortage I'd be surprised if in 5 years they're freely available. 

Remember having the same conversations with chippies when I flew home every few months. Slowly bit by bit you could see during 2006 things were slowing.

Charlie pulled a stroke with stamp duty in a budget around 2004 which gave the sector a 24 month boost but then the arse fell out of things. Luckily for Charlie he had high tailed long before the collapse. It wasn't a coincidence either I suspect. 

I was ‘painting houses’ for a year as I couldnt draw the scratch as I was ‘self-employed’.

Good times all the same although it spawned some amount of kunts.

This stroke kept things going for awhile. Remember it well. A few months later he headed to Brussels knowing full well what was coming. 

I know you’re full sh*te Gary but you hardly think we’ll believe you were a hitman 

Loads more examples.

I think these people will end up in negative equity almost immediately. Lots of panic because of the pent up demand

Also don't think there will be anything like the last crash. Apart from those few examples, banks have been very tight on lending. There could very well be a bit of a trough but I hope not a crash 

This was me also!!!

Same issue in 07 and similar story in the UK and USA right now. House prices are at all time highs.

I bought a flat in London in 2006, I remember at the time there was panic as every year houses went up 20-30%. All my friends were buying and all the talk was ‘get on the ladder’. 

Shure there were lads in Dundalk buying flats in Dubai. 

Knew someone would like the reference.

And the financial regulators. Totally asleep at the wheel. 

Too young at that stage to have suffered from the crash that would hit 2/3 years later. Remember the bank offering stupid amounts to students to go away during the summers, even if they had very little regular income. 

Thought life would always be that way. 

Train tracks are ching ching, bit of cash, you know what I mean?

Redz on a Monday, Wednesday 21s and Barcode on a Thursday would have been my 2006 as well. Finishing 1st year in college in Pats, heading into 2nd year. Some amount of Pro Evo played too! Best few years of my life. The amount of drinking done was obscene and being at a college with 75% women had it's perks as a single young lad! Economy crashed as I was coming out of college. Managed to get my first teaching job so wasn't too bad as I had money for the first time as everything was coming down in price! Still in same job with a 2 year break in Manchester. Looking to move home next year. My 18-30s years will be looked back with fondness it's fair to say. Had some time!
 

Well summed up - from mid 90s to 2006 all my money was spent of drink, drugs and football. Was a great time to be a teenager/ early 20s. I remember my maths teacher telling me to stop coming nto school hungover on mondays 

Wasnt on a mad wage after college but we were probably paying feck all tax. Didnt go on a holiday during those years either - didnt seem to be done by lads I hung around with - , but still felt loaded while partying! 

Cabra, you're right in your timing , my first sun holiday as an adult was in 2006, then a month in Thailand in 2007, the boom!!

Not sure I'll be calling up my financial labourer for advice 

 

Being a junior in those days was good times.

All the senior people would pay the bar bills (most of it was deemed work expenses) and we had summer and Xmas parties- free bar. 

There was definitely a lot more riding within the work place in those days! 

 

Great days, proper old school branch managers who would anything for they're staff. Unfortunately all long replaced by a new breed.

The banks and developers will try cover problems up and try keep things going mad. The lads on ground see first when the work starts drying up, payment and credit been an issue, etc.

Certainly in 2006, the lads on sites were saying crash before the banks, a lot of financial experts, etc

Re comment on 100 per cent mortgages. I actually don’t see them as a bad thing. For example, now a couple could be paying 1500 a month in rent for 3 years, impossible to save for a deposit, but proving they could easily pay a mortgage over a significant period of time. Tbh they’d probably be paying 100s less. Think these lads should be able to get 100 per cent mortgages 

 

I get your point and while rent paid is taken into account for calculating someone's repayment capacity it does massively effect ability to save. But 100% mortgages will drive property prices up further. The 10% deposit and max 3.5x salary were brought in to keep the market stable. With rents so high I really feel for people trying to save because moving home to parents to save isn't right for anyone.

the good auld days