What a joke of a country 

A myriad of issues. Mainly unaffordability and yes, the vultures. 

https://youtu.be/8-xEOvfNTRc" rel="nofollow - https://youtu.be/8-xEOvfNTRc

All 1st hand, 2nd hand and apartments are being hoovered up by Vulture funds with heavy tax incentives.

People aren't getting an opportunity to buy.

The video clips above sums it up to be fair.

I used to work at the housing policy meetings, same councillors blocking things over and over on nimbyism grounds. Mainly elderly long serving councillors. 

I'm 32, living at home, have a good job, decent savings and decided it's time to buy a house. I worked all through Covid so plenty of extra money at my disposal. Houses will be almost given away surely??... How wrong I was.

Prices have gone up. Housing estates, certainly down this way have seen increased building and in some cases this has meant nice quiet estates have all been turned into nothing short of a favela, with every extra bit of concrete hijacked to have a house on it.

I applied for a mortgage back in June and got accepted. What I got couldn't get me a fancy shed however, never mind a house. I saved my arse off in the interim 6 months and reapplied. Extra savings plus a raise at work. I'm thinking I'm looking at a decent increase here... I managed to show a projected increase of about an extra 12k for 2021 and my approved mortgage went up by.....4000 euro.

I refuse to rent. Its a scam. Unfortunately it seems the housing market is an ever bigger scam. Its an absolute joke what people get away with. Estate agents have the power to literally make it up as they go along and take full advantage. 

I know it’s tough to do but if ya can sit it out another year this temporary spike should resolve a bit

use all that money to start a business, educate yourself, invest etc

renting is not a scam, it's gives people freedom, move whenever, no maintenance or hassle etc

30 year mortgage and then after that they sell the exact same house to some other poor sod for another 30 years, it is not a good investment, the interest you pay over that time could buy another house ffs

 

more often than not you never even own the house, the bank does 

They really really aren’t. 

What they are blocking is the handing over of public land to private developers in exchange for 20% “public housing” 

I’ll sell my house tomorrow and rent it back for 3x times my mortgage 

Let’s tease this out a little.  For arguments sake you are living in Dublin and you have rented all your life spending more money per month on rent than you would on your mortgage.  In addition your rent goes up every year or two whereas your mortgage payment generally stays the same or May go down.  Then when you retire you still have to pay rent even though your income may have halved if you are lucky.   What would you propose

For a 67 year old who has never bought.  

Of course it won’t but how do you break it to a lad he will be living with his parents for a lot longer.

You have to give him some hope and tell him it will be okay next year. 

That doesn't really make sense sure rent is far higher then mortgage and you are at the mercy of landlords and increasing prices for the next 30-odd years and then what happens when you retire. 

Houses beside me are renting for 2.5 times what I'm paying per month for my home loan 

That's a result of a lack of competition for ya. 

Seems a strange post when you replied asking me what was wrong with the housing market? 

4k a month 

Unbelievable. I'm sure there are a lot more expensive, it was just the first google search I did.

Do you pay rent back on the property per month? 

or

Do you own it? and pay back a % similar to a mortgage.

Yeah but El Principle is only paying rent of €48k a year.

The landlord had to buy the house for €600k.

Do the maths, €48k is less than €600k

The tenants are getting the better deal. 

“Hello Mr Landlord, can I hang a picture on the wall”

f**k that 

We built in the boom years and it was the hardest thing i have ever done in my life time , saved for years and had to deal with builders and excusses every day . 

When we got our morgage after a down payment we has €26 left in the bank to last until pay day .

But the backlog is hoovered up by vulture funds. What's the issue.

Whole estates just been given to these associations.

I have to check this but I recall approx 25k homes in around D13 and beyond none of these were available to the general public.

Non residents can’t buy houses in NZ.

It won’t solve all the problems but I think this is a good start.

Oscar Traynor was 50% affordable and social, that's a good mix. Was a good proposal, should've been voted through.

Haven't come across the 20% thing, have you a link? 

for more people working and living outside Dublin. In addition will

It free up office space in central Dublin for apartments and homes.  

You will have issues with the bank.  You will need to be able to show you can work in Donegal otherwise it’s an investment property.  

I think so. My own plan is to move permanently back home to Westport once I get the mortgage up in Dublin paid off. 

That's already happening, we are seeing it a good bit. Not massive but noticeable. Broadband is the biggest obstacle but we are seeing a lot of people move home from big urban centres

As for office space being changed into living accommodation - it is not that straight forward apparently. Complete different set of building regs so it's extremely costly. Not even sure how possible it is

.

You mortgage free soon or you talking about 20 years or so? 

If the latter can’t happen there will be major pushback as nobody wants the major cities to turn into ghost towns etc so if they can’t sort out the latter aspect it may delay the former part imo.  I have no doubt it will happen in individual cases but a widespread policy will only happen if they can secure the future of the city centres imo with housing instead of the empty office spaces.  I think over the next 5 years it will probably be evolution rather than revolution and it will be this hybrid model of 2 or 3 days in the office for

many people.  What impact that will have on pubs coffee shops cafes shops etc in the city centre will be interesting to see and I suspect it will see a drop in their sales and maybe a drop in rates and rents also.  

Hoping to have it fully paid in 7 years.  

 

Unless they suddenly allow people to buy houses on hire purchase this is simply 100% untrue.

 

But I do agree that renting is not a scam. I rented for about 10 years before buying and it was perfect for me at that stage of my life. Although renting when I did was a hell of a lot cheaper than it is now. We had a 3 bed townhouse in Dublin 16 for €1,050 a month.

Sham: Surely you'll be voting out the government parties at the next election then!!!

 

I think it's only a proposal to increase rule 5 from 5% to 20%

Hopefully something like this happens, it would be at least 2-3 years before you'd see any impact 

Had heard that alright, I would deal a lot with Part V, an imperfect system but it does deliver homes 

Cheers Baldrick...I'll have to work on that then so. Saying I am going to stay with a friend midweek and home for the weekend probably won't cut it I'd imagine

But i'm not sure if you're taking the p*ss here, beacuse wasn't there another thread where someone said what they did for a living ( for relevence) and someone got high and mighty about the need to tell us.

It might help me as someone that is giving advice might have been in a similar boat or knew someone doing something similar... Sorry if I made you feel vexed....it was a fairly scumbaggy thing to write alright. Except my humblest apologies

BSM - you need to get over here and hand out some bans for this insane and disgusting behaviour. 

Are we even sure this guy is a teacher? 

Why do you care? 

That is pretty embarrassing alright 

The Bronze in action 

I wonder is he an editor alas he will never tell us his profession 

At least he's not a fireman. Those feckin fireman. They've got it coming ya know.

In Dublin, regular working people are having to live at home with parents longer and longer, even if they have a fairly good job. Maybe have a chance of getting an apartment in a concrete jungle out in citywest or blanch and and kind of stuck with something like that unless they get with someone who also makes a half decent wage then they might just get something with a bit of a garden near public transport. 

There is no east answer but one of the first things the government can do is start charging the f**king vultures taxes so its not as attractive to come in and with support of financial companies shore up the market. We have demand of housing now we don't need the vultures. 

Yes there is. Get the f**k out of Dublin and move somewhere nice 

Going west, north or south of Dublin isn't an east answer... 

Putting aside my crap humour  it's stating the obvious by saying its a supply and demand issue. What it takes is political will to solve the issue. It isn't rocket science but for whatever reason the government seem unable or worse unwilling to tackle it and as a result they'll pay the price at the next election. 

It's not.

It's about vulture funds getting tax breaks and buying most if not all of the available property.

4% of properties are owned by these funds.  There was a housing crisis before they arrived and there will be one if they leave.  It is a supply issue as not enough houses haven been built since 2011 and now that supply is being constrained by entry to the market of such funds into buying already completed houses. Big issue is new apartments which are being built and bought by these funds. Anyone who thinks this is a recent event and will be solved by removing this issue has not been following this.  There are many small factors but the biggest factor is lack of supply in the right areas.  The lack of supply is for many reasons,  cost or land, cost of debt, cost of building etc etc and developers and builders margins. 

Your job couldn't be any more relevant to the question you asked 

Teachers and firemen have long been on Trig's hitlist. We can add vets to the list too now I suppose.

Banning airbnb will address the lack of rental properties, as Covid has shown. 

Where are the vacant properties though.  No much good if they are stuck up a mountain or in a very remote area.  

This fella has a serious chip on his shoulder. Some deeply rooted resentment for some bizarre reason 

A vet must have euthanised his beloved ferret or something

Some people want to live in remote areas or up a mountain, but there are plenty of derelict buildings between the canals in Dublin. A lot of work has been carried our in Summerhill in the last couple of years to bring these back up to spec but walk around any residential street around Dublin City centre and you will see it.

I saw a TV show, many moons ago, where a wealthy builder was taking over such properties and using local youth to work on them and learn a trade. It was making housing available, creating employment and giving locals an education. I never understood how more councils didn't pick up on this initiative.

More than 50% of adults are priced out of the market and property developers are buying more than ever.

The amount of houses that the Dublin councils own is minuscule.  Any of the ones that are vacant are almost certainly privately owned and as a result not the councils responsibility.  

You said 250k are vacant.  I would be interested to know the geographic spread and how many are in service areas etc.  

The housing market is ****ish in Dublin. I would absolutely hate to be trying to buy there. Its nowhere near the same down here but it is starting to show signs that it is about to get very difficult. The market isn't normal at them moment. I'd say perspective buyers are gone up by about 30% with the amount of people who have saved deposits and been approved for a mortgage over the last year. But stock has gone down by about 15% as well. That's a hell of a swing 

Wtf😀😀😀. Who bloody cares if a person is a teacher or a bricklayer or a ceo, a bib man or unemployed on an Ireland trip.   Part of the fun of a trip is meeting people from all walks of life and not giving a sh*t about any of that.  You seem to have a hang up about what you call middle class people.  

Teachers are on roughly the median wages esp in their 30s.  How does someone making 30 to 40k a year in their 30s and can’t afford to buy a house in anyway middle class ffs. Many bricklayers would earn a good lot more than a teacher too.  

I think your out of date views of the world are redundant to be honest. 

This is a bonkers post 

Forget the chip, there’s a Boulder on your shoulder lad. 

Big time and in many senses it’s out of date and it is meaningless.  In some instances traditional working class jobs can earn much more than traditionally middle class jobs.  Anyway who gives a sh*t, when I meet someone on an Ireland trip whether they run their own business or are a ceo or they are unemployed or a public sector worker or a solicitor, I don’t care.  Will they buy me a drink is my only question 😀😀😀

 I wasn't debating about housing ya mad thing, I had a very specific question about a mortgage that occupations would play a part. Anyway, thanks to the couple of lads that gave me useful answers. And thank you Trigboy for giving me a good laugh!! You'll probably recognise me from 114 and you'll realise I'm upper class, not middle class

Edited by Trigboy.

He'll recognise you from your monocle and top hat.

 

As someone who works in a bank I can tell you it was very relevant to his question. As a public servant he is in a more advantageous position for getting a mortgage (including exceptions on >3.5x salary) than those in the private sector. He could have said he worked in the Dept. of Education but most would have guessed teacher anyway even if they hadn't read his comments on Covid in schools in other threads. In relation to his partners job, again relevant as "professionals" are again in a better position when it comes to mortgage applications.

Not sure why you needed to tell everyone that you work in a bank to be honest. 

Ireland's problems are been replicated across the western world in different forms. And as we have such sh*t rental options once the prices go sky high it makes the housing issue 10 times worse. 

The tax on rents are very high, why not try and bring those prices down by giving a tax cut if landlords reduce the rental prices? 25% of ministers are landlords themselves which doesn't help, and there are probably others who have shared properties in their family/partners names. Michael Healy Rae has the most properties, just the modest 16 for the man of the people.  

Poor form Sausie. You're worse than a fireman. 

Disgusting

He'd literally love to that too 

 

ah FFS

 

Me and Trapped do enjoy our annual cigar so could be persuaded to move onto cash.