First Time Buyer writes:
It’s official we are back. And by ‘we’ I mean homeowners and landlords
Two reports out today, one from the central bank to let us know that some people in Ireland are wealthier then they were during the boom thanks to the rapid recovery in house prices (**breaks out the Bolly**)
The other report from Daft.ie stating that for those unfortunate enough not to own a home that rents have risen by an incredible 70% and are now 23% higher than Celtic Tiger peak (**cries into avocado toast**)
We’ve moved from a country for developers to a country for landlords.
This madness must end.
Irish households now wealthier than during the boom (Irish Times)
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I’m sick of daft reports in the news. My clock radio woke me this morning- some chap from daft peeing himself with excitement over these increases
bravo blushirts, more homeless citizens for you to ignore..
This is bleak. Hopeless for many and a soul-destroying grind for others (me included).
cue all the landlords indignantly saying “well i’m not a charity”
I don’t blame landlords for charging the most people will pay.
I do blame them for saying “But after tax and expenses, I’m barely covering the mortgage!” As if we’re meant to feel sorry for them.
I do blame landlords charging the most people will pay, because they are the ones charging those rents.
what do you expect when so many TD’s, Civil Servants & Gardai are landlords?
Very true, and then there’s their mates as well. Its stunning the way the government and the media spin it you’d think this was some sort new problem that just cropped up “This is not a problem that can be solved over night or in a year or two, its a complex situtation”….no shit!, but you’ve had since the 1930s to sort it….for fup sake what have you being doing.
Tired of government and the same sh*t every 5 year cycle, cant get basic services and infrastructure sorted, how long is this going to go on for…indefinetly?
Welcome to Ireland.
Where we simply never learn, and giving out is just an odd grumble or interweb post, or if we’re really annoyed, we call up Joe.
Seriously though, although many believe this isn’t the same as last time (not as much cheap credit etc…), something is still a miss. We’re going to have another flow of people leave this country for sure.
I wouldn’t blame them.
Mightn’t be a bad thing.
The problems is that the population has jumped from 4.48million in 2008 to 4.80million in 2017 – most of that in Dublin. The number of homes built in that time is tiny.
Lots more people + some more homes = higher rents.
solution 1: increase supple: build more
solution 2: reduce demand: lower population
solution 3: all of the above
I remember after the last crash. The mainstream media flipped into full emigration mode, every second news article was about Australia. Quick, release the pressure value before something blows. God forbid that would happen now.
Then most of those with talent and initiative went. If you want a single word for why so much scandals, corruption, cartels and downright incompetence, it is emigration. We lose the best.
No, these are not the solutions. These are the ‘Irish’ approach to solutions. Ireland fails to see the link between sustainable development and a sustainable economy.
The solution – develop out of Dublin. And not this current approach of 400 jobs here, 200 jobs there and “rural development schemes”, etc. I get embarrassed when I see a minister in the press back slapping to getting a couple 100 jobs out of Dublin. Why not actually INVEST in the west, and not just tourism. A 25-30 year plan to drive growth out of Dublin. Invest in infrastructure between Limerick and Sligo, provide land for data centers along the route, housing, retail, malls. A phased approach that starts with jobs in infrastructure. Once infrastructure is in place, companies can risk moving from Dublin. Why are all the data centers for the tech firms around Dublin? Because power and water are guaranteed. Why build a pipeline to Dublin for water over (at 2bln!) over 20 odd years rather than invest that money west? This, and similar Dublin infrastructure schemes, in the long term, supports increased house prices by accepting a decrease in rural living and growth in Dublin.
The entire approach is flawed.
The classic Irish solution to an Irish problem. I left Ireland 31 years ago today, along with many other people of my generation, some things never change….May the Fourth be with you.
Is the Eighth the Dark Side of the Fourth?
Yes, and repeal will bring it back into the light.
Is this the average for a property or a person will pay, cos what if a 3 bed gaff is rented by 3 people, any kind of house share, I mean if ya want to live in a gaff on your own with loads of room sure you’ll pay more, but your amount would go down if it was shared?
That’s not really the point though? The point is that average rents are now higher than they were at the peak of the celtic tiger. And that perhaps this should be a cause for worry, given that the peak of the celtic tiger is a period almost universally recognised as having been unsustainable and disastrous.
+1
And rents (which are already high) are continuing to rise at rates multiples higher than inflation.
Well, it’s only a few short years ago that the country was in a tumult over ghost estates. In one infamous estimate NIRSA estimated that there were 300,000 vacant homes in the country. That was in 2010. Who was going to spend money building houses when there was an overhang of 300,000 homes in a country of 4m people. It’s only in the last 2-3 years that it’s been realised that the estimates for vacant homes were wildly inaccurate and as a consequence people have started to build homes again. But it’s takes 2-3 years from conceiving the idea of a housing estate to delivering houses. So it’s going to take years to get ourselves back to where we should be. Having said that, everywhere I look in Dublin, homes are under construction, be they houses, apartments or student accommodation.
Who made the 300k estimate?
https://www.irishtimes.com/news/over-300-000-homes-empty-study-1.851970
So Nirsa concluded that any entry in GeoDirectory which did not have an ESB point was vacant. GeoDirectory is nowhere near 100% accurate and there would be other valid reasons as to why no ESB points. Shocking that this was taken as gospel by not only the media but also, the Government.
A problem is that the majority of those vacant homes (whether it is 300K or 140K or 40K – depending who counted) are in places people don’t want to live. There are ghost estates in the middle of nowhere.
Housing has only started again because demand is rising and the banks are lending money to builders.
I genuinely interested in what will happen when the large number of renters who cannot buy get to retirement age and cannot afford their rent anymore. What the hell will the Government of the state do then?
Roll out the auld ‘well, it’s not a problem that can be solved overnight’ line?
Irony.
“We’ve moved from a country for developers to a country for landlords.”
Any chance there’s a link between those two things?