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Almost half of all property sold in 2018 bought with cash or savings!!

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  • 18-02-2019 12:05pm
    #1
    Bigmac1euro
    Registered Users Posts: 1,466 ✭✭✭


    What does this mean for the Irish property market exactly ?
    Will many of the working class be a slave to the rich ?

    https://jrnl.ie/4498981


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    #2
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    Bigmac1euro wrote: »
    What does this mean for the Irish property market exactly ?
    Will many of the working class be a slave to the rich ?

    https://jrnl.ie/4498981

    It means half needed a mortgage to buy a house and half buy with cash.

    No. Slavery is illegal in Ireland.


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    #3
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    I remember trying to buy a house with a mortgage and competing against cash buyers. It was bloody difficult as some vendors would prefer the quick and easy transaction regardless of highest offer.
    It was a tough gig that took years and eventually patience and constant saving and extra jobs paid off.


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    #4
    Kidkinobe
    Site Banned Posts: 160 ✭✭Kidkinobe


    Im working class and Im about to buy a house with cash...I was never a slave to rich people, I just worked and saved.


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    #5
    Bigmac1euro
    Registered Users Posts: 1,466 ✭✭✭Bigmac1euro


    Kidkinobe wrote: »
    Im working class and Im about to buy a house with cash...I was never a slave to rich people, I just worked and saved.

    This is good to know. Fair play that must have taken a long time.

    If you don’t mind me asking what age are you ?


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    #6
    Bigmac1euro
    Registered Users Posts: 1,466 ✭✭✭Bigmac1euro


    Zamboni wrote: »
    It means half needed a mortgage to buy a house and half buy with cash.

    No. Slavery is illegal in Ireland.

    Grand that clears that up then.


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    #7
    Franz Von Peppercorn
    Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    It’s a fairly huge number considering that the number of transactions is increasing. Does anyone know the distribution of the sales - more down the country is think.


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    #8
    Kidkinobe
    Site Banned Posts: 160 ✭✭Kidkinobe


    Bigmac1euro wrote: »
    This is good to know. Fair play that must have taken a long time.

    If you don’t mind me asking what age are you ?
    50, I already have one mortgage free home, used a loan to get that and paid it off by 40, Im buying my second one with cash. 10 years of saving and living on the sniff of a rag dipped in butter.


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    #9
    Eric Cartman
    Registered Users Posts: 26,280 ✭✭✭✭Eric Cartman


    Kidkinobe wrote: »
    50, I already have one mortgage free home, used a loan to get that and paid it off by 40, Im buying my second one with cash. 10 years of saving and living on the sniff of a rag dipped in butter.

    and when do you get around to enjoying life ?


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    #10
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    Eric Cartman wrote: »
    and when do you get around to enjoying life ?

    They were mortgage free by 40. That sounds enjoyable.


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    #11
    Alias G
    Registered Users Posts: 792 ✭✭✭Alias G


    Eric Cartman wrote: »
    Kidkinobe wrote: »
    50, I already have one mortgage free home, used a loan to get that and paid it off by 40, Im buying my second one with cash. 10 years of saving and living on the sniff of a rag dipped in butter.

    and when do you get around to enjoying life ?

    Who says he doesn't enjoy life.


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    #12
    Bigmac1euro
    Registered Users Posts: 1,466 ✭✭✭Bigmac1euro


    Kidkinobe wrote: »
    50, I already have one mortgage free home, used a loan to get that and paid it off by 40, Im buying my second one with cash. 10 years of saving and living on the sniff of a rag dipped in butter.

    Impressive.
    Kudos.


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    #13
    whiskeyman
    Registered Users Posts: 12,564 ✭✭✭✭whiskeyman


    Alias G wrote: »
    Who says he doesn't enjoy life.

    Somedays he may even have 2 sniffs...


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    #14
    Kidkinobe
    Site Banned Posts: 160 ✭✭Kidkinobe


    Eric Cartman wrote: »
    and when do you get around to enjoying life ?
    Why do you think Im not enjoying life...Finding work you love to do is the key to enjoying life as you spend most of your life working...Not to mention Ive visited more countries than I care to remember, In fact, this time next week Im off again for another 2/3 month trip, I will return when I get bored of it and get back to working 70 hours a week.


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    #15
    Bigmac1euro
    Registered Users Posts: 1,466 ✭✭✭Bigmac1euro


    Franz Von Peppercorn wrote: »
    It’s a fairly huge number considering that the number of transactions is increasing. Does anyone know the distribution of the sales - more down the country is think.

    Is this normal though ?


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    #16
    NSAman
    Registered Users Posts: 3,431 ✭✭✭NSAman


    Kidkinobe wrote: »
    Why do you think Im not enjoying life...Finding work you love to do is the key to enjoying life as you spend most of your life working...Not to mention Ive visited more countries than I care to remember, In fact, this time next week Im off again for another 2/3 month trip, I will return when I get bored of it and get back to working 70 hours a week.

    It can be done, but most think you have to follow a traditional route. Luck, hard work and focus play a lot in managing this. Like you 70 to 100 hours a week made it happen. 2nd house bought for cash in Ireland last year.


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    #17
    klaaaz
    Registered Users Posts: 1,628 ✭✭✭klaaaz


    People are forgetting that some of these sales are to REIT's buying whole blocks of apartments, it skews the numbers. It's not like 50% of individuals are going around with hundreds of thousands in their pockets!


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    #18
    the_syco
    Registered Users Posts: 37,299 ✭✭✭✭the_syco


    klaaaz wrote: »
    People are forgetting that some of these sales are to REIT's buying whole blocks of apartments, it skews the numbers. It's not like 50% of individuals are going around with hundreds of thousands in their pockets!
    Was about to say this myself.


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    #19
    m5ex9oqjawdg2i
    Closed Accounts Posts: 11,221 ✭✭✭✭m5ex9oqjawdg2i


    Zamboni wrote:
    They were mortgage free by 40. That sounds enjoyable.

    I've been mortgage free all my life and it has been fantastic ;)


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    #20
    BarryD2
    Closed Accounts Posts: 4,732 ✭✭✭BarryD2


    Kidkinobe wrote: »
    50, I already have one mortgage free home, used a loan to get that and paid it off by 40, Im buying my second one with cash. 10 years of saving and living on the sniff of a rag dipped in butter.

    What do you want two properties for though? Most people only need one house/ home. If you're speculating, treating is a 'pension' etc etc, won't have much sympathy if it all goes pear shaped.

    If people were more reasonable in their expectations, there'd be a more housing to go around, to those who need one house to own & live in.


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    #21
    Mandown
    Closed Accounts Posts: 30 ✭Mandown


    BarryD2 wrote: »
    What do you want two properties for though? Most people only need one house/ home. If you're speculating, treating is a 'pension' etc etc, won't have much sympathy if it all goes pear shaped.

    If people were more reasonable in their expectations, there'd be a more housing to go around, to those who need one house to own & live in.

    Because he can.


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    #22
    Eric Cartman
    Registered Users Posts: 26,280 ✭✭✭✭Eric Cartman


    Alias G wrote: »
    Who says he doesn't enjoy life.

    The living off a rag dipped in butter comment, which if the posters travel comments are true the clearly that hasnt been the case.

    I dont doubt being mortgage free at 40 is great and having 2 houses and no loan at 50 is wonderful , but not if youve had to live like a monk osolated from the world for it, this poster in one way suggested they had, in another suggested that theyre off travelling half the year.


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    #23
    jon1981
    Registered Users Posts: 4,359 ✭✭✭jon1981


    Remember all those boom time sales? Well there was a seller on one side of the transaction...the money had to go somewhere, why is it a surprise that cash purchases are so high? Alot of these ppl are entering the market again, some as landlords.


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    #24
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Kidkinobe wrote: »
    50, I already have one mortgage free home, used a loan to get that and paid it off by 40, Im buying my second one with cash. 10 years of saving and living on the sniff of a rag dipped in butter.


    Fecking Plumbers :pac:


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    #25
    jon1981
    Registered Users Posts: 4,359 ✭✭✭jon1981


    Alot of boom time money is now being passed down to the next generation. For example I personally know a couple in their mid 30s how bought a 900k home and putting renovation works which are easily upward of 300k.

    One is an entry level managers in a big 4... the other is yoga instructor... going by the current banking rules a mortgage of that magnitude would be out of reach without a significant deposit.

    An in-laws grandmother passed away, left a big 5 bed in Clontarf to the parents, who then gave the inheritance money to the grandchildren ( 3 of them), that's 1.2m /3 grandkids....

    There is a lot of money in the assets held by the older generation.


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    #26
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Kidkinobe wrote: »
    50, I already have one mortgage free home, used a loan to get that and paid it off by 40, Im buying my second one with cash. 10 years of saving and living on the sniff of a rag dipped in butter.

    Butter is inexcusably extravagant. Just think of how quicker you’d have saved up if you’d just used dripping.


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    #27
    Kidkinobe
    Site Banned Posts: 160 ✭✭Kidkinobe


    Deleted User wrote: »
    Butter is inexcusably extravagant. Just think of how quicker you’d have saved up if you’d just used dripping.
    You got to allow yourself a few finer things in life...its Kerrygold butter too, none of that cheap **** for me..


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    #28
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    BarryD2 wrote: »
    What do you want two properties for though? Most people only need one house/ home. If you're speculating, treating is a 'pension' etc etc, won't have much sympathy if it all goes pear shaped.

    If people were more reasonable in their expectations, there'd be a more housing to go around, to those who need one house to own & live in.

    There would also be no property to rent which would be a bit of a downer.


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    #29
    Kidkinobe
    Site Banned Posts: 160 ✭✭Kidkinobe


    BarryD2 wrote: »
    What do you want two properties for though? Most people only need one house/ home. If you're speculating, treating is a 'pension' etc etc, won't have much sympathy if it all goes pear shaped.

    If people were more reasonable in their expectations, there'd be a more housing to go around, to those who need one house to own & live in.
    Ive got one house in New Zealand where I made my cash from buying and doing up houses and flicking them on or renting them out. They have no CGT there so every cent I made was mine and put right back into the next property, The other house will be here and its a dump with the potential to make it a little goldmine.I intend to follow the summers when I feel like retiring.
    And that might explain all my travelling to who ever it was that got a bit upset about it...


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    #30
    Bigmac1euro
    Registered Users Posts: 1,466 ✭✭✭Bigmac1euro


    Kidkinobe wrote: »
    And that might explain all my travelling to who ever it was that got a bit upset about it...

    I was cutting onions I swear


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    #31
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    Hardly surprising. While half the buyers go down the classic route of buying by saving up a deposit, getting a mortgage and buy, there are many buyers with different circumstances. People who relocate and downsize with their equity. REITs buying a bundle of units. People coming home from abroad buying with huge cash savings. Inheritance. Lump sums. Shares and investment payouts. Alternative ways of financing.
    The statistic merely says that these buyers don't buy with a mortgage.


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