Irish Property Market 2020 Part 2

Smouse156

wassie wrote: »

HTB is not just about FTB. The reason it applies to new builds is to also stimulate the building industry. Its not just property developers who benefit - its a whole industry including trades, suppliers, consultants & engineers, real estate, financiers marketing etc.

HTB = Help The Brickie!

A Brickie won’t get help on a second hand house. Inflating already overpriced property is almost as bad as a shared ownership scheme (putting people into houses they fundamentally can’t afford)

brisan

Cyrus wrote: »

maybe stop guessing about things you have no experience in.

considering we have regular meeting about the need to get our conversion costs down and the reasoning behind it ,I think I know why our company does it
They had companies registered here with no employees, just accountants
How does that work

fliball123

PropQueries wrote: »

Ok, did anyone spot anything in the budget that may impact on the property market in either direction? HTB was already well flagged. Seems to me, nothing much has changed from the situation that existed last week.

Normally there's small items that aren't noticed but do make an impact. But, from a quick look, nothing seems out of the ordinary.

Well the fact that the government are spending a shed load of money to try and keep things the way they were before corona instead of what happened in the 08 crash where they cut the hell out of everything would be an indicator that property prices will not be dropping any time soon.

brisan

Cyrus wrote: »

maybe stop guessing about things you have no experience in.

And you have experience of how multinational companies worth 85 b with an annual income of 28 b do their tax accounts
I admit I do not but I know we never register a profit as a manufacturing company

Cyrus

brisan wrote: »

And you have experience of how multinational companies worth 85 b with an annual income of 28 b do their tax accounts
I admit I do not but I know we never register a profit as a manufacturing company

Yes i do.

three putt

PropQueries wrote: »

Ok, did anyone spot anything in the budget that may impact on the property market in either direction? HTB was already well flagged. Seems to me, nothing much has changed from the situation that existed last week.

No, not really.
Situation remains the same, demand outstrips supply, at least in the short term.

brisan

Bubbaclaus wrote: »

Can you explain what this means? Help to buy only applies to properties under 500k, which I doubt the "rich" have any interest in buying for their first home.

All depends what you consider rich
To buy a 500k house you would need a deposit of 50k and a mortgage of 450 k(assuming min deposit )
To get a 450 k mortgage you would need a combined income of 128.5 k
That to a lot of people is rich mans money

MacronvFrugals

2 houses i have been watching, both up on MyHome.ie 1 year and 25% more than other similar properties in the area.

Both went sale agreed this week, seems the market is very stable folks.

Springy Turf

brisan wrote: »

All depends what you consider rich
To buy a 500k house you would need a deposit of 50k and a mortgage of 450 k(assuming min deposit )
To get a 450 k mortgage you would need a combined income of 128.5 k
That to a lot of people is rich mans money

While 500k is at the high end of a first time buyers budget, it's not in "rich" people territory. First time buyers are much older than they used to be. People in their 30s will have had a good few years to save a substantial deposit. It's also pretty much at the bottom end of the South Dublin market.

Aside from that, a combined income of 128.5k would be a solidly middle class household. In terms of percentile that is a pretty high household income granted, but its not rich.

PropQueries

fliball123 wrote: »

Well the fact that the government are spending a shed load of money to try and keep things the way they were before corona instead of what happened in the 08 crash where they cut the hell out of everything would be an indicator that property prices will not be dropping any time soon.

I'm sure they may have some extra proposals that will be issued piecemeal over the next few months. But for the moment, it looks like we may be back to the fundamentals for the next 12 months:

1. What are all those landlords who used to rent to students in Dublin, Galway, Limerick and Cork going to do with their properties?

2. What are all those property owners who used to rent on AirBnB in Dublin, Galway, Limerick and Cork going to do with their properties?

3. What are all the dedicated student accommodation providers (especially in Dublin) going to do with their properties?

4. How is WFH going to impact on the demand/supply dynamics of the property market over the next 12 months i.e. City vs. Rural? That issue is only really getting started.

brisan

Springy Turf wrote: »

While 500k is at the high end of a first time buyers budget, it's not in "rich" people territory. First time buyers are much older than they used to be. People in their 30s will have had a good few years to save a substantial deposit. It's also pretty much at the bottom end of the South Dublin market.

Aside from that, a combined income of 128.5k would be a solidly middle class household. In terms of percentile that is a pretty high household income granted, but its not rich.

As I said it all depends what you call rich
A millionaire is a rich person to me ,to a billionaire he is not
If you are on 30k and your partner is on the same then 128k a year combined is rich mans money

Idbatterim

Kasey_Don wrote: »

Housing crisis started in 2013. Nearly 8 years later and this is the state of the housing market. A new build in Leixlip for ****ing 385k.
https://www.daft.ie/kildare/new-homes-for-sale/barnhall-meadows-leixlip-kildare-156467/

It's an absolute disgrace what FG have done to this country and it's young people.


Only the rich can avail of the help to buy.

I really hate FG. They have ****ed young peoples lives for nearly a decade.

I totally agree, dispicable scum! The magic money tree they keep accusing SF of, their is a magic money tree, FG voters, many comfortable, I am alright Jack, inherited houses or got them for a pittance decades ago. I hope the youngish FG voters have copped onto what bull**** and lies Varadkar came out with! FIFTY percent marginal rate of tax, scandalous housing costs for you, free for the wasters that would never vote for him!

calfmuscle

I'm a first time buyer trying to buy solo, the market it flying up around here. Iv rang asking about 3 houses priced 215 to 245 all went by 15k to 40k over the asking price. Its a nightmare and unless there is a crash I'll never get a home.

Cyrus

Idbatterim wrote: »

I totally agree, dispicable scum! The magic money tree they keep accusing SF of, their is a magic money tree, FG voters, many comfortable, I am alright Jack, inherited houses or got them for a pittance decades ago. I hope the youngish FG voters have copped onto what bull**** and lies Varadkar came out with! FIFTY percent marginal rate of tax, scandalous housing costs for you, free for the wasters that would never vote for him!

where do you think the marginal rate of tax goes under the terrorists?

MacronvFrugals

PropQueries wrote: »

What are all those landlords who used to rent to students in Dublin, Galway, Limerick and Cork going to do with their properties?

My uncle is in the process of turning his student accom out the back garden into a pub lol

TheSheriff

Was there anything on the retrofit scheme today? Can't find much online.... any specifics anyone saw? Currently looking at a house with a not very comfortable E BER.

MacronvFrugals

Cyrus wrote: »

where do you think the marginal rate of tax goes under the terrorists?

Where can i buy a shirt with that shade of blue Cy? :P

Cyrus

MacronvFrugals wrote: »

Where can i buy a shirt with that shade of blue Cy? :P

i was more of a PDs voter personally, im a floating voter now but i wont ever be floating sinn feinns way

LillySV

Kasey_Don wrote: »

Housing crisis started in 2013. Nearly 8 years later and this is the state of the housing market. A new build in Leixlip for ****ing 385k.
https://www.daft.ie/kildare/new-homes-for-sale/barnhall-meadows-leixlip-kildare-156467/

It's an absolute disgrace what FG have done to this country and it's young people.


Only the rich can avail of the help to buy.

I really hate FG. They have ****ed young peoples lives for nearly a decade.

While nama operate as they please , selling stock to the big boys for discounted prices..

fliball123

PropQueries wrote: »

I'm sure they may have some extra proposals that will be issued piecemeal over the next few months. But for the moment, it looks like we may be back to the fundamentals for the next 12 months:

1. What are all those landlords who used to rent to students in Dublin, Galway, Limerick and Cork going to do with their properties?

2. What are all those property owners who used to rent on AirBnB in Dublin, Galway, Limerick and Cork going to do with their properties?

3. What are all the dedicated student accommodation providers (especially in Dublin) going to do with their properties?

4. How is WFH going to impact on the demand/supply dynamics of the property market over the next 12 months i.e. City vs. Rural? That issue is only really getting started.

On your first 3 points this has been situation since late Feb of this year and prices have not dropped. As for WFH why is it an issue with regard to house prices regardless of working from home or not the person still needs to live somewhere so while Dublin might have a decrease in demand (and it is very in demand at the moment) other areas will have a rise in demand.

So what we do know is that the government will not be taxing people more who are working and are keeping up the payments to those affected by corona and also throwing money at infrastructure and public services. You would actually think we were in a very stable period with our ecconomy with huge growth figures in the near to medium future. So now add in the left leaning orgs who will not tolerate anyone being kicked out of the family home the only excess properties that may come on board on top of what is being built may be the Air Bnb and student accommodation your talking about. Oh and nearly forgot supply side is down again this month on property available for sale. This budget will keep prices stable for the next 6 to 12 months.

Cyrus

PropQueries wrote: »

I'm sure they may have some extra proposals that will be issued piecemeal over the next few months. But for the moment, it looks like we may be back to the fundamentals for the next 12 months:

1. What are all those landlords who used to rent to students in Dublin, Galway, Limerick and Cork going to do with their properties?

2. What are all those property owners who used to rent on AirBnB in Dublin, Galway, Limerick and Cork going to do with their properties?

3. What are all the dedicated student accommodation providers (especially in Dublin) going to do with their properties?

4. How is WFH going to impact on the demand/supply dynamics of the property market over the next 12 months i.e. City vs. Rural? That issue is only really getting started.

let me guess, is the answer they are all going to become social housing?

fliball123

Cyrus wrote: »

let me guess, is the answer they are all going to become social housing?

Well it might not be the worst idea in the world but what some forget is that students will be back maybe not this or next year but they will be back , same goes with tourist.

MacronvFrugals

Cyrus wrote: »

i was more of a PDs voter personally, im a floating voter now but i wont ever be floating sinn feinns way

Marginally lighter blue, but blue nonetheless

smellyoldboot

Bubbaclaus wrote: »

Can you explain what this means? Help to buy only applies to properties under 500k, which I doubt the "rich" have any interest in buying for their first home.

Already very comfortable/ not really in need of a subsidy so if not rich. The point is still very valid. It is not helping anyone get "on the ladder" that wouldn't otherwise be capable of doing so anyway.

Cyrus

fliball123 wrote: »

Well it might not be the worst idea in the world but what some forget is that students will be back maybe not this or next year but they will be back , same goes with tourist.

i was joking, his/her stock answer for any 'excess' is that the state is going to buy it up and make the whole thing a social housing scheme

fliball123

Cyrus wrote: »

i was joking, his/her stock answer for any 'excess' is that the state is going to buy it up and make the whole thing a social housing scheme

I know but Cyrus in your joke there could be a short term solution (for a year or two) while corona is in town for those who need to be housed

Amirani

Kasey_Don wrote: »

Only the rich can avail of the help to buy..

You either don't understand the help to buy scheme, or have a bit of a distorted view of what "rich" is.

I don't like the Help to Buy scheme. But it's something that's aimed at and most impacts the middle-class, not the rich.

hometruths

PropQueries wrote: »

Ok, did anyone spot anything in the budget that may impact on the property market in either direction? HTB was already well flagged. Seems to me, nothing much has changed from the situation that existed last week.

Normally there's small items that aren't noticed but do make an impact. But, from a quick look, nothing seems out of the ordinary.

Government taking an equity stake in people's houses:

The affordable purchase measures will be constituted as a shared equity scheme and will account for €75 million.

The details of this are still being worked out, and will be announced in the coming weeks.

However, it is understood that the Department is in dialouge with the pillar banks to put in matching funding, bringing the total to €150 million. This will also need State aid approval.

This will not end well.

PommieBast

Kasey_Don wrote: »

Housing crisis started in 2013. Nearly 8 years later and this is the state of the housing market. A new build in Leixlip for ****ing 385k.

Back in 2013 the political pressure was to get people out of negative equity. Things won't be fixed unless this changes.

wassie

Smouse156 wrote: »

HTB = Help The Brickie!

A Brickie won’t get help on a second hand house. Inflating already overpriced property is almost as bad as a shared ownership scheme (putting people into houses they fundamentally can’t afford)

Government intervention always distorts the market, whether intended or not.