Irish Property Market chat II - *read mod note post #1 before posting*

That would lead in the demand side. If that happened over night demand would drop off a cliff as the current prices would be ridiculously out of reach

Twitter could have been bought 3 times over from the drop in tesla shares today. 125billion knocked of the value (there's no decimal in there)

Another thing ive been seeing the last while is people wanting to get their house bought and their mortgage fixed for the long term, before rates start rising like mad along with prices.

Saw this in Limerick 07/08 when the writing was on the wall for both jobs and topping out of house prices

Seemed kamikaze at the time. Little did we know

The same effect would occur with interest rates rising. You will instantly and overnight cause property prices to drop by raising rates because mortgages all of a sudden become more expensive and less affordable. Since the ECB has sat on their hands for so long, seeing 1 or 2 percent increases to a mortgage will look reasonable compared to what will be needed. At this stage, there is hyper inflation in assets and it needs significant measures to cool the market.

Remember, those who don't own property don't care if prices increase and will happily see rents and prices completely crash. This is no longer just a far left leaning minority of hippies but is becoming a larger, more mainstream view as more and more people have no interest whatsoever in high property prices (80% of under 35s in 2016 were not homeowners - this is almost certainly going to be similar in the recent census but could even be extended to 80% of under 40s). The current situation is leading to an inevitable outcome where house prices won't rise because the public simply don't want and need them to.

...the eu is a funny place, its uniting in ways, and tearing itself apart at the same time!

Some political and economic theory posts with nothing to do with the thread (and far to many warnings) given have been infracted and deleted, other posts deleted to return thread to some coherence.

Do not reply to this post.

Higher costs because the sky is the limit is the only justification for the current situation. It is cuckoo land thinking and people don't seem to realise that the central bankers are stuck with either forcing through a "recession" or else allowing housing costs to impoverish more and more people.

But can inflation really keep soaring, in particular housing costs? Absolutely not. What we want to see is the heat coming out of the property market and then more sustainable policies being introduced to dramatically increase supply of all types of housing, in order to make sure that prices can't run away again. It is just not going to work in 5-10 years onwards to have "your home is your wealth that always rises" attitude. That system is ending in Ireland quite rapidly.

If you think that what is happening with housing costs is sustainable, again I have to ask you if you want to buy my magic beans that will grow you money tree?

Rent hikes were "only" up around 9% the last three months of 2021 I heard on the radio but the last two months with the war have caused an unnatural spike. Landlords are getting out cause they know now is the time to cash in. Its caused an extreme shortage and while we were paying 950 for a 3bed on the outskirts of Ennis, we are having to move and fork out 1400 for effectively the same (arguably nicer, more modern house, worse location). It feels like the last bit of cash is being squeezed before they know things go tits up. I.e lock people into a year long tenancy of high rent regardless of what happens in the next two months.

I'm a bit disillusioned with the whole thing. 37 years of age, good job, mortgage approval and fighting with others the same as myself over what scraps are out there knowing I'd only be making the purchase based on desperation. Just feels like your given two options and both of them are ****.

Covid didn’t cool the market.

the market for rentals peaked in 2017-2018 and from 18-20 some sort of normalcy returned (and house prices nominally dropped slightly). I put up a small room for rent in Ballsbridge for 700/month in 2019 and only got 7 enquiries first day.

and then it all went wrong starting in Mar2020…

I dont recall this. I belive when covid started in March 2020 the rental market cooled a bit. Alot of foreigners went home and the propertys that people were renting on Airbnb hit the rental market as tourism died. It remained cool for most of 2020 and into 2021 but since hospitality has opened and colleges back on campus it has got absolutely nuts in last few months. Anybody who has put a room up in last few months will know this.

My mother is a landlord of a pre63 in d1 and i look after it for her and I let 3 flats there last summer. Yes demand was high but nothing like I saw when i put a room for rent in my apartment a few weeks ago. I think at this particular time you do not want ti be looking for a place in Dublin. Absolutely nuts.

its amazing to hear the original eastern europeans that came here 15-17 years ago moving back home because rents are far too unstable and high now .... to be replaced with new ukranians/moldovian arrivals .. the difference this time the irish state/ tax payer will be paying the artificially high rents for all the tens if not hundreds of thousands of new arrivals - thats if the ff/fg government which created this housing/rental mess can source sufficient houses to snap up from first time buyers & young irish renters - or the states precarious finances can bear the massive cost to come ...

the back lash from the housing/ rental policies the last 15 years will be severe in the next election should this issue continue

The specific text that caught my eye was the "property owner in this country is a protected species". The reason we are we are is down to mismanagement by the Govt. Be it stopped building of council properties, unwillingness to deal with Anti Social issues in existing estates or non payment of rents/mortages both in social and private properties.

I am a landlord who has worked and sacrificed (and am still doing so) to purchase a property to rent. Why? so I would have a pension and not need to rely on the State to care for me in old age.

I have a genuine question? Why is someone else's rights higher than mine? I bought a property (and pay taxes etc on the income) and should have the rights to do with the property as I see fit (once it is not interfering with the neighbours and is not an eyesore or health hazard to society). Are my taxes not supposed to help society in general. Why am I as a citizen of Ireland who happens to be a landlord and worker be expected to go even further to help those who can't house themselves. Is this not what my income tax and everyone else's income tax supposed to cover?

If you own a car should you be forced to give it to your neighbour to use because you are not using during certain times? the principle is the same.

I have personal experience of family members leaving Ireland in the past in the 80's where no jobs existed in Ireland. Ireland's political system has gone to far to the left. We have this bizarre notion of an "entitled culture". I regularly talk to people who when talking about social support actually use the term "I am entitled too ...". The fact they actually use the term "entitled" in their conversation shows this belief is ingrained in their minds.

Mods I appreciate this is a property forum but I think the above issues play into the property sector.

You raise valid points and to be fair, I would feel the (well intentioned such as yourself) private landlord is treated very shabbily by the Govt in contrast to the institutional landlords.

My comment is more broadly speaking at all property owners, hence why I said 'property owners' rather than 'house owners'.