Inflation

dorothylives · 24-05-2022 4:34pm

https://www.boards.ie/discussion/comment/119108038#Comment_119108038

It's looking bleak alright.

freemickey · 24-05-2022 4:38pm

Like all critical stupidity, it comes to a head.

There is no where to go now. Worldwide migration is practically a one way system now and we are the last stop. It is in large parts to thank for the current situation of insufficient wages/scarcity/increased cost.

Unless you can make it work in some exceptional way by moving to the likes of india, people are going to have to fix this situation as opposed to legging it this time.

24-05-2022 4:48pm

If interest rates rise significantly in the next year, it will be a huge shock to a whole generation of people- 0% finance as a concept will fast disappear unless the quoted prices are already hyper inflated- I remember mortgage interest rates of 12%+ and more on loans but I also remember 10% interest on simple deposits- how good was that? You could retire, take your pension and supplement your income with interest from your guaranteed savings- a concept that has long disappeared .

blackvalley · 24-05-2022 5:05pm

https://www.boards.ie/discussion/comment/119107063#Comment_119107063

Dont know if this is an attempted rip off or not perhaps some tradesman will correct me . A friend was quoted a price of Euro 6500 to paint the outside of a four bedroom detached house in Dublin suburbs.

Now I understand this may involving scaffolding but its a bog standard house with no complications.

Id be interested to see a breakdown of the quote. Oh and that was without the paint.

rob316 · 24-05-2022 5:23pm

https://www.boards.ie/discussion/comment/119108107#Comment_119108107

The level of personal debt people are carrying as interests rates are zero or so low must be off the charts. Like I wasn't in Argos long ago, I was buying something it was about €300, they asked me did I want to do buy now pay 6 months later. I was like its €300. "She said so, everyone is doing it and more, I spend most my days filling in finance applications".

rob316 · 24-05-2022 5:28pm

https://www.boards.ie/discussion/comment/119108191#Comment_119108191

"Make hay while the sun shines"

Tradesmen will the first to join the dole queue when the economy goes wallop. They had no work for 10 years, I can remember not long ago getting in qualified carpenters to hang a door for €50 and they were happy for the work

SuperBowserWorld · 24-05-2022 5:32pm

https://www.boards.ie/discussion/comment/119108256#Comment_119108256

Maybe they are the smart ones. And the savers will bail them out. Ireland is a **** country to be prudent in.

Jonnyc135 · 24-05-2022 5:35pm

https://www.boards.ie/discussion/comment/119106707#Comment_119106707

Big Tech big money jobs in Ireland now in my opinion is like the brickies in 2005-2008 earning more than brain surgeons slapping up blocks. The Ferris wheel ride is coming to an end. Big tech will see a serve downturn as most of it revolves around cheap money for growth and high consumer spending. Dublin the tech centre of Europe may take a hammering.

dorothylives · 24-05-2022 5:37pm

https://www.boards.ie/discussion/comment/119108068#Comment_119108068

The problem is how to fix it. I live in a large town and there's no property to rent. What's for sale is massively overpriced and that's starting to show now with properties not moving. I think people realised that if you spend 200K on a bog standard terrace house that was built 50+ years ago then you'll never make a profit on it. Only single or double bedrooms available to rent at 600 a month. No social housing being built. Inflation getting worse. A government that doesn't seem to have any interest in doing anything about it. A big part of the problem is that the TD's know they won't be reelected next time around.

They don't want to be either because the country is gonna be screwed by the next election. Massively in debt, endless inward migration of refugees and economic migrants. Does O'Gorman still intend to give people arriving to DP their own front door accommodation within 4 months of arrival, does anyone know? Not sure how he can since we need 50,000 tradesmen. Large numbers of job losses are already being announced. I've know idea how to fix it, I hope we have some clever people in charge who do know what they're doing, I really hope so but I don't have faith in government.

blackvalley · 24-05-2022 6:01pm

https://www.boards.ie/discussion/comment/119108271#Comment_119108271

Think it might have been a try on . You know , whack in a massive quote and if you get the job happy days if not no harm done. They subsequently got a second quote for slightly half the price.

An Ri rua · 24-05-2022 7:40pm

https://www.boards.ie/discussion/comment/119108292#Comment_119108292

This is Ireland. In a nutshell.

25-05-2022 11:04am

https://www.boards.ie/discussion/comment/119108256#Comment_119108256

I’ve never brought household items like sofas or white goods on credit- always only via savings. I couldn’t imagine owning that type of debt- it’s a kind of discipline of mine- while I might over spend or have buyers regret on some items just like a lot of people, at least I’m not in debt at the end of it.

Interest free credit just feels too easy and also, from a buying psychology perspective, while you might drool over a leather chair one day, you might change your mind a week later - instant purchase that 0 % finance facilitates can lead to people buying unnecessary items that they may regret later.

titan18 · 25-05-2022 11:11am

https://www.boards.ie/discussion/comment/119108038#Comment_119108038

Depends really on your qualifications. Like I'm 32 but at this stage I'm still considering moving away and heading to London. There's actually places to rent there and with my experience and skillset, I'd get a relatively well paying job and be able to have a life. Same in the US or Canada (although I wouldn't move there).

conorhal · 25-05-2022 11:23am

https://www.boards.ie/discussion/comment/119108191#Comment_119108191

This reminds me of the 'Celtic Tiger' years. Just before the 2008 bust a chap painting the neighbours house quoted a similar price to my folks to paint a similar semi-D property that you describe, they just laughed at yer man with his ladders up on top of his 2007 BMW 4x4 and thought, no wonder this clown is charging 5 grand for a couple of days unskilled labour, the real question is why the hell anybody would pay that? The only thing more insane than the 'quote whatever you think you can get away with' pricing of those years is the willingness of Irish gombeens to actually pay it.

I know it's apocryphal, but it also reminds me of the story about how Joe Kennedy decided to sell all his shares just before the big stock market crash in the 20's when, during the course of casual conversation, the shoe shine boy buffing his shoes on the street started giving him stock tips. He decided that clearly the market was vastly over inflated and cashed out. When your house painter is driving the same car as the CEO of the company your work for and expects more renumeration per hour then he probably gets ....there is a financial reckoning a coming!

Pussyhands · 25-05-2022 2:36pm

We could well be at the peak of the delusion and greed in this chart right now with property.

For the stock market, it could already have passed the return to normal stage as there was an 8% rally in March and now it's bleeding again.

jackboy · 25-05-2022 6:12pm

https://www.boards.ie/discussion/comment/119111186#Comment_119111186

Also before the last bust, people in debt were investing in holiday homes in Bulgaria and going on weekend shopping trips to New York. If it sounds nuts, it is nuts. When the crazy stories become the norm the bust is around the corner.

brokenangel · 25-05-2022 6:20pm

https://www.boards.ie/discussion/comment/119111111#Comment_119111111

London? London is a disaster for housing and a lot worse than Dublin. Just check around websites and you will soon see. Long before people rented out tiny rooms in Dublin for crazy rents it was the norm in London

https://www.standard.co.uk/homesandproperty/property-news/renting-in-london-prices-rise-record-breaking-b994399.html

25-05-2022 6:46pm

https://www.boards.ie/discussion/comment/119113565#Comment_119113565

London is certainly not worse than Dublin. I’ve been renting there until recently while also living in Dublin as I was working across both cities. Prices are much the same tbh, but the difference is that you get much much better quality for your money in London

i would 100% rather be renting in London than Dublin

brokenangel · 25-05-2022 6:51pm

https://www.boards.ie/discussion/comment/119113685#Comment_119113685

Not saying you are wrong but I am told different, I work daily with people in London and they would disagree. Plus my family who lived in London, now moved out. The price of houses are crazy to buy and far more than Dublin ever was for a similar property. Plus rental is terrible and has been for years.

This includes my mate who lives in Brighton and gets a train into London as it is easier than living or buying in London.

The main difference is in London you can live miles and miles from the centre and still have decent transport into the city. Somethign Dublin lacks in a proper train system

25-05-2022 7:08pm

https://www.boards.ie/discussion/comment/119113713#Comment_119113713

You’re not wrong, but those people are reacting to London trends. London then v London now. They are correct that those trends are forcing people out, and into flatshares into their 40s. Much like here.

its the direct Dublin to London comparison I am talking about. Say 2500 euro in Dublin v 2500 pounds in London. What you get for your money in London is much much better. Primarily due to the huge stock of converted terraces right across every borough. We don’t have those in Dublin so everyone is stuck in godawful dark Dublin flats (which are mostly the worst quality of builds imaginable) likely furnished with that awful dark leather furniture. There used to be a ‘crying chair’ thread on here, and tbh I think most flats under 2000 fall into that category

London is dysfunctional as hell, but not as bad as here. Affordability is just as bad but at least you get something for it

brokenangel · 25-05-2022 7:20pm

https://www.boards.ie/discussion/comment/119113772#Comment_119113772

2500 pound is nearly 3000 euro. 2941 at the rate now.

So not really a fair comparison. London is compact, try a hotel room and you wouldn't swing a cat in it. You can always find a x v y but in trying to get a rent in a good area behind the city centre, Dublin is far better and cheaper than anything in London. Take a house in Blackrock to the London equivalent?

igCorcaigh · 25-05-2022 7:24pm

I know so little about economics, but was taught in school that inflation is due to "too much money chasing too few goods".

So, how could raising interest rates help combat inflation when the price shocks are external? Isn't this staglation we are looking at?

titan18 · 25-05-2022 9:11pm

https://www.boards.ie/discussion/comment/119113565#Comment_119113565

It really doesn't appear to be when I check Rightmove in the UK Vs daft here. There's way more choice in London, and cost of living in general is lower I find (both expensive but food is cheaper in London and you've a better quality of life too)

brokenangel · 25-05-2022 9:33pm

https://www.boards.ie/discussion/comment/119114319#Comment_119114319

Cost of living would disagree with you: https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Ireland&city1=Dublin&country2=United+Kingdom&city2=London

hayse · 25-05-2022 9:44pm

https://www.boards.ie/discussion/comment/119113832#Comment_119113832

We need to build 100,000 council houses and fast.

An Ri rua · 25-05-2022 10:22pm

https://kingworldnews.com/greyerz-just-warned-we-are-entering-a-global-depression-and-the-real-inflation-rate-is-20-30/

Read it and weep.

When you're finished sobbing, get some physical gold and silver. Soonish

Jinglejangle69 · 25-05-2022 10:27pm

https://www.boards.ie/discussion/comment/119114468#Comment_119114468

Nah we don’t.

Handing free houses to layabouts to layabout for life isn’t the solution.

igCorcaigh · 25-05-2022 10:35pm

https://www.boards.ie/discussion/comment/119114681#Comment_119114681

Well I'd like to rent a council house, and I'm not a layabout. Much rather my salary contributing to the exchequer rather than to my landlord company.

Jinglejangle69 · 25-05-2022 10:37pm

https://www.boards.ie/discussion/comment/119114711#Comment_119114711

Wouldn’t we all.

40 euro a week.

But we would all be out begging on the streets if we tried to finance that.

igCorcaigh · 25-05-2022 10:42pm

https://www.boards.ie/discussion/comment/119114720#Comment_119114720

No, I'd be willing to pay the same rent, for the security. I hate seeing my salary go to private landlords, and I never wanted to own property.

Anyway, off topic. My question hasn't been answered.

Inflation

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