Softening house market?

No, quite simply. The rental situation for people with families that receive no government assistance is completely untenable, like it's only a matter of time at this point that something gives. €2.5k pm seems to be the minimum rental cost for a 3 bedroom place in and around Dublin, which is out of reach for a lot of families without drastic cutbacks on household spending, so much so that even those with good family incomes struggle (especially once childcare costs start to get factored in). The only way out is emigration or buying a home but unfortunately for a lot of families who are renting, it looks like they may miss the boat for getting a mortgage mainly due to age (ie as they tumble towards 40). Given the trends are towards more people renting longer term, how can it be sustainable to not facilitate families being created in rental communities?

They say demand is there until it isn't which really just means that it can disappear even when all indicators would not have confidently predicted demand to disappear. However, equally, I do not see the current situation being sustainable!

To put some more figures on the consideration (we are a working family renting so I'm using what would be our costs);

Rent for a 3 bed €2.5-3k pm.

Childcare €800-1200 pm.

Energy and internet €200 pm.

Car €350 pm (loan, insurance and petrol).

Food €480-600 pm.

Total for bare essentials; €4330-5350pm.

For us we have a household income of €7250k pm but that comes from a €100k and €40k salary. Apparently good salaries but not really feeling well off!

It sucks that you feel this way. While I don't doubt that there are some (crappy) people in your life making you feel like this, I can assure you that the vast majority do not look down on those that rent. Plenty look at them with envy!

What people find hard to believe is this, the government created and wants that exact situation and are doing everything to keep it.

As someone said above, 10-15% only brings back prices where they were 12-18 months ago. Rising interest rates and tightened lending might even negate the benefit entirely.

Early, going on mid-30s, average income - that deposit (with very little to spare) is just down to years of accumulation rather than being well off. I'd say for non-homeowners, that's average.

When you see it laid out like that it shows how hard it is. There is of course people earning less than that see you as rich. One of the salaries is good and the other is average if they were both average you would certainly be suffering. There are a lot of people on less who bought houses in a much better situation. I know I have already said it but Irish society has a huge changes happen already and they continue.

I sold my first house to an architect. He wasn't a developer it was as a home and an ex council house but on a main road not in the estate. Many of the houses on that road now have well paid professionals living there. Good location for transport, schools, shops, cinema etc... People just saw the value in it as house prices rose. When we bought it our friends all were buying further out to get bigger houses in new estates thinking we were mad to buy an ex council house that needed work but we just didn't want to commute like they were willing to. When time moved on they all sold and moved closer to Dublin but downsized and paid extra for the pleasure while we got a minor mortgage increase managed to get a bigger house in a nicer area. In the end of the day we have a much more expensive house with a smaller mortgage than them but we all started out with roughly the same money. Then there are people I know with even more expensive houses and smaller mortgages than us.

To word it slighly different it needs a strong combined income to buy a house in Dublin. Both from the initial deposit and then through to repayments. A single salary of 100k will not cut it and it needs to complemented by an additional income which is not insignificant.

Honestly the next recession is going to be caused by greed. The middle class is fecked and has been for a while. Low income gets subsidies for housing, rich get richer as their asset appreciate. While the middle class (40K - 50K) are spending most of their income on rent and locked out of the property ladder. Now with inflation hitting everything from energy cost, fuel, food.. something has to give.

I assume if they're not 'well off' but have more than 150k in the bank they robbed a bank / are in organised crime?