Softening house market?

There was a climate or a culture of borrowing to the excess. This was heavily promoted by the banks on all media.

I get that people should have full awareness of their own situation, but you can't blame people 100% for getting carried away by the fever. Remember the loan ads that were run in the mid 2000s?

Need a place to get laid? Buy a house! (100% mortgages from Bank of Ireland)

https://www.youtube.com/watch?v=T_URy6gEijg

I'm in the same age-bracket. Many of my cousins / friends / colleagues are trying to settle down. Some of them have, but others have not. I actually have two friends who are single again because their long-term relationship fell apart. Both of them have told me that an inability to find accommodation was a major factor.

Honestly, it does sometimes feel like we're a cursed generation. Speaking for myself, I graduated in 2010 and spend five years doing crumby jobs. I didn't get to earn good money until I was nearly 30. I happen to not want a family, but if I did, it wouldn't really be an option. How many people of our age have put their lives on hold (again)?

Anyways, there's little that we can do about it. The state and the older generations don't seem to care as long as their pensions are paid...

I don't want anything from the state whatsoever. What I would like is to see the state stay out of the market, and cease its tinkering. It is relying on the state as if its some sort of parent that has lead us to where we are now.

Really can you point to the changes? I remember all the warnings before you claim they existed and I don't know of what was introduced about signing a loan like you say. Are you talking about some slight changes to advertisement and promotions?that customer protection was

Not sure why you think customer protection was so lax. What I do remember is the amount of people lying on their applications for mortgages

If the state was to stop tinkering in the market would it not be up to the banks to decide themselves how many times salary to loan ratio is applied?

For instance if they had a guy who was a sure fire bet to be an earner for his working life they could give him ten times salary?

More illiterate avacado toast nonsense.

One thing I see happening first hand is people strongly considering moving out of Ireland and cashing in on their properties they bought in last 5-10 years. With today's prices they are in s good position to close the mortgage and have a small profit. Also with redundancies looming across the tech sector double cash injection is looking as an opportunity to them. Don’t know if the numbers are high enough to reverse property prices but in my circle there is a good amount that are considering the option.

The banks have shown themselves to completely incapable of self regulation last time. That is the reason for the LTI restrictions. I don't think anyone wants a completely unregulated market. The banks should have to meet capital requirements etc. The houses/apartments need to be built to a certain standard.

All that is completely different to giving FTB 30k towards a property purchase, or allowing special chosen ones to purchase properties at below market value subsidised by the state.

Well there are a few others in fairness, the likes of zen desk and sales force, although personally I see this as bandwagon jumping, bigger concern is companies trying to roll back remote working, as that was giving a release valve to the Dublin property market, if these guys start looking for people to come back in there’ll be big trouble.

I know a few people in Twitter and they were essentially told they could work from home forever before the whole Musk scenario, now some of them are ok because they’re earning really good money and are in commuter towns or suburbs of Dublin their other halves don’t work, so they can readjust. But there’s a whole other cohort who moved out of Dublin to Sligo, Galway, Cork etc, they’re on ok wages, their other halves work, but on the back of being told they can work from home forever, they cancelled child care etc, so their kids come home from school around 4, do their own thing while they’re working, and obviously they drop them to school.

Now Musk has demanded people back in the office its untenable for those people even if they managed to commute, gong that distance 5 days a week will cost you around 360 a week in petrol, let alone time away from family, I’m going to assume the food is still free in the office so they don’t have to pay for that, childcare if they could somehow get it would be around another 3-400 a week depending on how many kids ages etc.

so that’s an extra 3 grand a month for the pleasure of working in Twitter, I don’t need to tell you that these guys are seeing solicitors in terms of whether what Musk is doing is legal because there’s no way they can do it

It'll be interesting to see how it plays out. A lot of those working in "tech" are not actually involved in the tech (i.e. engineering, product development etc) side but rather in stuff like advertising (social media etc), HR, sales and multi lingual sales, "customer success" (whatever that even means), and other fluff.

Some will find jobs in other companies (may or may not be tech) if/when they are **** canned, but many will not as the jobs aren't there, and those that do will likely be taking a considerable pay cut. There's still a huge demand for engineering/design/ux roles, as these are not restricted to "tech" companies. And man, is it hard to find good candidates for those.

It was obvious there was a slowdown on the cards as soon as there was a pandemic, it's difficult to comprehend how this wasn't seen by the companies themselves, but rather infinite growth into the future and thus a massive hiring drive all round. I suppose everyone just drank the cool aid.

It's a bit like the pre crash housing market, only with tech companies.

Hopefully doesn't damage the employment figures and economy too badly, I genuinely don't see it doing so. Particularly as so many of the roles were filled by foreign labour which will either get another job (good luck if you're on a sponsored visa) or head off.

But I do see a small but significant fall in higher paid labour (that needs to be housed) which will no doubt affect housing availability albeit in a limited way.

I entered the working world in an extremely depressed economy, and I struggled for years to find a decent job. I didn't earn good money until I was in my early 30s (I'm 36 now). I didn't travel the world or splurge on gadgets and gizmos. I saved what I could, tried to invest in things I knew a lot about and generally tried to improve my lot. I have received no help from my parents as they don't have a lot to give. Am I typical of my generation? I don't know, but I can assure you that many of us a not soy-latte chugging hipsters who walked into a 100k a year job out of college.

Regarding those who bought at the height of the Celtic Tiger, I actually think that something SHOULD have been done to help such people, but I'm glad that you managed to pull yourself out of debt.

I don't want anything handed to me. All that I want is the opportunity to work hard and lay down roots that I can pass down to my godson. As it is, it seems that for an ever increasing proportion of younger people, the future is perpetually paying rent to prop up someone else's investment fund.

What I can not understand is people renting houses for years and then complaining about the buying prices of a house .Did they all miss the day at school when the teacher told us that 'rent was dead money'

The problem which these people don't realise, is that for the market to crash, they themselves have to be excluded too