Softening house market?

The same issues with regards to construction costs that are in Ireland are global and in Ireland there is still building needed. So what other business can they go into and also Nixers without paying VAT are fastly becoming a thing of the past due to moving to cashless and companies are under more scrutiny. So what other business can a builder jump into during a recession where jobs are being lost?

Ireland has record savings and full employment. Have you any comparisons to other countries with regards to bad debts I know Germany have been topping the charts in Europe for this. I do understand business its you who doesn't get it. Your trying to paint a picture that a builder would rather go on the dole than drop their level of wages and I have contended that with inflation the whole of the Irish work force would not go to work with the levels of inflation vs real wage rises. What is the risk in lowering your wage to try and compete for work?? These guys have indemnity insurance so if there is a mess on the job also if prices for raw materials rise they will in my experience have it in the contract that this cost will be passed on to the customer. So where exactly is the risk? They also insist on payment before the work is done so the risk of someone not paying them is negated.

As I pointed out builders usually get a deposit up front and then they always get paid ahead of doing the work I have had 3 jobs done and that's how it has always worked so they always got their wage before the job or the weeks work was done and got paid so far in advanced that they went off doing other jobs and leaving my job on the long finger. This is the system here so there is little if no risk of a builder not getting their wage

debt issues are a global problem, we re not alone with it, or currently one of the worst, data slightly out of date but...

This is untrue. In the absence of agreed payment terms and invoice becomes payable within 30 days and a statutory demand may be issued in respect if it and interest may be applied. This provides certainty as to when a CIVIL legal claim may be pursued through the courts. It does not amount to a criminal offence - that would require the existence of dishonesty.

Comparing any figure to GDP in Ireland can be very misleading, you should be using GNI instead.

Where is this risk? I dont see it?

Myself and most of my friends bought in the noughties due to our age and bad luck. Mortgages weren't as freely available as you may be led to believe. Prices were sky high and alot of the houses were built in the wrong locations and were since knocked. Build quality was a joke compared to now.

My story is very similar to alot of my generation. Bought a house at the top of the market out of desperation alot of the time. House value fell to half and got feck all help from anyone. Also interest rates increased making mortgages unaffordable. The smart people had a right laugh at the "fools" that bought because rent was so cheap, and to be fair rent was very cheap and had to rise to some degree but obviously not to today's level. Many people were stuck in apartments and the like which were supposed to be a starter home but they've ended up living there with their whole family. I had to work my ass off and save like hell to get out of my mess. I built another house which cost me 300k in 2014. With the new regs and inflation you wouldn't build it for 600k today. I built it out of savings. My old negative equity house is rented out for 1100 euro per month and is still in negative equity with interest rates rising again. It's worth at least double on the open market but I wouldn't charge that much even if I was allowed. So I got screwed on the way down and I'm not allowed to benefit on the way up.

Alot of the problem now is that the government said everybody needs to build a top of the range house. But not everyone can afford a top of the range house.

We're all only trying to get a house and raise our families and that's the story all over the world. No need for half of this one generation vs another BS.

What property were you going to buy with 15k? It's more likely that if you foolishly accepted it you wouldn't have been able to buy any property and if you did you wouldn't be able to afford the repayments on the mortgage plus the short term loan you just took out. Then you would have ended up in negative equity and lost everything plus some more. I know people still paying back for that kind of stuff.

Propertys going Sale Agreed that are not even turnkey in the more established City areas in Galway City for sure; see signs going up and 3/4 week later Sale Agreed on them. Speaking earlier this week with local estate agent he said not as many bidding wars that were common here in 2021 but that demand in the City for 3/4 bed houses was still strong.

What's going on with this one?

Sale agreed and ad last updated in early August, yet ad appears with a 5k price decrease in today's price changes.

It is more than obvious that you don't see it. You had 3 building jobs done, foolishly paid all the money in advance of completion .

Now you claim to be an expert on the building trade and to have a deep knowledge of builders psychology and thinking processes.

There is a separate crimunal offence of not paying an invoice as well. The civil right to interest derives from European law.

Interesting. What is the required mens rea for just not being able to pay the debt when it falls due?

HArdly a strict liability criminal offence?