Softening house market?

I’d love you to cite the law for me as it does not exist generally. There are very few debts in the U.K. failure to pay which would amount to a criminal offence (being generally tax, a court penalty or failure to meet a court order). For a simple invoice, utter rubbish.

I know plenty young people getting with life. Buying/building houses, getting married, etc.

Jeez, you have it tough lad. Where do you find time for the phone. 😂😂

What's the gramps about? I'm 42, practically a millennial myself.

Well to be fair, you are lecturing younger people about avocado toast and saving money.

In 1999 the average rental price in Ireland was about 500 pounds per month according to the CSO. When the first minimum wage was brought in soon afterwards, it was about a fiver an hour.

Why do I mention that? Well because earlier in the thread you said that back then you were in a job earning 12,500 a year. Which was only slightly over the subsequent minimum wage. Yet you were sharing a house with "4 other pissheads" where you were paying 300 pound per month. A fair assumption is that it was an even split and you were together paying 1,500 pounds total per month for the house. In other words renting a house which cost 3X the average price.

Imagine someone coming on here and saying there were now earning just slightly above minimum wage but then said they were renting a house that was three times the average rental cost.............but sure if they just cut out the avocados they'd be able to go on to buy multiple houses........ Basically someone on a minimum wage job sharing a 5k+ per month house with 4 other people. Renting a house out in leafy D4 or similar.

(Ignoring that you later say that you were easily saving 15k a year from your first paycheck. Which is a good trick given that you'd have had only 8,900 left over after just your rent)

How much are people spending on these avocados? Are they the new cocaine? Is it a few hundred quid per week?

I mean isn't this the world where it's not worth a labourer's while getting out of bed an hour earlier to commute to Dublin unless he's getting something like an extra 800 quid a week on top of what he can get locally? Surely he could bother his arse to get up an hour earlier, get that extra 800 quid and use it to buy maybe one or two of the magic little green items per week?

Filling potholes? No.

On one hand you say that it's not worth a labourers effort to commute to Dublin for work unless he earns an additional 800 a week to cover his commute.

And on the other hand you criticise people, many of whom probably earn less than 800 a week total, and many of whom have to do the same commute to Dublin every day, for not being able to to buy a house because of avocados.

There is a bit of a disconnect there.

I don't disbelieve you. But would you get a mortgage to buy that house now, at the price you bought it, given your savings at the time plus what you were earning at the time of application?

50k isn't a lot. I had that saved when I finished fulltime education (albeit I spent a few years as a postgraduate). But I recognise that not everyone had my own circumstances. I'd say it's more usual for people to come out at 22/23 with 5 figures in debt and then into a fairly low paying job to kick off. I'd doubt many of them are renting in houses that are 3X national average rent.

I'm sure that SSIA gave you a bump up too

(Average rent in Cork is 1,448 Euro now for Cork city. That's under 1,150 punts. Which is still less today than you were paying in 1999. Not saying you are wrong, just that you must have been living the high life in a fancy spot)

That is the point though. You were able to "live the high life" but still get onto the property ladder.

Most people of that age today can't do that. And not because of avocados. I wouldn't like to be in their position if things stay the same.

Someone of 45k today would not be granted a 100% mortgage to buy a 350k property. My understanding is, either with an exception or under the upcoming new rules, they'd be allowed a max mortgage of 180k. (4X). We'll assume you needed the 50k for fitting out the place and other expenses. But the corresponding 26 year old today would need your 50k plus another 170k to buy that same property.

We were earning about 80k between the two of us. Fitted the place out for 10k. Did alot of the work myself.

This is the Softening house market? thread not the housing chat thread...ffs.

Any chance we can get back to the market?

Estate I live on just outside Cork City usually has two to three house for sale pretty much constantly for the last few years. On daft now theres 7 houses for sale, a combo it appears of a lot coming to market and many that came out earlier but still not sold.

If I was buying in my estate I could now bid on 4 similar properties right now instead of just one option, means I’d almost certainly get a better deal than six months ago with the optionality.

It's not about filing potholes working on the road is travelling to and from work2hours per day. That is what a lot of building workers do in Dublin. You get out of bed at 5.30 in the morning grab a cut of tea and a slice of toast.

Get your wet gear that is drying somewhere. You then hop in your van and start driving to arrive on site at ten to eight. You are on that site for nine hours with probably two half hour breaks. If you have a one hour break for lunch the starting time or finishing time is adjusted by 30 minutes.

In summer the car or van is cooking, in winter you leave it wet and cold half the time to hop. onto a van and face a the same two hour journey. You arrive home at maybe 7pm have the dinner and a shower do a couple of thing with the kids and head for bed at 10pm.

Why do lads not stay up there because they will be across various sites so even staying in or around Dublin will incur travelling time anyway. As well van security. You cannot park a work van with a couple of grand in tools and equipment on the side of a street in Dublin. As well an average building workers consumes 4-5k calories a day. If you are staying in accomodation in Dublin you will end up buying a lot of that grub cooked.

Mostly travelling in and out is costing 250 minimum per week. Sharing it with another lad is 125gone every week. So the extra 800/week is taxed at the high rate you will end up with slightly less than the 400/week. 125 is gone in travel expenses.

You will probably want something hot at least once during the day so that is probably 40-50/week or else grab a coffee on the way home.

Some will be very disciplined. The spouse/partner will have a good bit of there grub prepared every evening. This is mostly where this person only works part-time. The labourer will have access to some of her tax credits and this will maybe bring up his take home by 150-200/week

But if you think you will take on that lifestyle for anything less you are welcome.

People have choices but many turn around at 30ish after working 6+ years and are living with someone. They have drifted through there twenties and have no savings. They want a lifestyle but have no plans. The clock is ticking.

There was only one stage where it was relatively easy to buy a house as a single person and that was in the noughties. Even then it was not as easy as many think. Most ended up buying apartments that they got stuck with and are still in negative equity.

In Limerick this week's there was three two bed apartments sold for 119k,121k and 132k at auction on youbid in a fairly decent development.

Ya it was an auction and you had to solve that conundrum but there is solutions out there. But even as a single person there is solutions

The labourer has a choice he can get a job in Kinnegad paying 750-800/week on a building site. The lad or lassie commuting in and out of Dublin can they get a job paying similar wages with the same longterm prospects.

My son is in Dublin. He could have got a job locally that would have paid 10k less taxable.in Dublin he is paying nearly 10k after tax for accommodation. However his prospects are much better. He got a 10-12% pay rise this year he would have been lucky to get half that in Limerick.