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Irish Property Market chat II - *read mod note post #1 before posting*

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  • Registered Users, Subscribers Posts: 5,984 ✭✭✭hometruths


    This has been debunked numerous times. The CSO only includes what they consider to be habitable dwellings in their count of vacancies.

    Granted, perhaps their definition of habitable does not mean somebody can move in tomorrow, but it is highly likely that somebody could move in, in less time than it would take to build a brand new house from scratch.

    And it is highly unlikely the 33k available rentals were un inhabitable.

    And the 100k properties available supply I mentioned in post you quoted were specifically referring to those properties tummy disregarded because he thinks they were probably occupied a few weeks after census night.



  • Registered Users, Subscribers Posts: 5,984 ✭✭✭hometruths


    This has been debunked numerous times. The CSO only includes what they consider to be habitable dwellings in their count of vacancies.

    Granted, perhaps their definition of habitable does not mean somebody can move in tomorrow, but it is highly likely that somebody could move in, in less time than it would take to build a brand new house from scratch.

    And it is highly unlikely the 33k available rentals were un inhabitable.

    And the 100k properties available supply I mentioned in post you quoted were specifically referring to those properties tummy disregarded because he thinks they were probably occupied a few weeks after census night.



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,079 Mod ✭✭✭✭AlmightyCushion


    That link even says that this doens't imply these properties are available for re-use. You're saying we don't need more supply because we have 100k units that are available for re-use and pointing to this as your proof even though it expicitly says that it should not be used for that. Also, some of the properties that are actually available would be in places no one or not many might want to live. It doesn't matter if there are a lot of empty houses in remote and rural locations if people are looking to buy or rent near towns and cities.



  • Registered Users, Subscribers Posts: 5,984 ✭✭✭hometruths


    Hang on you can't argue it both ways.

    Either the 100k properties were actually available on the market at census time, and probably occupied a few weeks later, hence can be disregarded as potential available supply.

    Or they were not actually available on the market at census time, hence they cannot be disregarded as potential available supply.

    Which is it?



  • Registered Users, Subscribers Posts: 5,984 ✭✭✭hometruths


    Some of the highest vacancy rates in the country are in Dublin 2,4,6 and South Dublin.

    Dublin is one of the few areas in which vacancy rates are increasing.



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  • Registered Users Posts: 7,057 ✭✭✭timmyntc


    "What is a hypothetical"

    You keep dodging questions that you find inconvenient repeatedly. You claim that 100k units would be enough to solve our housing issues. The fact that we make 30k a year new and prices continue to rise (flatline now) disproves this point.

    The 33k rentals are no longer vacant more than likely - unless there are 33k rental ads on daft and airbnb with no takers. Thats how cso determine a vacant is rental - based on ads at the time of census. Majority are likely airbnb short term lets, most of which are ex bedsits no longer suitable for main rental market anyways.



  • Registered Users Posts: 2,754 ✭✭✭PommieBast


    @timmyntc

    The 33k rentals are no longer vacant more than likely - unless there are 33k rental ads on daft and airbnb with no takers. Thats how cso determine a vacant is rental - based on ads at the time of census. Majority are likely airbnb short term lets, most of which are ex bedsits no longer suitable for main rental market anyways.

    There is so much monkeying about with Daft listings an outfit such as the CSO should simply not be using them as a source of information.



  • Registered Users, Subscribers Posts: 5,984 ✭✭✭hometruths


    You claim that 100k units would be enough to solve our housing issues. The fact that we make 30k a year new and prices continue to rise (flatline now) disproves this point.

    Yes, I have absolutely no doubt that hypothetically if there were 100k units available for sale or rent today, or indeed at the time of the census, we would not be discussing any housing market problems.

    I don't believe for a second there were 100k units available for sale or rent at the time of the census, it's your claim:

    "48k long term vacancies according to CSO based on successive census'. Anything else could have been determined to be occupied only weeks after census night."

    Disregarding everything except the long term 48k on the grounds that they were turnover stock occupied shortly after indicates there was at least 100k in turnover stock available at that time.

    Thats how cso determine a vacant is rental - based on ads at the time of census.

    This is just so abundantly wrong, it is absurd. The CSO have listed 33k of the vacants as rentals. The idea that they did this because they found 33k ads on daft is laughable. Sure they might look at daft, and see if the information is corroborated, but they absolutely are not using daft to determine the status of why a property is vacant.

    I keep reiterating we can agree to disagree on this, yet you keep coming back with more misunderstandings. Are you happy just to drop it?



  • Registered Users Posts: 7,057 ✭✭✭timmyntc


    The number of dwellings attributed as being available to rent seems very high compared with what is available on websites. Why?


    Properties which were declared vacant by enumerators on Census night and described as rental properties include dwellings which were advertised on websites as being for rent, short term lettings including AirBnB properties, and dwellings which were between lettings but may not have been commercially advertised. There were 35,380 vacant dwellings which were rental properties. This was more than 20% of the total stock of vacant dwellings

    Source: https://www.cso.ie/en/census/census2022/census2022andvacantdwellingsfaq/



  • Registered Users, Subscribers Posts: 5,984 ✭✭✭hometruths


    You missed out the title of the section you quoted: The number of dwellings attributed as being available to rent seems very high compared with what is available on websites. Why?

    The CSO are explaining to you why their count of vacancies determined as rentals is significantly higher than the number of ads listed on websites and yet you are claiming this is telling you "Thats how cso determine a vacant is rental - based on ads at the time of census."

    If in the course of their visits the enumerators get information that it is a rental between tenants, or an airbnb, whether that is from neighbours or owners, they classify it as a rental. It's nothing to do with ads on websites.

    If the neighbour says it's a rental, but it's empty at the minute because the last tenants moved out six months ago - it's a rental.

    If the neighbour says it is an airbnb - its a rental.

    If the owner says it's a rental, because they'd rather say that than admit they're leaving property vacant during a housing crisis - it's a rental.

    If the owner says it's between tenants, and I'm in the process of waiting two years to have rent cap removed - it's a rental.

    In total they counted about 35k of these rentals of various flavours.

    Nothing to do with how many ads on are on property websites.



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  • Registered Users Posts: 4,618 ✭✭✭Villa05


    Financial advise July 2023

    "In the unlikely event house prices fall"


    Sounds good. However, the sting in the tail is that the First Home Scheme takes a stake in the property, and unlike a bank, this is not set at the €75,000 loaned, but rather a percentage of the house value – in this case, 21pc. That’s a whopping amount, because it means, effectively, when you sell the house, you have to repay 21pc of whatever it’s worth at that time. If house prices double, you owe €150,000.#In the unlikely event house prices fall, you only pay back the percentage, rather than the amount




  • Registered Users Posts: 4,618 ✭✭✭Villa05


    Rental figures and trends for mid west

    Limerick Council dealing with 231 notices to quit, that's almost 13 times the number of properties available for rent in Limerick City/suburbs

    • There is a stark difference between the number of homes available to rent in Limerick City and Suburbs for May 2023 versus May 2022. May 2022 saw 48 homes available while May 2023 saw 18 homes available – a decrease of 61%. During the same period, average prices increased from €1,600 in May 2022 to €1,931 in May 2023 – an increase of 21%. This would represent an additional annual spend for a new tenancy of almost €4,000


    Meanwhile the state is stepping up the purchase of these homes served with notice to quit. Alot of money spent shuffling supply, rather than delivering new supply. We all know the winners and looser in that game

    The City North representative was informed that as of June 14 last, 43 homes were at sale agreed, 54 sales were still under negotiation, a further 120 were at proposal stage, and 14 households were referred for consideration under the Cost Rental Tenant in Situ Scheme





  • Registered Users Posts: 1,240 ✭✭✭herbalplants


    ​Ireland’s largest construction company, John Sisk & Son, recorded a 40pc drop in pre-tax profit as inflation and supply chain woes hit the builder’s margins last year.

    Living the life



  • Registered Users Posts: 4,618 ✭✭✭Villa05


    What recession?

    Rents which the state pays to investment funds and developers to lease thousands of social homes are being increased by between 12 and 16 per cent this year, due to a move in 2019 to link rent reviews to inflation




  • Registered Users Posts: 146 ✭✭SwissToni


    And yet private landlords are still stuck with 2% increases.



  • Registered Users Posts: 753 ✭✭✭dontmindme


    Ah yeh but Germany probably didn't relax their lending rules and bring in scheme after scheme to prop up high prices like we did though.

    Post edited by Boards.ie: Mike on


  • Registered Users Posts: 3,031 ✭✭✭Blut2


    The leasing of social homes at scale is such an absolute con, its one of the worst policies the FG governments have made in relation to housing.

    Billions of euros spent already, and vastly more to be spent in the years to come, on renting assets instead of buying them. And taking tens of thousands of housing units out of the private rental market while they're at it, jacking up prices massively for everyone else.

    If FG hadn't been so ideologically opposed to the state just building the damn things over the last decade we'd be in a much better place today.



  • Registered Users Posts: 229 ✭✭danfrancisco83


    HAP is an absolute killer too. Government money competing against private renters. A 2 bed apartment in Clontarf is roughly the same price to rent as a 2 bed in Ballyfermot, primarily because of HAP.



  • Posts: 0 [Deleted User]


    Genuine question here. I'm not as up to speed as any of you here regarding the finer details of buying a house in Ireland today. Basically how easy or hard would it be to sell a house in say Portlaoise for €250k in todays climate?



  • Registered Users Posts: 3,031 ✭✭✭Blut2


    Over 58,000 households were receiving HAP at the end of 2022. A few thousand of those could be justified - short term use before social housing can be found for applicants etc - but imagine how much more sane the private rental market here would look like if 50,000 of those households were in social housing instead, and those rental units were back on the market.

    Thats not some completely unachievable pipe dream either, if we'd built 5000 social housing units a year since 2013 it would be reality. That level of construction would have been completely viable.

    But FG opted for HAP instead for ideological reasons, a very short term solution that they were literally warned would be hugely problematic over the long term. Which it now is.



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  • Registered Users Posts: 229 ✭✭danfrancisco83


    I understand why we weren't building, hindsight is 20/20 vision, but in 2013 we had ghost estates all over the country and we were still on our knees after 2008 (maybe there were signs we were turning the corner, but I started renting an apartment in Ranelagh in 2013, for €900 a month! You wouldn't get a shed in Tallaght for that now).

    A genuinely can't see how HAP can be unwound. Some mess.



  • Registered Users Posts: 2,754 ✭✭✭PommieBast


    @Blut2

    If FG hadn't been so ideologically opposed to the state just building the damn things over the last decade we'd be in a much better place today.

    It was a deliberate attempt are reinflating the bubble, which could only be done by squishing demand. Need to track down that 2014 video clip of Noonan saying something like "we want house prices up"..



  • Registered Users Posts: 2,754 ✭✭✭PommieBast


    Much the same as me, except it was Four Courts. It was only upto 1100 by the time I was turfed out in 2020..



  • Registered Users Posts: 229 ✭✭danfrancisco83


    Did you get the aul "nephew up from the country" spiel when you were turfed? My place was back on Daft 6 months after I was turfed, lick of paint, new carpet, €1850pm.



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,079 Mod ✭✭✭✭AlmightyCushion


    In 2013, we had a budget deficit of nearly €12b, which was 7% of GDP. EU rules mean you have to keep your deficit below 3%. If the government had borrowed billions back then to go on a massive house building program, the opposition and most of the country would have crucified them.



  • Registered Users Posts: 4,618 ✭✭✭Villa05


    State was the largest owner of real estate in the world at that time. They did not need to build any, just manage there stock a little better



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,079 Mod ✭✭✭✭AlmightyCushion


    The person I was replying to literally said we should have starting building 5,000 social housing units a year back in 2013.



  • Registered Users Posts: 1,240 ✭✭✭herbalplants


    Not familiar with Port Loaise market, depends on the location and type of house I suppose. But I would say no problem selling.

    Living the life



  • Registered Users Posts: 3,031 ✭✭✭Blut2


    The average cost per built social housing unit in 2019 was 239k. Assuming an average cost per unit of say 200k in 2013 then building 5000 extra social housing units would have cost the state €1bn (assuming absolutely zero economies of scale from building in larger numbers, which is likely inaccurate).

    Then take away positive revenue feedback from VAT, PAYE on wages related to the construction etc. And social welfare savings from having construction workers working instead of on the dole. And the yearly savings from not spending money on HAP from 2014 on-wards.

    You're looking at actual additional costs to the state of 500-900mn (at absolute most) per year. That would have made very little difference to our overall deficit, the opposition and most of the country would barely have noticed - never mind crucifying anyone. I very much doubt any of the opposition FF or SF TDs would have been calling for the state to lease social housing instead of build it given the former's strong construction industry links, and the latter's ideology.

    The EU deficit rules are completely irrelevant, as evidenced by your own post - and by in the last 30 years plenty of EU countries breaching it all the time.

    5000 social housing units a year would have been a completely realistic, achievable goal with very little effort over the last decade. We built 9000 odd social housing units in 1975 for example, when the population was only 3.2mn - vs 4.6mn in 2013. And at a time when we were in a much more difficult economic position as a country than in the mid/late 2010s.



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  • Administrators Posts: 53,843 Admin ✭✭✭✭✭awec


    It always sounds really easy when you look at things in hindsight and apply today's knowledge to a decade ago. Sure if the state had just introduced lending rules in the early-00s we could have prevented the worst of the tiger!

    There was no housing crisis in 2013 and we had an enormous surplus of housing stock. Prices were only just recovering from rock bottom, you could barely build a house for any profit.

    Nobody was sure back then what was going to happen, even the sentiment on this forum in 2013 was that the upward turn in prices was simply a dead cat bounce. I don't think anyone was calling for taxpayer money to be put into property.



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