Yep. My partner and I would love to settle in Templeogue or Kimmage, but it’s looking impossible. Houses around here are going for €650,000 to €850,000 now, it’s outrageous.
His property owning, Fine Gael voting parents smiling in the background..
I think what people forget is if there is a collapse unless you have a secure job you’ll be shit outta luck with getting a house. Also banks will be very careful with who they lend to during the time.
Unless you’ve got a massive deposit( which some will) you won’t benefit much from a collapse I don’t think.
source : tried to get mortgage in 2009 to 2012. Banks would only give me pennys. I was in a shitty public sector job to be fair
This bubble and the previous bubble are different
We don’t need a collapse. We just need to curb the mass buying of houses by investors, build more houses, and stop viewing people trying to buy a home as cash cows.
Think about it. A home is a pretty essential purchase, but buyers are fleeced at every opportunity. VAT, stamp duty, interest, builders profit etc. The bank might give you a mortgage for 200k but you’d end up paying maybe 270k when you include interest. Even government schemes have interest.
One answer might be to rethink the idea that buying a home should be handled by banks at all. Perhaps the government needs to provide interest-free loans to first time buyers.
That would be a terrible thing to happen. A basic understanding of economics would help ye guys out.
Thing is if it collapses you don’t want it to affect other areas. Like we’re barely getting any new builds now, will developers still build if it means it’s not profitable? We need supply to increase.
Man I was soooooo hoping that Covid could fuck things in a beneficial direction.
Edit:
Isn’t it sad that we are no longer hoping for things to get better – but them simple to get fucked in a direction we can take advantage of.
The problem guys is that unless we have a never-seen-before boost in supply, the only other possibility for the market to crush is an economic crisis. AKA people losing their jobs and not being able to afford a house anyways.
Unless you have the most stable job in the world, an economic crisis won’t benefit you. When these things happen and houses get cheep, the only ones to profit are those who are already profiting now. Companies or individuals with enormous amounts of cash. If you lose your job you won’t be able to afford a property even if the prices are a fraction of what they are now.
Its not going to collapse lad because its not a bubble, it’s a lack of supply.
I just wanna come back home !
We bought in 2019, if we were looking to buy today we wouldn’t be able to afford the house we’re in. It’s a new build and it’s shocking the price difference! It’s gone up by 80k+ in 2 years, shocking.
This and my desire for rte to implode on itself so it doesn’t have the budget to make 5 different shitty housing related shows.
We need capital gains tax reform. Buying a second property is the most tax efficient investment in Ireland. Stock gains are taxed at 33%, why bother!!
Lads anyone expecting a drop, expect on. Supply and demand. Supply is beyond critically low. The worst that can happen is that they stay flat
What you really want is for the government to make the sale of residential units illegal to commercial entities. Even FF heads haven’t found a way to argue against this one.
I got a boring as tech support job just so our combined involves would be enough to get mortgage approved. Just the world’s economy die already please?
Everyone born after 1990 needs to band together and try to fix the mess our parents have left us in
Cheap supply of money and low nterest rates have helped keep demand afloat, despite lockdowns etc. My guess is, hard landing or no, interest rates are on the upward trajectory which will make it harder to repay a mortgage, a lot of banks will factor this into their future fixed interest rates for new applicants, in other words, nothing changes in terms of difficulty for first time buyer’s if your looking for a repeat of 2008. Just my 2cents.
It goes to show how bad of a state we’re in that this isn’t even a joke
Bro I’ve been looking for a place to rent with my partner for literally half a year, it’s fucking impossible.
This country is one I love but right now I can’t stand being here, I can’t even start my life until the government decides to do something about the crisis they pretend doesn’t exist.
But sure we’ll just spend another billion helping other countries citizens while Irish people burn in the background lmao
Ireland is literally that meme of the dog saying “this is alright” sitting in a burning house
100%%%%
With the interest rates going up in July will the prices not start going down
And here’s me thinking this is my local Canadian sub… We know your pains friends!
This meme has been posted across subreddits for the last 5 years.
It’s guaranteed but the wait is infuriating. I fucking feel for everyone in the same boat as I
26 comments
Yep. My partner and I would love to settle in Templeogue or Kimmage, but it’s looking impossible. Houses around here are going for €650,000 to €850,000 now, it’s outrageous.
His property owning, Fine Gael voting parents smiling in the background..
I think what people forget is if there is a collapse unless you have a secure job you’ll be shit outta luck with getting a house. Also banks will be very careful with who they lend to during the time.
Unless you’ve got a massive deposit( which some will) you won’t benefit much from a collapse I don’t think.
source : tried to get mortgage in 2009 to 2012. Banks would only give me pennys. I was in a shitty public sector job to be fair
This bubble and the previous bubble are different
We don’t need a collapse. We just need to curb the mass buying of houses by investors, build more houses, and stop viewing people trying to buy a home as cash cows.
Think about it. A home is a pretty essential purchase, but buyers are fleeced at every opportunity. VAT, stamp duty, interest, builders profit etc. The bank might give you a mortgage for 200k but you’d end up paying maybe 270k when you include interest. Even government schemes have interest.
One answer might be to rethink the idea that buying a home should be handled by banks at all. Perhaps the government needs to provide interest-free loans to first time buyers.
That would be a terrible thing to happen. A basic understanding of economics would help ye guys out.
Thing is if it collapses you don’t want it to affect other areas. Like we’re barely getting any new builds now, will developers still build if it means it’s not profitable? We need supply to increase.
Man I was soooooo hoping that Covid could fuck things in a beneficial direction.
Edit:
Isn’t it sad that we are no longer hoping for things to get better – but them simple to get fucked in a direction we can take advantage of.
The problem guys is that unless we have a never-seen-before boost in supply, the only other possibility for the market to crush is an economic crisis. AKA people losing their jobs and not being able to afford a house anyways.
Unless you have the most stable job in the world, an economic crisis won’t benefit you. When these things happen and houses get cheep, the only ones to profit are those who are already profiting now. Companies or individuals with enormous amounts of cash. If you lose your job you won’t be able to afford a property even if the prices are a fraction of what they are now.
Its not going to collapse lad because its not a bubble, it’s a lack of supply.
I just wanna come back home !
We bought in 2019, if we were looking to buy today we wouldn’t be able to afford the house we’re in. It’s a new build and it’s shocking the price difference! It’s gone up by 80k+ in 2 years, shocking.
This and my desire for rte to implode on itself so it doesn’t have the budget to make 5 different shitty housing related shows.
We need capital gains tax reform. Buying a second property is the most tax efficient investment in Ireland. Stock gains are taxed at 33%, why bother!!
Lads anyone expecting a drop, expect on. Supply and demand. Supply is beyond critically low. The worst that can happen is that they stay flat
What you really want is for the government to make the sale of residential units illegal to commercial entities. Even FF heads haven’t found a way to argue against this one.
I got a boring as tech support job just so our combined involves would be enough to get mortgage approved. Just the world’s economy die already please?
Everyone born after 1990 needs to band together and try to fix the mess our parents have left us in
Cheap supply of money and low nterest rates have helped keep demand afloat, despite lockdowns etc. My guess is, hard landing or no, interest rates are on the upward trajectory which will make it harder to repay a mortgage, a lot of banks will factor this into their future fixed interest rates for new applicants, in other words, nothing changes in terms of difficulty for first time buyer’s if your looking for a repeat of 2008. Just my 2cents.
It goes to show how bad of a state we’re in that this isn’t even a joke
Bro I’ve been looking for a place to rent with my partner for literally half a year, it’s fucking impossible.
This country is one I love but right now I can’t stand being here, I can’t even start my life until the government decides to do something about the crisis they pretend doesn’t exist.
But sure we’ll just spend another billion helping other countries citizens while Irish people burn in the background lmao
Ireland is literally that meme of the dog saying “this is alright” sitting in a burning house
100%%%%
With the interest rates going up in July will the prices not start going down
And here’s me thinking this is my local Canadian sub… We know your pains friends!
This meme has been posted across subreddits for the last 5 years.
It’s guaranteed but the wait is infuriating. I fucking feel for everyone in the same boat as I