Hmm, yes, this definitely won’t do anything to further inflate prices
Lotsa monies!!!
So instead of decreasing house prices, throw more money on their purchase… Genius
“Bank says I can’t afford a 800e mortgage payments so I’m back to paying 1600 in rent every month”
This is actually sensible. The previous limit meant that a *lot* of people literally couldn’t afford any house in the country.
I’m too lazy to work up a conspiracy theory around the fact that banks are giving 15% more to borrowers at around the same time that the construction industry is saying that material costs have gone up 15%.
Beats paying people reasonable wages or addressing the cost of housing..
Just as interest rates are rising. Prices should be falling to offset the increasing rates but this will give them another boost higher. Good job everybody.
What exactly is a first time buyer? Does it mean first time buying a property, or first time buying a mortgage?
I know they’re normally one and the same thing but there’s a few scenarios where they aren’t.
Brilliant! €100,000, whoop-de-doo.
This is great news
Will be very interesting to see if prices jump or if they’re still restricted by increases in interest rates. I think at the very least this was brought in to ensure house prices cannot fall because our banks are completely reliant on house prices never falling.
Disaster for inflation. The 3.5x rule was the best guard we had against risong prices
Isn’t this old news?
Mental, with increased interest rates coming I’d that even affordable?
Good, keep my house price nice and high.
Why does this only apply to FTB ?
Ah great. I wanted more debt.
Well 3.5x was a random number to begin with but still regardless of 4x, 3.5x…etc it is still a fucking dumb market. Not that I think that house prices for new builds are out of control or anything but we should have already started looking at other measures to get people housed. The government and the central bank are fine with monetary measures but how about actually addressing other stuff.
Here is a quick list of random ideas that aren’t dumb in an emergency.
Ban Airbnb – 22,800 listings this year
Forced purchasing of all holiday homes – 62k homes
Removing the parking space law or at least changing it for apartment buildings
Taking planning away from the CCs and ABP for the time being and centralising them based on need for residential properties
Even using CPOs more to take them away from property speculators who are holding them to ransom at a high price. I remember that building in the IFSC, at the very end of the Luas line was mostly vacant for like 5 years because they priced the building too high. Now of course they are being rewarded for that but those buildings were partially the reason why the prices were increasing over the years.
Don’t forget to get more debt to pay off the last debt, keep the debt rolling.
It’s cool.
This did not work out so well the last time they tried it…
Wouldn’t get me the cheapest one bed apartment
It will prevent the too far drop that happened last time there was an economic bump.
The people that can afford it, will largely still be able to afford it. Yes there are many people that won’t be able to afford it, but many will.
The major wipe out last time still hasn’t been recovered from in many respects, but building is winding back up, and thankfully less build to rent happening. It honestly feels like a clever thing to do considering other possible alternatives, such as smashing people in to negative equity over night for 10 years again. Most people just trying to live and have somewhere safe and secure to live.
The bigger the bubble the bigger the burst
It will increase demand & consequently , prices for sure but;
It’s a great boost for self builders. Short supply is the root cause of our housing issues so any incentive to build more houses is welcome at this stage. I’d also like to see VAT cut on new builds and a Government directive to local councils on streamlining the planning process.
Bureaucracy & high taxes in an already inflated market will cripple us if we don’t deal with it now.
clever move. let idiots take loans they cant psy, then buy back cheap, then sell to next idiot…
To quote Spider-Man or his granny or something “with greater salary to mortgage ratio comes greater responsibility”.
28 comments
Hmm, yes, this definitely won’t do anything to further inflate prices
Lotsa monies!!!
So instead of decreasing house prices, throw more money on their purchase… Genius
“Bank says I can’t afford a 800e mortgage payments so I’m back to paying 1600 in rent every month”
This is actually sensible. The previous limit meant that a *lot* of people literally couldn’t afford any house in the country.
I’m too lazy to work up a conspiracy theory around the fact that banks are giving 15% more to borrowers at around the same time that the construction industry is saying that material costs have gone up 15%.
Beats paying people reasonable wages or addressing the cost of housing..
Just as interest rates are rising. Prices should be falling to offset the increasing rates but this will give them another boost higher. Good job everybody.
What exactly is a first time buyer? Does it mean first time buying a property, or first time buying a mortgage?
I know they’re normally one and the same thing but there’s a few scenarios where they aren’t.
Brilliant! €100,000, whoop-de-doo.
This is great news
Will be very interesting to see if prices jump or if they’re still restricted by increases in interest rates. I think at the very least this was brought in to ensure house prices cannot fall because our banks are completely reliant on house prices never falling.
Disaster for inflation. The 3.5x rule was the best guard we had against risong prices
Isn’t this old news?
Mental, with increased interest rates coming I’d that even affordable?
Good, keep my house price nice and high.
Why does this only apply to FTB ?
Ah great. I wanted more debt.
Well 3.5x was a random number to begin with but still regardless of 4x, 3.5x…etc it is still a fucking dumb market. Not that I think that house prices for new builds are out of control or anything but we should have already started looking at other measures to get people housed. The government and the central bank are fine with monetary measures but how about actually addressing other stuff.
Here is a quick list of random ideas that aren’t dumb in an emergency.
Ban Airbnb – 22,800 listings this year
Forced purchasing of all holiday homes – 62k homes
Removing the parking space law or at least changing it for apartment buildings
Taking planning away from the CCs and ABP for the time being and centralising them based on need for residential properties
Even using CPOs more to take them away from property speculators who are holding them to ransom at a high price. I remember that building in the IFSC, at the very end of the Luas line was mostly vacant for like 5 years because they priced the building too high. Now of course they are being rewarded for that but those buildings were partially the reason why the prices were increasing over the years.
[https://worlddebtclocks.com/](https://worlddebtclocks.com/)
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Don’t forget to get more debt to pay off the last debt, keep the debt rolling.
It’s cool.
This did not work out so well the last time they tried it…
Wouldn’t get me the cheapest one bed apartment
It will prevent the too far drop that happened last time there was an economic bump.
The people that can afford it, will largely still be able to afford it. Yes there are many people that won’t be able to afford it, but many will.
The major wipe out last time still hasn’t been recovered from in many respects, but building is winding back up, and thankfully less build to rent happening. It honestly feels like a clever thing to do considering other possible alternatives, such as smashing people in to negative equity over night for 10 years again. Most people just trying to live and have somewhere safe and secure to live.
The bigger the bubble the bigger the burst
It will increase demand & consequently , prices for sure but;
It’s a great boost for self builders. Short supply is the root cause of our housing issues so any incentive to build more houses is welcome at this stage. I’d also like to see VAT cut on new builds and a Government directive to local councils on streamlining the planning process.
Bureaucracy & high taxes in an already inflated market will cripple us if we don’t deal with it now.
clever move. let idiots take loans they cant psy, then buy back cheap, then sell to next idiot…
To quote Spider-Man or his granny or something “with greater salary to mortgage ratio comes greater responsibility”.
Words to remember.
Awh shit, here we go again!