Mary Lou McDonald: Sinn Féin leader says average Dublin house prices should fall to ‘the €300,000 mark’
by badger-biscuits
Mary Lou McDonald: Sinn Féin leader says average Dublin house prices should fall to ‘the €300,000 mark’
by badger-biscuits
30 comments
>She said that average house prices in Dublin should fall to “the €300,000 mark”. Figures from the Central Statistics Office suggest that the average house price in Dublin is about €430,000 at present.
But how? It’s good she is saying she knows it could be politically unpopular but it’s important to do, but how do they intend to get house prices as low as feasibly possible.
Why stop there, why not 30 euro?
If we are just going to throw figures out we might as well go with a low one.
I agree.
God, she’s thick
My pay should also rise to 1 million euro. Make it happen mary lou
Not a serious politician.
Oh god Mary Lou you can’t put a fucking figure on it.
Take your “average” buyer who bought this year. They paid €430,000 and took out a mortgage of €387,000. They are on a rate of ~4% fixed for 4 years.
After those 4 years they need to worry about the interest rate again. The lower their loan to value ratio the lower an interest rate they can get.
If the value of their house after 4 years has dropped even to €350,000 their LTV will be about 100%. If their home held its nominal value their LTV would be about 80%, which gets them to the next step down in interest rates.
This is why you have to use vague promises of more housing (somewhere else) and vaguely “more affordable” prices. You don’t say the average price will fall to X, because people might do the calculations and realise you’re going to cost them real money.
Nothing that a severe recession with mass unemployment couldn’t fix, but then nobody could buy a property, even for 300K……
A bold move, I’ll give her that.
ahh here, now that is just plain delusional
If she can provide insight on how she plans to deliver that she will get my vote.
The current situation is ludicrous. The prices of houses are enormously inflated. Basic 2 beds in Cherrywood costing over 500k doesn’t make sense.
Bullshit again
The average size of a 3-bed house is about 100 sq.m.
Construction costs in Dublin at the moment (just labour and materials) is maybe about €2000/sq.m. So the cost for labour and materials alone for a typical Dublin house might be €200,000.
That excludes site purchase costs, site development works incl roads, paths, landscaping, services, planning and development costs and fees, developer profit, etc,etc.
€300k for a new 3-bed house in Dublin is completely unrealistic
50,000 house’s per year til 2050 they reackon. Unless we get a severe recession and mass emigration it’s hard to see house prices dropping massively.
Show your workings please Mary
Something something Leo Varadkar
Can’t remember the exact figure that they quoted, but SF were claiming the cap on the mica relief fund was totally insufficient rebuild homes in rural Donegal where the land was already purchased and services were already installed.
But somehow they would be able to construct new build social housing in Dublin and surrounding areas for significantly less than that, to include sewage, electrical, roads, water, landscaping, land purchase, developer margins… Wonder how they square that circle?
Why stop at 300,000? If you’re going to wave a magic wand, why not make them 100,000?
House prices are dictated by a couple of things Governments have control over, and a much bigger pool of things they have no control over.
Why not free?
The only way this happens is if you tank the whole economy
Good to know I shouldn’t vote SF.
This is insane.
Dublin is now a much bigger city with significant population pressure. It’s no longer a city where most should expect to live in houses and because of the cost of the land itself houses will always be expensive .
€300k as an average dwelling price is a good aim. €300k for an average house price is nonsensical.
She’s talking shit. But politicians will do that.
They can reduce housing inflation by making sure more housing stock comes on line and by dramatically some input costs (e.g. land prices by taxing profits on land sale and penalizing land hoarding).
But this won’t know 30% of the prices of houses. And she fucking well knows it
My political philosophy is there should be less cancer in Ireland, and fewer children crying because they fell over.
I think cancer and crying children are bad things.
Vote for me!
Maybe if we all went the way of Mary Lou’s mansion in Cabra, acquiring what was originally a single-storey, one-bedroom cottage and convert it into two storeys with five bedrooms and bathrooms to match?
In reality this is not plausible. We saw the soviet Union try and control prices for goods and you’ll either get inferior quality, huge shortages due to nobody feasibly being able to create them at this price in a globally open market or lastly those with the money simply buying even more for renting because of the discount.
Dublin and any other Irish either starts going the way of alot of Europe and build up or simply build commuter towns and expand them.
Umm sure Mary that would be grand,,,but how in the fuck are you going to do that?????
Like as annoyed as I am about the housing crisis I know there are just basic economic laws of demand and supply you can’t restrict something like housing to a specific number without causing upheaval somewhere else 🤷🏻♂️🤷🏻♂️
Another bravado statement from SF with little to no substance so we’re stuck having to choose between FF or FG because this is just delusional promises again
Why can’t we do as the Nordic countries do?
Start building up and stop freaking out over the ‘skyline.’ Build up.
Lots of ways to get there:
– devalue the currency
– taxpayer subsidies
– outlaw home sales in cities, sell only in remote, rural areas
– override the data on the property price register to just say it was €300k
And then be sure to adjust the taxes on the different LPT rate bands so you don’t lose out on precious government revenue