Current public sentiment towards the housing market?

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Bedsit said:
We only have to look across the water and see how many of the people who came there in the 60s and 70s went back. Todays report clearly states that a lot of non-EU nationals have bought property over the past number of years.
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You mean the report released by the impartial Irish Mortgage Corporation? And it doesn't give any figures I could see in the RTE release for "a lot" of anything. If they come out with specific figures stating that 20% of new buys were from immigrants, fair enough. Right now we don't know if its 20% or 1%. I saw another similar report released by AIB and estate agents which on the one hand praises immigrants for depressing wages, and on the other hand looks forward to them entering the property market. One or the other, lads. So again, grasping at straws.
Bedsit said:
The problem will be that if the market falls, they might be left holding an asset which is less than what they paid for, or they may not be able to sell at all if it is in commuterland etc.
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The problem they will have in common with everyone else you mean?
 
tententwenty said:
Right now we don't know if its 20% or 1%.
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i heard on newstalk this morning that it was just under 5% of the total market of FTB's ,

so take 37% of all properties sold last year (percentage of FTB's in market last year - dont know what is is now) and find 5% of that and theres your answer in cold hard numbers

anyone wana do the maths????

i imagine the answer would be negligible in comparison to the current immigration "demographics" / numbers being bandied about , more cannon fodder IMHO
 

1.85% of all properties sold last year?
 
sure 5% of the workforce is medical bods in the public health system (100,000 workers out of 2m) many very well paid doctors.
 
miju said:
i heard on newstalk this morning that it was just under 5% of the total market of FTB's ,
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RTE have it quoted as 18.5% of FTBs and it's only counting the first six months of this year.
http://www.rte.ie/business/2006/0823/houses.html

If IMC actually released the full report to the public domain it might be more useful. Can anyone actually say what percentage of the market for the first six months was made up of FTBs?

http://www.rte.ie/business/2006/0823/houses.html
 

Well if its the same as last year, its 6.8% of all properties were bought by immigrants, just over one purchase in twenty. I'm not sure if the FTB ratio had dropped or increased in the first six months of this year?
 
tententwenty said:
Well if its the same as last year, its 6.8% of all properties were bought by immigrants, just over one purchase in twenty. I'm not sure if the FTB ratio had dropped or increased in the first six months of this year?
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Somebody out there knows the FTB ratio in the market for the first six months of 2006. The fact that it's not available publicly is suspicious to say the least.

I wonder what's the order of priority for the objectives of the Irish Mortgage Council? (Who by their own estimates say their members account for over 95% of mortgage lending in Ireland.)

-the promotion of high standards of mortgage lending,
-the development of industry views on areas of common interest, particularly in terms of regulation and legislation affecting housing and housing finance,
-ensuring that the relevant national and European authorities are made aware of these views,
-assisting in the development of market data,
-the general representation of member institutions' interests.

EDIT: Realised that the figures being quoted today came from Irish Mortgage Corporation (a different IMC). Comment still stands if the Irish Mortage Council can achieve it's objectives of assisting in the developing of market data and provide the general representation of member instutions interests though.
 
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RTÉ stated last night on the 9 o' clock news that 1/5 of FTB's this year were foreign born, of those . . .
  • 36% of those FTB'ers were Asian
  • 20% British
  • 1/7 EU15
 
Galway Flipper Not Doing Badly

Houses were [broken link removed] originally in early 2005 IIRC

Flipper wants [broken link removed] , 20% in a year.

No bad business if you get it but Loughrea in Galway is massively 'overbuilt' to my mind.
 
Raskolnikov said:
RTÉ stated last night on the 9 o' clock news that 1/5 of FTB's this year were foreign born, of those . . .
  • 36% of those FTB'ers were Asian
  • 20% British
  • 1/7 EU15
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The data for that "research" came from Irish Mortgage Corporation which is the mortgage broker associate company to Hooke and MacDonald, the new homes estate agent. These vested interests had the report timed for release to counter the Department of Environment figures showing a huge increase in home completions this year.

The IMC data represents activity predominantly in the new homes market and doesn't represent the market as a whole. They are desperately trying to come up with new reasons for FTB's to be fearful of losing out if they don't buy immediately. If you look at the press releases section on their website you will see that they have released fear reports regularly.

Foreign buyers have always been active in the Irish market - the report didn't say if the buyers were investors, speculators or owner-occupiers. As wealth grows in Asian countries, their presence will be felt in many western property markets just as Irish investors are very active in foreign markets currently.

Anyway – it’s not a new story. HOK released the same kind of report last October. If anything, it looks like the numbers of foreign buyers have dropped! "Non-nationals buy 30% of new homes"
From October 2005 :http://www.rte.ie/business/2005/1025/Houses.html - Notice that the HOK report was timed to counter the DOE home completion numbers from last year as well!

So according to Hooke & MacDonald/IMC - this year it's down to 20%. That's if you believe any of the rubbish that these vested interests regularly dump into the media.
 
So Johnny Foreigner has copped himself on and reduced his exposure to the pyramid before our native " Ladderjacks " ( or is that "Ladderemoid" ?) did .

Good for you Johnny , sensible chap, what what !
 
2Pack said:
So Johnny Foreigner has copped himself on and reduced his exposure to the pyramid before our native " Ladderjacks " ( or is that "Ladderemoid" ?) did .

Good for you Johnny , sensible chap, what what !
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lol - I wonder if there is special pricing in the Irish market for Irish buyers similar to foreign markets. Except in the Irish market, the real price is for the non-nationals and a higher price for the locals
 

Actually, it was 30% of new homes bought by foreigners last year, but 20% of FTB's this year - different measures entirely.

Regardless, both figures are very dubious, not to mention the motives for their release.
 
conor_mc said:
Actually, it was 30% of new homes bought by foreigners last year, but 20% of FTB's this year - different measures entirely.

Regardless, both figures are very dubious, not to mention the motives for their release.
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Good spot. It amazes me how these reports just go straight to TV and newspapers with no attempt to question or investigate.
 
Snippets from two articles in today's Irish Times Property Section

"The autumn sales season has begun and signs are it's going to be frenetic with estate agents reporting a higher than expected volume of houses coming on the market in most parts of Dublin. Although no one is suggesting oversupply just yet, vendors are obviously keen to get their properties out there while prices are still seen to be rising."

[broken link removed]

Q&A
We need to sell quickly afterprevious sales fell through
We put our house on the market in February and, to cut a very stressful story short, during that time two buyers pulled out after they had paid their deposit. One couple split up and the other woman couldn't get the finance. Our new house is now ready and we must sell by the end of September. We have switched agent and feel the new one will do a better job. Is there anything we can do to make absolutely sure that this time the sale will go through?

".... There will be a huge number of properties on the market in September so make sure yours stands out. ..."

[broken link removed]
 
Extraordinary thing about the Irish housing market compared to the one here in England is the number of new builds. The Uk's population is around 15 times as big as Ireland's yet only 125,000 new homes built every year..scarcely any more than on your side of the water.
 
That may be the case but we are just soo much richer than you over there - we are one of the richest countries in the world...NOT!!!
 
Nice post Bedsit. I like this quote. The Irish Times (of all people!) is suggesting that nowadays even reducing your house price below market will not guarantee a smooth sale.

The way of shifting a property in double-quick time is to sell it below market value - and even then (unless the buyer fetches up on the day with bags of cash and a pen in his hand to sign contracts) things can still go horribly wrong
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