Frankly if specuvestors get hurt in a property crash, I for one will be rolling in the aisles. This is what happens when you force the price of a basic human requirement to increase dramatically beyond the reach of the normal family. Whats next, medical monopolies?Nobody wants to see mortgage holders suffering.
I get the feeling a lot of people here are secretly hoping for a crash. Is this based on jealousy (you missed the boat a few years back) or because you honestly believe a correction is justified? It does seem a lot of you will be delighted when people start being unable to make their mortgage repayments... Seems a bit sad/sick IMO.
Getting nervous? A correction will be good for the longterm health of the economy. There will be winners and losers in a crash in the same way there was winners and losers from the so far ever increasing house price spiral over last ten years. How optimistic could a twenty year old in college now be of buying a home when he gets out of college in a few years ? A single person earning 50k a year would find it hard to purchase a first time property in Dublin despite earning a salary much more than the average. Things are'nt right and the market has to correct.
Frankly if specuvestors get hurt in a property crash, I for one will be rolling in the aisles. This is what happens when you force the price of a basic human requirement to increase dramatically beyond the reach of the normal family. Whats next, medical monopolies?
Others are getting hurt, and in large numbers too.Better to roll in the aisles at your own good fortune than when others get hurt.
Participants that we've been listening to smirking while they lauded themselves on becoming the new "landlord class" over the last few years, while contributing to the market in a very real way. Now the shoe is on the other foot, and they can expect no sympathy from me. They can expect a few belly laughs however. I wouldn't mind seeing a few bankers strung up as well, not to mention politicians and EAs.I have no sympathy for specuvestors but it was the market that forced "a basic human requirement" to increase dramatically, they were just participants playing by the rules of the day.
I wouldn't mind seeing a few bankers strung up as well, not to mention politicians and EAs.
Okay, so we actually have employment in excess of full employment - my apologies, but it amounts to the same thing anyway.We don't have full employment. We have an influx of economic migrants working in the service and construction sectors, no one knows if these migrants will remain if we have a slowdown or if their home economies pick up.
Is this really the case? What you've got to take into consideration is that most home purchases are made by working couples, thus, the average home (380K?) is less than 6 times average salary (33K?).Callina,
Currently, average home prices in Ireland are between 8 and 10 times average salaries. With the best will in the world, that is not sustainable
People buying their homes to live in, first time buyers trying to put a roof over their heads, I think thats great. I support that fully. Scouring the future of the nation to line your own pockets, well that gets me a bit irritable.All that anger
Looks like HotdogsFolks was correct about one or two people
Well, enlighten us, who is getting hurt?Others are getting hurt, and in large numbers too.
This is what happens when you force the price of a basic human requirement to increase dramatically beyond the reach of the normal family.
Okay, so we actually have employment in excess of full employment - my apologies, but it amounts to the same thing anyway.
Is this really the case? What you've got to take into consideration is that most home purchases are made by working couples, thus, the average home (380K?) is less than 6 times average salary (33K?).
How do we know that is not sustainable? I mean people all have jobs now (which pay well), people live longer and can afford to work longer, interest rates are still at historical lows and there's seemingly no prospect of them increasing to the double digit rates of the past, we have population growth for the first time in 160yrs - who knows what the future will bring? (maybe even some infrastructure??).
Hotdogsfolks.
I suppose you have two options; you can chose to take delight in the misfortune of others, or you can chose to pity them. Neither option is particularly pleasant.
The fact that you need to ask these questions means you need a serious enlightening. What about young couple who have traded away the next 35 years of their lives to live in a rattletrap? Assuming they could even get into a home of their own, which in a country with 275,000+ empty homes lying around is inexcusable. And what, another 90,000 built this year? And of course thats assuming again that interest rate rises don't force them out onto the street with a hundred grand in debts and nothing to show for it. All of which can be laid squarely at the door of speculators and banks. If either of these groups take a hammering, I won't be contributing to the fund for bankrupt investors.Well, enlighten us, who is getting hurt?
Wow.Presumably you are referring to home ownership here? If so, why and when did this become a basic human requirement?
More crack smokery. Thats 10 to 12 times average wages.thus, the average home (380K?) is less than 6 times average salary (33K?).
Well, enlighten us, who is getting hurt?
Presumably you are referring to home ownership here? If so, why and when did this become a basic human requirement?
Is this really the case? What you've got to take into consideration is that most home purchases are made by working couples, thus, the average home (380K?) is less than 6 times average salary (33K?).
How do we know that is not sustainable? I mean people all have jobs now (which pay well), people live longer and can afford to work longer, interest rates are still at historical lows and there's seemingly no prospect of them increasing to the double digit rates of the past, we have population growth for the first time in 160yrs - who knows what the future will bring? (maybe even some infrastructure??).
Participants that we've been listening to smirking while they lauded themselves on becoming the new "landlord class" over the last few years, while contributing to the market in a very real way. Now the shoe is on the other foot, and they can expect no sympathy from me. They can expect a few belly laughs however. I wouldn't mind seeing a few bankers strung up as well, not to mention politicians and EAs.
Yes it wasn't illegal. But it should be.
Speechless.
Indeed, but that is full employment according to many economists - there's always a few people out there who don't work out of choice.I thought unemployment was running at 4-5%?
Indeed a little error on my part, but Callina understood my point.More crack smokery. Thats 10 to 12 times average wages.
And why did they purchase this 'rattletrap', was it the auld gun to their head trick those heartless developers often use?What about young couple who have traded away the next 35 years of their lives to live in a rattletrap? Assuming they could even get into a home of their own, which in a country with 275,000+ empty homes lying around is inexcusable. And what, another 90,000 built this year? And of course thats assuming again that interest rate rises don't force them out onto the street with a hundred grand in debts and nothing to show for it. All of which can be laid squarely at the door of speculators and banks. If either of these groups take a hammering, I won't be contributing to the fund for bankrupt investors.
Yeah thats wise. I wouldn't undervalue the usefulness of government intervention, however; solid regulatory slaps for the banks combined with far higher taxes for second and subsequent properties should cool their heels a bit.tententwenty - it's not pleasant but (ridiculous investment tax breaks aside) it's a free market. If investors decide to snap up every home as they come onstream then the builders will keep building more and eventually the price will come down dramatically. Housing has become divorced from its actual use but the time for government intervention is long gone - if indeed it was ever there.
Adapt and survive like humans always do. Do what I'm planning on doing and rent somewhere plush and let some foolish landlord subsidise your lifestyle. Then buy your house when the herd is stampeding the other way.
There is an incredible amount of gormless, shocking ignorance about how the world/economy actually operates. People, particularly the 50+ age group, genuinely believe that the last 10+yrs somehow irrefutably proves that pyramid schemes work and that we've somehow 'magic-ed' wealth out of thin air? It reminds me of the child who thinks "money" comes from the "bank machine"
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?