Current public sentiment towards the housing market?

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People forget to put a value on the lost time with your children/family/friends, i'd want an extra 20k a year to sacrifice leisure time and time with family/friends. renting close to work/family/friends/leisure locations saves you time/money/stress etc
 

London is a city in which I too have a reasonabe knowledge of vis a vis property. Whilst accepted that the London market too is considered to be very toppy at the moment , the rental yields (historically low) at least bear some correlation to the cost of the property. In Ireland, the current yields (Dublin in particular) can only be of appeal to a brain-dead investor. I suppose the market is made up of all sorts - thats what makes a market.

I would be no different to anybody else in that I much prefer the idea of owning my own roof.........but not at any cost. Arguments put forward that rent is dead bread whilst mortgage payments means you own for what your paying..... I should hope so, with property at current levels it appears to be a case of 'buy two get one'.
 
Extract from Goodbodys report today​

"The performance of the external trade sector continues to be underwhelming. While exports were ahead by 5.9% yoy
in the first half of the year (mainly due to services exports), imports grew by 6.8%. Therefore,while the economy continues to grow at a rate above 5%, all of this is due to internal buoyancy". ​

No doubt this type of economic performance can sustain some of the highest property prices on the planet.......not. Its even more scary when you remember the inflated prices of exports and understated cost of imports that multinationals are using to max tax benefit here.
 
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Assuming the average salary is what 30k? this is roughly €15 an hour. I rent 5 minutes from work, if I bought I would be at least 70 mins commute each way.

Assuming you value your personal time then purely from a commuting POV that is (70 - 5)/60 * 2 * 5 = 10.9 hours pw ~ €162 pw or €700pm.

This is ONLY the time-cost for commuting on an average wage. Think about it!

Strip away all the other savings from renting over buying and you still would be €700pm better off.
 
daveirl said:
Somone learned how to do that from the boards.ie thread

You have over 1000 posts in total, when you search in your profile it shows 42 threads containing posts from you. Hope that clarifies things.
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Afraid not. I physically counted how many POSTS I made in this particular thread and it was 42 not 102. If there are 42 threads by me, then it's pure coincidence. The reason I bothered to count, was that I knew I don't post on this thread that often. Back to the drawing board!

PS I've actually started 20 threads!!
 
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snuffle said:
Right, here's my (simplistic) view on things:
We currently rent, having decided it would be madness to pay roughly double each month to "own" the same house we currently rent.
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Interesting post. Your approach makes perfect sense. It's baffling really why it doesn't make sense to a lot more people. It can only be because they are gripped by fear at the very notion of not owning the house they live in and so they pursue that insane goal at any cost. And even when they're up their proverbials in mortgage debt the fact that they don't really own the house, the bank does, doesn't seem to sink in at all. I guess by then it's too late!

I've been a bear on this thead since joining mid summer (it was obvious the property market was slowing) but even I didn't anticipate such a rapid change in sentiment. I've seen cases where the asking price has dropped by as much as 50K and still not selling. The only question now is how hard will the fall be? Are we looking at a crash in (sort-of) slow-mo or a gradual decent with a bumpy but safe landing?

I'll bet there are a few here who will predict that correctly. I guess only time will tell......
 

Are you sure? I , set it to show individual posts in the results, and I see 105 posts now. Are there duplicate results in there?
 
MugsGame said:
Are you sure? I , set it to show individual posts in the results, and I see 105 posts now. Are there duplicate results in there?
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That looks right to me now! Don't know what I did wrong the last time. I don't want to trawl through posts to see if there are duplicates!! Didn't realise I'd been so prolific on this thread but I suppose out of over 1k posts, 102 isn't that much!! Sorry for the confusion.
 
Ouch, €125,000 off of the asking price?

[broken link removed] myhome listing - 1.475m
- 1.6m
 
hmmm said:
Ouch, €125,000 off of the asking price?

[broken link removed] myhome listing - 1.475m
- 1.6m
Click to expand...

It will be interesting to see if this price reduction will garner enough interest for it to move. It looks like a trend of price reductions is well established in the more salubrious areas, something which I didn't would happen until the less attractive areas had suffered a severe downturn.
 
More negative articles in the Indo today, couldn't be bothered posting them at this stage, they are all saying the same thing.
 
snuffle said:
Right, here's my (simplistic) view on things:
We currently rent, having decided it would be madness to pay roughly double each month to "own" the same house we currently rent.
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You're quite right. The numbers simply don't stack up.


You're parents don't owe you an inheritence though. They may have some grand plans for their retirement that might involve the need to release the equity in their house one way or an other.

snuffle said:
Where is the incentive to buy a house now and cripple ourselves to the point of scraping together a fiver for some beans and toast and putting off having kids til we're into our 50's and expose ourselves to the rises in rates?
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One of the incentives might be stabiltiy, as security of tenure in Ireland is a joke at the moment. IMHO unless this is addressed I don't think long-term renting will ever take off.

As things stand a young family with kids, of school going age, might be renting a house for a few years. If the landlords long-lost brother returns from abroad and needs a place to live then this is reason enough to evict the family (with notice of course). Leases in Ireland tend to be short term so there's very little protection for the tenant. Many other countries would require the tenants lease to be bought out should the landlord break it.
 
Afuera said:
your parents don't owe you an inheritence though. They may have some grand plans for their retirement that might involve the need to release the equity in their house one way or an other.
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Like....illness in old age or paying for a retirement home. Even if they don't release equity to lead the high life, healthcare in Ireland is expensive in old age. Most nursing homes cost a fortune.




Or the landlord might decide to give it to his/her children who have found themselves in the same position as Snuffle. You're right, the PRTB has gone some way to providing security of tenure but this is nothing like the situation in major cities like New York where a lease can be 30 years. In the early 1900s lifetime leases were available. I was surprised when some of my old neighbours died and their children didn't inherit. Apparently they'd lifetime leases at a pound a week!! The grandchildren of the original owners inherited. There are still some houses like this in the area. The modern investor is a different sort of animal and would not dream of tying up capital in this way.
 
liteweight said:
Like....illness in old age or paying for a retirement home. Even if they don't release equity to lead the high life, healthcare in Ireland is expensive in old age. Most nursing homes cost a fortune.
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Well I was actually thinking that they might buy a yacht and head off around the world... but your example is probably more realistic.

liteweight said:
The modern investor is a different sort of animal and would not dream of tying up capital in this way.
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Lifetime leases might be a bit extreme. but it should be possible for someone to have security while renting for a 5 year period at minimum.

You're right the modern investor is a totally different animal. In the past they were mainly people with a fair bit of capital behind them and were looking at the long term. These days any Joe Soap trading up can become an investor and drop out just as easily (or so they think!) if their circumstances change.
 
hmmm said:
Ouch, €125,000 off of the asking price?

[broken link removed] myhome listing - 1.475m
- 1.6m
Click to expand...

You've got to love the optimism of the "Finance this home with a monthly payment of just €6858" line from the mortgage company at the end of this listing.
 
markyboy said:
You've got to love the optimism of the "Finance this home with a monthly payment of just €6858" line from the mortgage company at the end of this listing.
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Thats at current interest rates, 7500 would be a better approximation if mortgage rates were still low by at 5%. On daft theres a similar property around the corner from this one for 2500 a month, thats one third of the price of 35 year 100% repayable mortgage plus you dont have to worry about maintenece and insurance on the property. madness.
 
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