The property ladder...rungs missing?

P

p45

Guest
Are couples, or anyone else, living in apartments, who want to move up the property ladder to buy a house and maybe start a family, trapped? Given that anyone who's in the market for an apartment's gonna buy a new one.
 
I would have thought it depends on location.

City Centre apartments will be attractive to young single workers or workers who need a city centre crash pad.

Apartments out in the suburbs there may be a problem with.
 
There is a lot of talk in the media at the moment about FTBs holding off buying - this is a problem for someone who wishes to sell but these FTBs will come back to the market eventually through necessity. While I don't think (taking the OPs example of a young couple in an apartment) vendors are "trapped" I think it will be a waiting game. However, I think it will be interesting to see how long the Investors (who made up a big proportion of those purchasing property in recent years) will hold off before re-entering the irish residentail market. I've seen little speculation in the press about how to tempt this group back into purchasing!
 
I think it will be interesting to see how long the Investors (who made up a big proportion of those purchasing property in recent years) will hold off before re-entering the irish residentail market. I've seen little speculation in the press about how to tempt this group back into purchasing!

Who's going to lend to them, even if they want to buy?
 
Are couples, or anyone else, living in apartments, who want to move up the property ladder to buy a house and maybe start a family, trapped? Given that anyone who's in the market for an apartment's gonna buy a new one.

Why is that a given? Its depends on price. If its cheap enough it will sell.
 
Original purchase price puts a barrier on what it can be sold for though, unless they can fund the difference to get out of negative equity.
 
So what you're actually saying is you can't buy something unless you can afford it.

I don't see how that only applies to apartments.

Also I don't see why you can't start and raise a family in an apartment. Millions of people do it all the time.
 
So what you're actually saying is you can't buy something unless you can afford it.

I don't see how that only applies to apartments.

Also I don't see why you can't start and raise a family in an apartment. Millions of people do it all the time.

No, I'm saying that negative equity stops people trading up.
 
The OP didn't mention negative equity thats something you've introduced to the topic. Being in negative equity just makes it harder to get a loan, so you'd have to take action to reduce your debt quicker, in order to make yourself more attractive to someone giving you a loan.

[broken link removed]

Anyway negative equity isn't limited to apartment owners either. Lots of apartment owners aren't in negative equity and some probably own their apartments outright.

I would guess that most apartments are in the central locations and "can" be more expensive than family homes further out. Some obviously aren't. But thats comes back to my point that you can buy what you can afford.
 
Also I don't see why you can't start and raise a family in an apartment. Millions of people do it all the time.

Sure but that applies to large family-friendly apartments abroad. On the other hand most recently-built Irish shoebox apartments have been aimed primarily aimed at young singles/couples (or those who rent to them) and are in no way suited to family living.
 
Sure but that applies to large family-friendly apartments abroad. On the other hand most recently-built Irish shoebox apartments have been aimed primarily aimed at young singles/couples (or those who rent to them) and are in no way suited to family living.

Lots of smaller houses would have the same flaw, and a lot of both have crazy layouts with poor storage space. Something you only realise once you've been living in your own place a while. As you use a rented place slightly differently.

That said ...

FOUR YORKSHIREMAN SKETCH
(Hawaiian music)
Man#1 (Michael Palin) Aye! Very fussable, eh? Very fussable bit, that? eh?
Man#2 (Graham Chapman): Grand meal, that was, eh?
Others: Yes, wonderful, yes very good..
Man#2: Nothing like a good glass of Chateau le Shlasseler, eh, Guissay?
Man#3 (Terry Jones): Oh, you're right there, Robidaier.
Man#4 (Eric Idle): Who'd 'ave thought, thirty year ago, we'd all be sitting here drinking Chateau de Shlasseler, eh?
Man#1: Aye, in them days we was glad to have the price of a cup of tea!
Man#2: Aye, a cup of cold tea!
Man#4: Without milk or sugar!
Man#3: Or tea!
Man#1: Aye, in a cracked cup and all!
Man#4: Oh, we never had a cup. We used to have to drink out of a rolled-up newspaper!
Man#2: Aye, the best we could manage in those days was to suck on a piece of damp cloth!
Man#3: Aye, but we were happy in those days, though we were poor.
Man#1: Because we were poor! My old dad used to say to me: Money doesn't buy you happiness!
Man#4: Aye, he was right, I was happier then and I had nothing. We used to live in this tiny old house with great big holes in the roof.
Man#2: House! You were lucky to live in a house! We had to all live in one room, all twenty-six of us, no furniture, half the floor was missing, and were all huddled together in a corner for fear of falling!
Man#3: You were lucky to have a room! We used to 'ave to live in a corridor!
Man#1: Oh, we used to DREAM of living in a corridor. It would have been a palace to us. We used to have to live in an old water tank in a rubbish pit. We got woke up every morning by having a load of rotting fish dumped all over us! House! Huh!
Man#4: Well, when I say house, it was only a hole in the ground covered by a sheet of tarpaulin, but it was a house to us!
Man#2: We were evicted from our hole in the ground. We had to go and live in a lake!
Man#3: You were lucky to have a lake! There were a hundred and fifty of us, living in a shoebox in the middle of the road!
Man#1: Cardboard box?
Man#3: Aye!
Man#1: You were lucky. We lived for three months in a paper bag in a septic tank. We used to have to get up at six in the morning, clean the paper bag, eat a crust of stale bread, go to work down at the mill, fourteen hours a day, week in, week out, for sixpence a week, and when we got home, our dad would thrash us to sleep with his belt. (slight pause)
Man#2: Luxury. We used to have to get out of the lake at six o'clock in the morning, clean the lake, eat a handful of damp gravel, work a twenty-hour day at the mill for tuppence a month, and when we got home, our dad would thrash us to sleep with a broken bottle, if we were lucky!
Man#3: Well, of course, we 'ad it tough! We used to have to get up out of the shoebox at twelve o'clock at night, and lick the road clean with our tongue. We 'ad two bits of cold gravel, and worked a twenty-four hour day at the mill for six or seventy-four years, and when we got home, our dad would slash it to us with a bread knife.
Man#4: Right. I had to get up at ten o'clock at night, half an hourbefore I went to bed, drink a cup of sulphuric acid, work twenty-nine hours a day down at the mill and pay the mill owner for permission to come to work, and when we got home, our mother and father would kill us and dance on our graves singing Halleluja.
Man#1: Aye, and you try telling young people of today that. And they won't believe you.
Man#4: Aye, they won't!

Maybe its not that bad...
 
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