yes [broken link removed]So are you telling me that the existing stock of houses are enough to solve the increased demands for rental property brough about by a housing crash?
I think anyone who took a patriotic punt on Irish companies by investing in the ISEQ should also be compensated. And eircom too. And taxi drivers.
They struggled with it, BUT
1) They still only needed 1 wage.
2) Higher inflation made repayments manageable after a few years.
3) They only needed a 20 year mortgage
4) Very few people had to take a "step onto the property ladder" they usually bought the house they intended to buy 1 maybe 2 homes in their lifetime
Because people work more and tend to have fewer kids later in life right? How does the correlate with your exponential population growth theory?You make fair points but I still say overall affordability is the key taking into account the fact that there is usually a two income household today.
Over the last 3 years of the boom we built around 250k properties. Enough to house nearly 750k people. I'm sure we have enough to keep us going for a while
Because people work more and tend to have fewer kids later in life right? How does the correlate with your exponential population growth theory?
I respect your strong feelings, but the decision to buy property is a personal one. Any person making an investment should be aware of the risks or make sure they inform themselves before buying, regardless of what vested interested so called experts were saying. So while having sympathy for those who bought recently, they are responcible for thier actions no one else.
You make fair points but I still say overall affordability is the key taking into account the fact that there is usually a two income household today.
I don't quite understand this reverence for mcwilliams - economies are cyclical, and after a period of growth lasting 15 years, we were due a slowdown.
I for one am waiting for polygamy to be legalised as a support to the housing market. I'll then be able to accumulate the 5 wives necessary to afford a 2 bed apartment in Stepaside. This property price boom may have some benefits after all.Is that through choice or because they need to?
I don't quite understand this reverence for mcwilliams - economies are cyclical, and after a period of growth lasting 15 years, we were due a slowdown.
The fact that he was wrong about the slowdown by about 8 years doesn't really say much for his timing. But since some of our economists on the other side were apes as well in pulling predictions out of their rears, they all balance each other out.
at one stage average house prices in ireland were almost 10x average industrial wages. From what i can tell the international norm is somewhere between 3 and 4x....
Television Quote:
Originally Posted by Thomas22 http://www.askaboutmoney.com/showthread.php?p=687914#post687914
Over the last 3 years of the boom we built around 250k properties. Enough to house nearly 750k people. I'm sure we have enough to keep us going for a while
even is this is the case, as this existing stock of house is being habitated in stands to reason that the remaining stock of property as it gets smaller and smaller must move up in price, perhaps after a low but the movement must be upwards.
Better get those supports in place so. Polygamy, polygamy, polygamy. It's the only viable solution....which would make the correction level for average house prices @ €145,000. Long way to go yet, folks......
Thats my opinion and it is based on the facts as I see them.
Zero nominal increases from 2006 to 2016 would allow prices to return to what would be considered normal. I think a salary to house multiple of 4-5 is normal. In Ireland it is closer to 10 at the moment
250K of Houseing Stock is currently empty , that means 750K of housing needs to be filled before we need to build anything more - how long on your projected figures do you think this will take to fill - from your data you say 1m population growth over the next 20 years - so it will take 15 years to fill this housing stock based on your numbers ( and that is with no new builds) - how does that lead to rising prices????????
I don't think many people on this forum have a reverence for McWilliams but at the same time, they don't have much reverence for people who refuse to accept the economical reality that we now face and continue to think that if we refuse to acknowledge our problems, they will go away.
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