25% of Second Home Owners to Bail Out of Market by 2010

and thats within 2 years in the UK ( Jacobmarley posted this in the Central Bank) . Lets compare it with Ireland then .

guardian.co.uk/business/2008 … econdhomes

I hate to tell ye that we Irish have the same number of Second Homes in absolute terms, near enough 240k of them .too …although the banks own a lot at present and not all of those are finished off either .

In population weighed terms… we Irish have 14 Times More ( 1,400% ) Second Homes in Ireland than the Brits have in the UK .

Were 25% of the holders to bail out thats 60k homes to be processed , 2 years worth of peak household formatiomn demand to be reassigned .

3 years worth of building at current rates . Then again a lot of ‘second home’ owners in the UK are Irish as well.

Its The Empties Stoopid !!

[pedantry]240K in England 2pack, there’s probably as many again in Wales and Scotland [/pedantry]

Still though, relatively speaking even if you double the UK figure… :open_mouth:

only england , ahhh!!

You would still have a job Sidewinder, Wales and Scotland only have about 8m people and are ( combined ) one 6th of the English population . They also have maybe 4% empty as against 3% empty in England and about the same level of owner occupancy, 70% ish .

Not much to play with there :slight_smile:


If 25% will bail out in the UK will 75% bail out here?

Its a distinct possibility and explains how they can hold out longer whether it be for a higher sale price or rent.

It also ties in completely with the wages break down of buyers as posted previously …

and ties in with all the empties … estimated to be over 330,000 at this stage isnt that right 2pack!!

finfacts.com/irelandbusiness … 5328.shtml
as posted previously here in the “interest only loans” thread and on the arandomwalk site.


Where do they have to bail out to? Half the country has an “investment property”, the rest of the country don’t care.

You know, I think it’s only now that the full extent of the madness is becoming clear…even to us Pinsters! Sure we always knew it was a bubble and it was all a bit mad, but now we can look around and see just how much damage was done and how much trouble half the country are in.

There’s no way this can end well. It’s just too big and too mad.

brain melts

Don’t forget that foreign investment in Irish property is approximately zero. This is not Bulgaria where you have hope of finding some greater fools elsewhere in the world.

I heard a figure, unsourced, the other day that a total of €1.2 trillion has been “invested” in foreign property over the last 15 years or so by Canny McSavvy :open_mouth:

Does anyone know if that is anywhere near accurate, or is it a massive wild exaggeration? Even for the uber-exuberant Robopaddy that seems a bit on the high side!

Cannys assets worldwide may have peaked at that level, yes. Leverage was quite a lot of that €1.2Tr figure …if indeed its true.

Its 6 years of 2007 GDP alone …and 7 years of 2007 GNP .

thats what will cause the fall down… the fight to get out!

Lets not forget this has been going on since 2001 and people holding vacant properties can afford to drop the price back to 2001 levels before they start to make a loss.

Sit down Sidey. Have a little drink. There, there good man…

Now, can I interest ya in a coupl’a luxury apartments in a half finished building site/muddy field? They’re only half an hour from the middle o’ nowhere y’know.

Don’t miss the boat or you’ll fall off the ladder!!

Is Ryanair flying there next year?