2Pack will call the bottom now!


#661

Happy to see shared living, but will this be rolled out across rent allowance, single parent housing etc?

would be great to see costs reduced for the tax payer and likely better communities in many places.


#662

Ah, it’s all beginning to make sense. :expressionless:


#663

Shared living is suitable for singletons and perhaps mothers of one very young baby (not toddlers) , it is not suitable for families. It should be part of a solution to the housing crisis, but only a part. Perhaps 10-15% of the overall rental bedspaces in Dublin in time.

Dublin is very very close to a crash in essential services, teachers, guards and nurses can no longer afford to live there and are fleeing in droves. Shared living spaces are required simply to keep the lights on now,


#664

Its amazing how property prices are keeping out essential service providers. A guard and a nurse can’t buy a reasonable semi d a reasonable commute to their working destination. The poor roads/traffic management and public transport is as much of the problem as housing.


#665

Why is the Semi-D reasonable for a nurse and a guard? Why not mid-terrace, or even better: 2-3 bed apartment?
This would also go a long way in solving traffic issues, and simplify introduction proper public transport.


#666

You are right on the mid terrace, but up to maybe 20 years ago the same pair could buy a semi d in Lucan no bother (and there were very few apartments back then as a % of the overall stock or of new builds).

Consider "a nurse and a guard? " to be a traditional marker for a hypothetical ‘middle Ireland’ as they are considered a safe bet with a good pension each by a bank. Guards make a lot less now than they did then, relatively.


#667

Relative to what - the cost of houses (true for nearly everyone) or the rest of the working/earning population?


#668

Looks like the fall in prices in Dublin is already affecting the supply of new homes…wasn’t there supposed to be huge pent up demand…conveniently there is a simple explanation…

The Government’s housing strategy is under renewed pressure in the wake of a report showing housebuilding in Dublin stalled in the second quarter of this year, despite a severe shortage of properties to rent or buy.

The latest Dublin Economic Monitor, compiled on behalf of the city’s four local authorities, showed housing completions in the capital fell by nearly 14 per cent to 1,628 during the three-month period. It was the first fall since 2015 and comes amid a sharp slowdown in the market, which has seen property price inflation nationally drop to just 2 per cent.

The report also noted that building commencement notices, a strong indicator of future supply, fell by 18.5 per cent during the period. “This may have negative implications in the future for completions growth,” it said.

Goodbody chief economist Dermot O’Leary linked the fall-off in supply to the Central Bank’s stricter mortgage rules, which he said were impacting affordability.

“There has been an increase in unsold stock over the past 12-18 months, led by Dublin,” he said.

Read more…


#669

I wonder will the new central banker be more pliable and relax the CB rules to kick off the new boom bust cycle


#670

Anyone have any info on how this 3.5 x Gross Salary compares to other countries across Europe or Globally? I recently returned to Ireland from the UK where I was offered 5 x my gross. In Ireland I was offered 3.5x . Not sure if this was unusual.

I guess if Ireland is an outlier to European/ International norms there would be more of an argument to ‘re-couple’ it to a higher leverage.


#671

Australia is around 9 times :crazy_face:

The bigger banks have tightened up recently:

ANZ: Applications where the DTI ratio is greater than 9 will no longer be considered home loans by ANZ.


#672

Interesting link. Thanks. From the blurb…

Generally speaking, a DTI higher than six times a borrower’s’ income (6 DTI) is considered to be a high risk that you will be put under financial stress


#673

The tax rate in Ireland is much higher, so amount of cash you get out of your income is much less than other countries even the UK.

There are also very poor public services so there is extra expenditures on that too.