50,000 new homes lying empty.

[HouseBuyer]

independent.ie/national-news … html?r=RSS

AT LEAST 50,000 newly-built homes are lying empty in ‘ghost’ estates across the country because of the economic downturn.

Hard-pressed developers and estate agents are being forced to drop their asking prices by as much as 50pc in a desperate effort to shift unwanted homes dotted across the country.

An Irish Independent investigation has also found that hundreds of housing estates which should have been completed at least two years ago are still unfinished.

Figures from local authorities show that county councils will not take responsibility for maintaining roads and open spaces in at least 300 estates because they have not been finished to the standard required by the planning permission.

The glut of empty homes – many built under tax break schemes – shows the pressures now being faced by homebuilders in the economic downturn.

Warned

House completions are at their lowest level in years and builders are putting off starting new homes until the market improves.

Thousands of potential homebuyers have also been refused access to credit, with many others deciding not to buy in the hope that prices will fall further.

The Irish Independent has found:

l The situation is worst in the midlands, border counties and the west of Ireland. Many properties are in areas marketed as being close to Dublin and other major cities, but in fact are in rural areas.

l There is up to 12 months’ supply of homes currently empty – twice what would be expected in a ‘normal’ market.

l Rural villages, such as Rathcormac in Co Cork, are swamped with unsold real estate.

l One developer has slashed asking prices by 50pc in an effort to sell properties.

Earlier this month, a report by Goodbody Economic Consultations found that 50,000 units had been built but not sold. It estimated there was 19 months of supply of second-hand homes for sale in Ireland. It concluded there could be a vacant stock of homes in the country in the order of 100,000 units.

While estate agents say that the market favours buyers, the Construction Industry Federation has warned that further prices cuts were unlikely.

“Prices have reduced by 30pc, and there isn’t much scope for more cuts. A lot depends on the return to normal financial arrangements,” a spokesman said.

Friends of the Irish Environment director Tony Lowes said the glut of new homes had “virtually emptied” some rural villages. “This has produced a very strong social impact because people living in these villages find they have no neighbours any more,” he said.

The situation was criticised by the Labour Party, which said the pace of development in rural areas was “never sustainable”.

“These estates were built by developers who clearly set out to make a profit and the position has changed. There should be no intervention in the housing market in what we would see as a normalisation process,” the party’s housing spokesman Ciaran Lynch said yesterday.

“This is developer-led, it was never sustainable. There’s a difference between building housing estates and building communities.”

Meanwhile, new figures show thousands of people have shown interest in securing a Government-backed mortgage which allows people on salaries of at least €40,000 to borrow up to €285,000 – a maximum of 92pc of the value of the property – from local authorities.

In one week, 4,500 people visited the Homechoice Loan website, with 583 registering an interest in availing of the scheme.

• Paul Melia, Stephen O’Farrell and Caitrina Cody

[ewd3]

“Prices have reduced by 30pc, and there isn’t much scope for more cuts. A lot depends on the return to normal financial arrangements,” a spokesman said.

fair enough,

you developers can hang on to those ridiculously overpriced gaffs in the sticks then.

good luck.

lets see 80% cuts you might sell some

[HouseBuyer]

Also in the Indo

Some developers are slashing prices in a desperate bid to sell off their remaining housing stock.

Castle Manor Homes has cut prices by more than a third at the Belvedere Hills estate in Mullingar, Co Westmeath.

Having sold just 50pc of the units at the original €320,000 asking price up to two weeks ago, the developer brought prices down to €200,000.

The move produced startling results, with sales agreed for the 10 remaining houses on the first day.

If you cut the prices, the people will come!

Although you have to feel for those who bought for €350,000.

[BertieBasher]

@HouseBuyer

50,000 new homes lying empty in 'ghost' estates - Independent.ie

AT LEAST 50,000 newly-built homes are lying empty in ‘ghost’ estates across the country because of the economic downturn.

Meanwhile, new figures show thousands of people have shown interest in securing a Government-backed mortgage which allows people on salaries of at least €40,000 to borrow up to €285,000 – a maximum of 92pc of the value of the property – from local authorities.

In one week, 4,500 people visited the Homechoice Loan website, with 583 registering an interest in availing of the scheme

.

• Paul Melia, Stephen O’Farrell and Caitrina Cody

No shortage of greater fools I see. The world is full of bloody Lemmings searching for a cliff to jump off.

[BertieBasher]

@HouseBuyer

Also in the Indo

Some developers are slashing prices in a desperate bid to sell off their remaining housing stock.

Castle Manor Homes has cut prices by more than a third at the Belvedere Hills estate in Mullingar, Co Westmeath

.

Having sold just 50pc of the units at the original €320,000 asking price up to two weeks ago, the developer brought prices down to €200,000.

The move produced startling results, with sales agreed for the 10 remaining houses on the first day.

If you cut the prices, the people will come!

Although you have to feel for those who bought for €350,000.

Why? They didn’t do their homework plain and simple.
I did my homework and due to the Lemmings I’ve had to wait several years to buy a home.

[ewd3]

@HouseBuyer

If you cut the prices, the people will come!

Although you have to feel for those who bought for €350,000.

ouchy mc ouch

although remember what me anderson says

sale agreed a sale does not make…

what happens if they go to the bank who pressured the developer to sell these only to find the bank are valuing them at 150 or won’t give out the mortgage because well… because they’ve no money to lend?..

ouchy ouchy ouchy…

[2Pack]

3 Indo Journos cococted this article between them

Frankly some of the numbers are so ludicrous that I suspect that this article was spun out by the CIF and was ‘Ghost Estated’ by Country Tom himself.

“There could be a vacant stock of homes in the country in the order of 100,000 units.”

**We have ONE THIRD OF A MILLION EMPTIES , 333k and not 100k
**

Please learn to count, all three of ye

[StoppedClock]

@HouseBuyer

Also in the Indo

Some developers are slashing prices in a desperate bid to sell off their remaining housing stock.

Castle Manor Homes has cut prices by more than a third at the Belvedere Hills estate in Mullingar, Co Westmeath

.

Having sold just 50pc of the units at the original €320,000 asking price up to two weeks ago, the developer brought prices down to €200,000.

The move produced startling results, with sales agreed for the 10 remaining houses on the first day.

If you cut the prices, the people will come!

Although you have to feel for those who bought for €350,000.

I feel for those who sold at €350,000. They must be consumed by guilt.

[HouseBuyer]

@2Pack

3 Indo Journos cococted this article between them

Frankly some of the numbers are so ludicrous that I suspect that this article was spun out by the CIF and was ‘Ghost Estated’ by Country Tom himself.

“There could be a vacant stock of homes in the country in the order of 100,000 units.”

**We have ONE THIRD OF A MILLION EMPTIES , 333k and not 100k
**

Please learn to count, all three of ye

independent.ie/unsorted/prop … 67970.html

There have been anecdotal reports of some developers earlier this year holding on to fully built homes in the expectation that SSIA monies will help to boost demand. These developers saw house prices rising at three or more times the cost of borrowing and it made financial sense for them to leave them empty as they were generating a better return than having the money in the bank.

[ewd3]

Good find from house buyer

2006 article in the indo suggesting 265000 empty houses

This analysis showed that as many as 265,000 homes were vacant last April - an increase of 94,000 on the vacancy level disclosed in the 2002 census.

[onestepbehind]

Thousands of potential homebuyers have also been refused access to credit, with many others deciding not to buy in the hope that prices will fall further. READ: Until they become AFFORDABLE.

The Irish Independent has found:

While estate agents say that the market favours buyers, the Construction Industry Federation has warned that further prices cuts were unlikely.

“Prices have reduced by 30pc, and there isn’t much scope for more cuts. A lot depends on the return to normal financial arrangements,” a spokesman said. Is this guy serious? Normality for the past 7 years has been banks loaning up to 10 times salary for a home. That was not normal or sustainable.

F

“These estates were built by developers who clearly set out to make a profit and the position has changed. There should be no intervention in the housing market in what we would see as a normalisation process,” the party’s housing spokesman Ciaran Lynch said yesterday. Now if only someone would listen to him!

Meanwhile, new figures show thousands of people have shown interest in securing a Government-backed mortgage which allows people on salaries of at least €40,000 to borrow up to €285,000 – a maximum of 92pc of the value of the property – from local authorities. In one week, 4,500 people visited the Homechoice Loan website, with 583 registering an interest in availing of the scheme. Completely wrong 583 have shown interest by registering while 3,917 (thousands) have not and had to log on (myself included) to really see if this intervention by the government is as bad as it sounded - and it is…

• Paul Melia, Stephen O’Farrell and Caitrina Cody

[dipole]

@HouseBuyer

50,000 new homes lying empty in 'ghost' estates - Independent.ie

AT LEAST 50,000 newly-built homes are lying empty in ‘ghost’ estates across the country because of the economic downturn.

Meanwhile, new figures show thousands of people have shown interest in securing a Government-backed mortgage which allows people on salaries of at least €40,000 to borrow up to €285,000 – a maximum of 92pc of the value of the property – from local authorities.

In one week, 4,500 people visited the Homechoice Loan website, with 583 registering an interest in availing of the scheme

.

• Paul Melia, Stephen O’Farrell and Caitrina Cody

someone on here warned us not to visit that website in case the number of visitors to the website would be spun as positive news in the media.

[ewd3]

pfffffff who cares

This home choice loan thing while appalling is not likely to have a massive take up.

Loss of jobs and job security and market confidence will do for it.

[HouseBuyer]

@ewd3

pfffffff who cares

This home choice loan thing while appalling is not likely to have a massive take up.

Loss of jobs and job security and market confidence will do for it.

100% mortgages were an awful idea, but it still didn’t stop people climbing over each other to get them.

[ewd3]

@HouseBuyer

@ewd3

pfffffff who cares

This home choice loan thing while appalling is not likely to have a massive take up.

Loss of jobs and job security and market confidence will do for it.

100% mortgages were an awful idea, but it still didn’t stop people climbing over each other to get them.

yes but I think we the sheeple are now alerted to the fact that house prices can go down as well as up.

534 people registered interest if they get a 30% take up which would be massive they will still have feck all people registered

[onestepbehind]

@dipole

@HouseBuyer

50,000 new homes lying empty in 'ghost' estates - Independent.ie

AT LEAST 50,000 newly-built homes are lying empty in ‘ghost’ estates across the country because of the economic downturn.

Meanwhile, new figures show thousands of people have shown interest in securing a Government-backed mortgage which allows people on salaries of at least €40,000 to borrow up to €285,000 – a maximum of 92pc of the value of the property – from local authorities.

In one week, 4,500 people visited the Homechoice Loan website, with 583 registering an interest in availing of the scheme

.

• Paul Melia, Stephen O’Farrell and Caitrina Cody

someone on here warned us not to visit that website in case the number of visitors to the website would be spun as positive news in the media.

His name wasn’t Brendan was it? Have to be honest I don’t run with that principle i.e. if you don’t look at it then it doesn’t exist. I am wholly against this scheme and logged onto this site to educate myself - on doing this I then lodged my complaint to the EU.

[gaius]

@2Pack

3 Indo Journos cococted this article between them

Frankly some of the numbers are so ludicrous that I suspect that this article was spun out by the CIF and was ‘Ghost Estated’ by Country Tom himself.

“There could be a vacant stock of homes in the country in the order of 100,000 units.”

**We have ONE THIRD OF A MILLION EMPTIES , 333k and not 100k
**

Please learn to count, all three of ye

I came across a really obnoxious taxi driver on Friday (“coloureds” taking all our jobs) so I gave him the 300k figure between the eyes. His answer was “I thought it was only 30,000” and I pointed out that was only what Tom Parlon and his buddies need to offload. He was very quiet for the rest of the journey.

[johnnyskeleton]

@2Pack

3 Indo Journos cococted this article between them

Frankly some of the numbers are so ludicrous that I suspect that this article was spun out by the CIF and was ‘Ghost Estated’ by Country Tom himself.

“There could be a vacant stock of homes in the country in the order of 100,000 units.”

**We have ONE THIRD OF A MILLION EMPTIES , 333k and not 100k
**

Please learn to count, all three of ye

Of these 333k vacant homes, how many of these would be uninhabitable or deserted buildings? Take a stroll around the docks and among the fancy new buildings there are a lot of ruined buildings, walk up dominick street and look at all the boarded up council houses (which is odd considering the calls for more social housing), drive through the countryside and look at the old ruins of long abandoned farm buildings (and lets not forget that we have had massive rural depopulation in this country so I would imagine the number of vacant old rural buildings i.e. not the ghost estates, would be quite high) and all the random houses etc that are the subject of a family or legal dispute and end up sitting empty, and it seems that 333k could well be misleading in the sense that a lot of these properties would not be on the market.

[fishfoodie]

@johnnyskeleton

@2Pack

3 Indo Journos cococted this article between them

Frankly some of the numbers are so ludicrous that I suspect that this article was spun out by the CIF and was ‘Ghost Estated’ by Country Tom himself.

“There could be a vacant stock of homes in the country in the order of 100,000 units.”

**We have ONE THIRD OF A MILLION EMPTIES , 333k and not 100k
**

Please learn to count, all three of ye

Of these 333k vacant homes, how many of these would be uninhabitable or deserted buildings? Take a stroll around the docks and among the fancy new buildings there are a lot of ruined buildings, walk up dominick street and look at all the boarded up council houses (which is odd considering the calls for more social housing), drive through the countryside and look at the old ruins of long abandoned farm buildings (and lets not forget that we have had massive rural depopulation in this country so I would imagine the number of vacant old rural buildings i.e. not the ghost estates, would be quite high) and all the random houses etc that are the subject of a family or legal dispute and end up sitting empty, and it seems that 333k could well be misleading in the sense that a lot of these properties would not be on the market.

I seem to remember that the Census takers, whence the figures come, were instructed to count ‘habitable’ properties only. Which of course makes sense.

I’m open to correction on this; any census takers in the house ?

[2Pack]

@johnnyskeleton

Of these 333k vacant homes, how many of these would be uninhabitable or deserted buildings?

333k are habitable

333k are empty ( some only most of the time as holiday homes but most all the time)

333k have functioning ESB connections .

333k is the number of empties in Ireland right now . Shame only 50k of them qualify for the sub prime subsidy from the government and that no market support measures will be made available to help shift the other 283k .

It’s The Empties Stoopid