I’m sure they have independent stats to back this up???
Speaking of independent stats, here’s today’s stat from Charlie Weston - which he selflessly attributed to the CSO, I’m guessing he miscalculated 1.1% as 11% or some such.
An annualised increase of 204000 euro on an average house wasn’t enough to raise an eyebrow for the Indo staffers.
“Average house prices jump almost €17,000 in just one month - CSO”
I honest to God thought he was incorrect but…
Mean Sale Price (Euro)
I was too harsh on the indo, the article misrepresents the market but not as simple a mistake as I guessed. And it still will needlessly panic some buyers.
It’s mean versus median, mean went up 17k median around 1k. So more expensive houses sold in Feb than Jan.
In February an apartment in Cork soldfor a cool €12.1m
Or someone made a data entry error and forgot to put in a decimal point for a sale of €121,566.33.
And give free money to the poor, there you go all the worlds problems sorted!!
Colm McCarthy writes in the Sunday Indo with his usual incisiveness, and a damning conclusion:
This should scare a lot more small landlords out of the market
And what will this do for supply…nothing, zilch, zero.
Anyone willing to bet the proposal to make it a criminal offense to increase rents by more than 4% in RPZ makes it into the bill
Unless you are or have been a public servant or office holder or have proven family ties to same.
Yeah, that ought to work alright. The same way the residential property price register was supposed to save us from idiots bidding 20% above the “value” of a property. Because all you need to do to stop people going nuts in a starved market is tell them what the last punter paid.
The minister oughta study the lessons of right now, before he moves on to advanced stuff like learning the lessons of history.
I believe the government would not be wise to allow a defense lawyer challenge the constitutionality of rent caps.
Murphy reckoned on the News at One that he wants to see ‘more professional and larger landlords’. So business as usual from FG on this score.
Why are there no non-profit building societies in Ireland? Or have I just not seen any?
A lot of rental stock in Germany or Austria has been and is being built and managed by such societies.
You would think that there’s some appetite and room for that in Ireland.
a) because the Central Bank won’t licence them ie Sparkasse
b) our tenancy/mortgage laws are bonkers, or little enforcement
c) Irish people ‘only rent’ till they buy their own gaff
Does the minister want:
a) more rental property in the state vs owner occupied - and with that increase steered into the hands of large landlords?
b) to keep the ratio of rented vs owner occupied properties about the same, but to make the business environment increasingly hostile to smaller, predominantly domestic landlords but more favourable to larger rental companies?
Does the minister think that large, professional landlords will not maximise their return professionally and ruthlessly?
Is the 4% rent cap ever going to be removed? Will the minister want to read the headlines about him allowing large rent increases as landlords unprofessional enough to have been trapped into a below market rate rent set a proper rent for their properties?
Would someone thinking of renting out a property in Ireland now be extremely unwise to do so without squeezing the absolute maximum rent out of it - as that starting rent could set the returns on that property for years if not decades?
Is the government thinking this trough or are they just looking to be seen to be demonstrating that they are responding to the housing shortage?
Rent Cap legislation came with a 3 year sunset clause - fob to get round constitutional issues - 22 months left to run.
Best landlord I ever had was institutional.
They owned the whole block and were very good at cracking down on anti-social behaviour.
Stuff got fixed very quickly.
There was scope to move around within the development as vacancies arose.
Tenants felt very secure (some there 10+ years) as they knew there was very little risk of being asked to leave once they paid the rent.
I really don’t know why people object to the ‘professionalisation’ of the sector.