'Heartbreaking' letter in todays Indo

independent.ie/irish-news/ne … 12421.html


just fucking wow is all I can say…

Fuck me XD

Does this make sense? Would this be subject to FoI? Also surely someone would have had to told somebody about it for them to make a FoI request?

Any idea how many he got in favour?

Heartbreak? FFS

And giving everyone more (borrowed) money will make this easier how?

Well if the CBI stands firm prices should come down and they’ll have more cash

Cheaper accomodation costs and less mortgage debt would make me smile

Sounds like you need to write a long letter to Enda.

You have to allow for the fact that there is a large cohort in society who let the media do their thinking for them. The deposit rule has been bashed from on high as a bad thing for FTBs. So she believes it. Here only problem is being ignorant.

The CB is under some serious pressure, coming from all angles.
Hard to see them not watering this down, or even backing off altogether under the guise of ‘further consultation’

If I ever get in to a position to influence education policy I’m making the study of economics compulsory.

What part of basic supply and demand rules can’t they understand?

She should have written to the Central Bank - I hear they’ve been having a consultation process.

This, by the by, is the fastest response to an FOI request I have ever come across. Normally takes many weeks, not least because they have to inform all parties and, often, get their approval. She could have argued that the details of her bids on houses was personal yadda yadda.

Somehow this gets approved on the day the consultation ends - giving Morning Ireland time to have them voiced by an actor?

You can lead a horse to water, but even if you got your wish then the system would allow them to pass through by rote learning. You cannot make someone understand a concept especially when understanding it seems to be against their desires.

I wonder what would happen if there was a request to talk to the person who wrote the letter…

I feel sympathy for her. Wannabe FTBs in the next few years are going to be hit by these new measures. The life milestones that many of us enjoyed will be delayed for them. There is an argument to say that these CB measures will moderate the price of houses for future FTBs and when that happens future FTB will benefit. However that’s not much use to current FTBs who have been saving hard for years only to have the goal posts shifted on them.

And, if New Zealand is anything to go by, we could find ourselves in a situation where investors are the ones buying property in Dublin and major urban centres and property prices still soar upwards in cities. In two years we could be calling to scrap the CB measures as a complete failure.

So I feel sorry for this couple. Their expectations have to be reset and that is painful. I don’t begrudge that lady a bit of a moan. She and those like her have been shafted for the (uncertain) good of the country.

I can feel some measure of sympathy in the case of people who had plans to buy next year and may have had 10% saved, and now find they need 20%. I would have suggested that the CB have brought in a graduated scale staring with a minimum of 10% and gradually increasing to 20% (depending on ability to meet repayments).

But the wailing and gnashing of teeth is ridiculous. The Dublin market is out of control, and if the one lever the central bank has to cool prices is taken away, we’re in deep trouble.

FFS Rent for another year, move in with friends/parents. Downsize your current rental accommodation. Save the pennies and when prices have dropped you’ll have the 20% before you know it. My misuis and I could easily have moved to a smaller house and/or saved more.

We did have 20% saved before buying, but ended up borrowing 90% as we needed to put half of that into the cost of renovating the house, so if the renovations were added to the house cost we still had 20% equity I guess.

The measures for Buy to Let are even stronger. 30% deposit and only 10% of loan book.

Only 10% of new BTL lending can have less than 30% deposit.
There is no restriction on aggregate amount of BTL lending.
Under the new proposed rules it may be the sector of the mortgage market with the most growth.

Sorry. I really don’t buy this.

I’ve seen those goalposts shifting for the last 15 years. A new life milestone for an awful lot of people in this country has been bankruptcy and negative equity. A lot of people have already been hit by previous problems called property being too expensive.

I’ve been evicted four times owing to landlord’s having financial problems.

Here’s how it works in this case: new rules regarding mortgages is exactly the present she wants. The problem is all the people who screamed and yowled over the drop in value of their preciouses over the last 5 years are about to scream and yowl again. There is no benefit for the economy as a whole in having high property sales and rental prices.

I’m a current FTB and have been since 1999. Quite frankly when I see discussions like this, I don’t think it’s FTBs who are being protected. They are being gouged right left and centre. What FTBs need are lower house prices, not more money.

The comments section in the article are encouraging.

More and more people are realizing expensive property is bad for them.

My personal favourite…

Some basic financial training and a history of Fiat currencies is about all you need to keep the ship right, right!?

There is an onslaught on RTE against these new central bank rules.

Drive Time yesterday during peak time had two commentators on about this. BOTH of them against it. Totally one sided.

Then this morning during rush hour there was this heart strings Morning Ireland broadcast. One sound bite from an EA of house price perhaps falling but if this happened “it would be a terrible thing for the country”.

There is no way Honohan will get this through.

  • 100%

And greater supply.

Would this warrant a complaint to the BAI?