Is this the economic rocket he had planned?
ASKING FUCKING PRICES you moron
Well he is only the minister for Finance with the power to put you on the hook for billions and billions of bad debts that have nothing to do with you
If true, then based on the latest official figures from the CSO, then we already have about 7 years worth of inventory in stock completed, empty and ready to sell. That’s before the circa 8,000 to 10,000 units from estate sale properties per year that come to market plus the constant (if currently subdued) supply of new builds. Oh, and don’t forget all those repossessions that we’re promised. Of course, NAMA are also promising investment to finish some “ghost estates” too.
All in all, the supply side looks healthy.
Ha, they should finish the hundreds of empty houses littered around the suburbs of Galway prior to construction any more here.
Looks like malinvestment is calling again.
I often wonder what situation the 1/2 finished empties are in and why the owners have not sold them. I guess many of them are insolvent builders who could not get the next drawdown of a now expired mortgage. I also suspect many of them are people who own land and built the shell before the market collapsed and now cannot afford to finish them or are holding on for credit expansion to return.
What does the minister for finance mean when he refers to “family home” and “family home areas” ?
I’d agree if the government wasn’t deliberately keeping units off the market
Lets build more instead of releasing supply already built
Noonan says a lot of things and most of them are shyte.
Has he contacted the UN about how Irish families are being forced to live in apartments? What a tragedy.
I think there are no plans to build in Galway.
Building of 10,000 homes in each of the following: Limerick, North Dublin (Swords /balbriggan) and Kilkenny.
I hope young couples living in apartments ARE looking at houses and are wondering why are they still so absurdly expensive.
They wouldn’t have to do it if family houses weren’t full of youngsters house sharing.
I take your point, but are they in places people actually want to live? You could have all the houses you need perfectly well kitted out, but located in the middle of nowhere, no public transport or services. Sure you’ve got a roof over your head, but not much else.
Assuming it’s a correct figure, he should qualify his comment with “We’d need about 25,000 to 30,000 new houses each year where people want to live as we plan forward [as opposed to planning backwards?].”
Have made this point numerous times
Hundreds (if not thousands) of empty apartments being kept off the market in Dublin makes a 2 bed what? 1200-1300pm?
As a result 4 people share a 4 bed that costs maybe 1800 (450 each). Release the supply and let 2 bed apartment rents fall and the 4 lads leave the 4 bed, rent 2x 2bed apartments and hey presto a 4 bed is available for a family to rent (probably at lower than 1800pm)
My figures may be slightly off but the principle is correct
TBH, we don’t mind living in the sticks but even there the cheap stock has now gone and all that is left is overpriced stuff left from '09.
If you could strip all of the stock from the market that is not really for sale as it has a silly asking price or POA because the owners do not want to sell I think that you could say that the number of properties for sale is around 10% of the entire stock that is currently listed.
I know someone sho is building a one off in the country, on that verry same road there are unfinished zombie houses, be couldn’t buy one of those to finish off as they are not for sale and the one that are for sale are asking more than build cost.
People were more than happy to borrow excessively in order to buy and want to live in these less well serviced locations when we being told that we were all rich and the property ladder was the yellow brick road to greater wealth. Now we’re being told that as we know just how poor and indebted we are, everyone’s far more fussy and not willing to commit to a long term relationship with units further from town centres and social infrastructure.
I don’t buy the argument that there is massive pent up demand for the D4’s, D6’s and SCD’s. From an economic perspective demand is defined as the desire and ability to purchase (i.e. we measure it by those that can and will be active in the market). While many will aspire to properties in these areas, few (less than during the free lending bubble years) will have the financial ability to actually make the purchase due to declining disposable income levels and reduced bank lending.
The u-turn by the market vested interests, that buyers no long want what developers and estate agents were happily peddling to them only a few years ago doesn’t stand up to scrutiny, because we are not talking about financially trivial purchases here. Property is a massive financial commitment that the vast majority will borrow to fund. Just as during the bubble years, people will buy where they can afford, which will not necessarily align with where they would ideally wish to be.
The massive inventory overhang is for the most part, a very real and active factor in property prices, despite what the market spin doctors would want potential buyers to believe.
That said, IMHO, better planning, stricter regulation and less corruption are needed in the property sector.
The market can stay irrational a hell of a lot longer than most pinsters can ignore their biological clocks!
Good call minister, now, what will they do with that huge chunk of neg equity - i spose the banks could write it off, but then that would mean realising losses and maybe an auld bailout would be required (good use of that 1 billion we apparently made recently). On the other hand, the friendly bank could always move the mortgage over to the new property and we’d have one of those famous 150% mortgages, I don’t think underwriters are giving those out willy nilly though, hmm, maybe an auld fly in the ointment, but…
Do most pinsters HAVE biological clocks?? Eh, aren’t most pinsters, erm, male?
I don’t think so. Fake beards…