I’m guessing that 20k empties is normal or even below average for a city of Dublins size. Surely Dublin adding 10,000s of jobs and population per year so it’s a drop in the bucket.
Exactly it doesn’t change anything, just makes makes things more non transparent.
Where I live the landlords give it to me straight, if you file for tax rebate your out, we don’t cover this cost or that cost. Take it or leave it. That’s the way it works in reality , they either front lid it to you or back load it to you after wasting your time.
Presumably some rental voids, some houses in the process of being sold, some probate, some houses only used for part of the week. Probably some where the residents didn’t engage; I was in the process of moving when the census happened, and census enumerators at both the old and new places were asking me about neighbors who they couldn’t get in contact with; in both cases the neighbors were definitely there. It’d add up. Actually, do houses where the normal occupants are on holidays count as empties, I wonder?
Very neat message from RonanL in today’s Daft rental report:
Since 2013, market rents nationally have risen by just
over 50%. However, sitting rents have increased by
just 27%. In other words, those who have stayed in
the same lease have enjoyed a discount relative to
market rents, with rents increasing by just half the
increase seen on the market.
The implications for the system of Rent Pressure
Zones are obvious. In order to control sitting rents,
sitting rents themselves must be measured. It is not
helpful to rely on market rents in a rented sector
where now the typical lease lasts over three years.
Indeed, the survey undertaken for this Daft.ie
Rental Report suggests that for many – although by
no means all – sitting tenants, there has been no
dramatic increase in rents. This may mean that the
Rent Pressure Zone system makes things worse,
rather than better, by amplifying the insider-outside
nature of the rented sector.
Sitting tenants now enjoy not only a discount relative
to the market rent, but also protection of that lower
rent into the future. Meanwhile, movers in the
private rented sector face not only far higher rents
but almost no availability in the market. In such
a market, it would be a brave prospective tenant
who would ask the landlord to see proof that the
rent they would pay is only 4% higher than a year
The message from the rental market to policymakers
is the same as it has been for over five years
now: more supply is needed. Until policymakers
understand why it costs so much to build a twobedroom
apartment here, compared to anywhere
else in Europe, that’s unlikely to happen.
Another month and another headline Cost of renting hits ‘all-time high’ as supply at record low
and this makes me Councils are ‘deliberately’ leaving houses empty to secure State funds
The National Oversight and Audit Commission (NOAC) said that in 2014, some 2,250 local authority houses were empty for more than 12 months.
"The fact that so many of the vacancies are of such a long duration gives credence to a view that some dwellings are deliberately left vacant for long periods as to qualify for particular funding schemes rather than use up the authority’s internal capital receipts to finance necessary refurbishment work,"
Blanket ban on AirBnB in Dublin, Berlin style? Surely this crisis calls for radical measures?
How about trying a few conventual mearsures first
Consider the following anti-landlord measures introduced since 2008.
Interest deduction reduced to 80%
PRSI and USC levied on rental income - but no benefit provided
Additional 3% surcharge if rental income exceeds €100k
LPT paid from after tax income i.e. Pay 55% tax and than pay your LPT
Least we forget, circa 30% of the price of a new build is paid in taxes to the government.
This issue is surely waiting to explode onto the streets.
I read this from 1000kms away and it makes me furious.
Do you believe those numbers when they are cramming 10 or 20 migrants into a semi-D?
We’ve busily spent the last 30 years driving up costs. And this is the result.
Cost of labour, fuel, professional fees, land, VAT, stamp duty, interest etc. are all much more expensive in Ireland than elsewhere in Europe.
You could add the 7 year buy and hold CGT exemption to that. Many sitting on windfall profits they can’t see until 2019 earliest or they will be hit for CGT. It served its purpose to get transactions going. Now it is doing the exact opposite in preventing transactions when they are needed most.
Yep, it’s governnent policies which have mostly destroyed the property supply.
Extremely restrictive planning including moronic height restrictions
Exorbitant taxes on just about everything.
Lax credit controls which caused the bust in the first place.
CGT 7 year rule.
Selling off council housing stock.
Selling off properties en masse to REITS
Massive deficit of investment in public transport.
No real active public housing construction programs
Large scale largely uncontrolled immigration
…add in a real touch of Meifeinism from property owners
You got a shitstorm that’s going to blow.
Agree with all these points, they claim credit is tighter and for sure it is, but not enough. I was shocked at how much the banks were prepared to lend me recently for a motgage. If I borrowed what they were offeing Id be setting myself up for some serious financial trouble.
More than 3.5X? Ive sat down with pretty much all the banks at various work events over the last while and they’ve all been rigid @ 3.5X earnings, no wiggle room at all, even though Ive showed them regular savings of 50% of my income + rent of ~20%.
Marginally higher - but I would consider my wages highly geared to a performing economy, couple that with a dual income expanding family and low interest rates and you have a recipe for a future disaster.
3.5x isn’t a magically safe multiplier, there are other factors they need to consider and while they are being more prudent then in yester year, I feel that once the box ticking is complete they will just proceed regardless of obvious human conditions bank managers in the past (a long long time ago) would have taken into account.
So they were offering you 3.5x combined salary and you were shocked ?
No discussion on availability of credit is valid unless you take into account the free credit being availed of by those not keeping up their end of the deal
So they were offering you 3.5x combined salary and you were shocked ?
I guess applying for a mortgage is not something I do everyday - who does? In any case, I think if I borrowed what they offered it wouldnt be long before me and my family would end up in financial trouble - deal with that assertion as you will.
Irish Times sub headline: South Dublin is now more expensive than London
The small print:
So we’re comparing the average rent in SCD which is the most expensive part of Dublin with the average of all London rents? It’s obviously apples and pears but why would our paper of record do it?
Do we Irish have a curious need to be the most expensive kids on the block? It feels like 2006 again.