SBP 17/2: wrapped up in knots!

Tomorrow’s SBP has at least 3 upbeat articles on the property market. The headline article is entitled ‘Buyers Reclaim the Market’. However, in that article it states that FTB’s are ‘semiseriously buying and making bids’ although bids are below asking price! So could someone explain to me how FTB’s ‘semiseriously buying’ works out? Has it any relationship to being ‘almost pregnant’? The article should be online around midnight. Have a look and see if you can deceipher it!

It sounds like Country Toms schmooze wagon is a rolling around the meeja from CIF HQ , the Indo had 3 ‘semi serious’ articles on Thursday.

Its all basically a load of wind and piss if the banks won’t lend , and they won’t .

Another article draws the conclusion that a third of the 171k 2006/07 built units are unsold. They draw this very dubious conclusion that just 116k new mortgages have been taken out. No allowance seemingly for property bought without mortgage nor mortgages taken out on property previously mortgage free! They used data from the Irish Bankers Federation.

Christ thats crap journalism that is .

Most topups would have bought nothing outright in Ireland while many remortgages were for Bulgarian escapades and maybe that X5 too …as well as those seeking a better deal.

I read that front page article twice to make sure it wasn’t just me. It seems they are assuming FTBs only buy new properties? Or am I missing something?

The logic of the article was also a bit lost on me. What I gathered was that there were 116k new mortagage properties during 2006/07 and this equates to two-thirds of the 171k new builds in the period. That is a very crude and simplistic conclusion if you ask me. That article throws up more questions and answers!

More Caca

FTBs do not pay stamp duty on anything, old or new is the same.

STBs are tilted to new by stamp duty