I suppose the dead cat bounce has to generated by somebody. These are those people. God help them - like lambs to the slaughter.
says it all… this suggests that half of borrowers do not consider a range of mortgage lenders but instead opt for their own bank…
Do they think their “own” bank will cut them a deal or something?
You got to love the Irish consumer eh… biggest purchase of their lives and only 50% will shop around.
What is Claire Byrne’s e-mail address, it would be interesting to ask her how exactly ‘home ownership’ (or rather ‘mortgage ownership’) offers security??
I think the security alluded-to is the security of not getting turfed onto the street by your landlord because he has decided he wants to get rid of you. I know that it isn’t supposed to be as simple as that for an ll to get rid of you but its an emotive and poorly-defined area and when push comes to shove most Irish people like owning their own property because it makes them feel secure. It doesn’t matter if the reality is that what they own is a huge mortgage. They still feel more secure.
It is important to own your own home if possible certainly in the Irish psyche, but what is also just as important is the cost to mind body and soul to get it?
Because if that cost is 30 - 40 years of your life slaving to pay for it then its too dear a price to ask and people need to realise that before its too late. (Which I might add seems to be the case certainly on this forum and expanding to further reaches everyday).
I certainly do want to buy my own home but I will wait for the prices to drop. And drop. And drop. etc
oh you’re preaching to the choir here spqr64. I have been a property bear for a very long time but there was a while there around 2005/06 when I was beginning to think that perhaps in spite of all good sense the bulls were right. Perhaps it would level-off and perhaps I’d just missed the boat and if I wanted to own a property I’d just have to buy a tiny place in the @rsehole of nowhere at insane prices. But I made the decision that I just wasn’t going to do that. I’d prefer to rent a nice place in a good location for the rest of my life than to own a barn-hut that was miles from anywhere
holds hand up
I too would like to own a home… I would also like to own Ferrari… but I can work out that I can’t afford the cost of the petrol to run it
I’d happily buy a house tomorrow only if:
- its in a place I’d like to live and would be happy to live for the foreseeable future
- I was spending a max of 35% of my net income per month on my mortgage (which might get me a one bed in Tallagh - see point above!!!)
- I was within a reasonable distance to my job
I can’t buy a house satisfying the 3 points above at the moment so won’t be buying. I don’t believe in ladder mania and i also don’t believe in owning at all costs
I’d be in the save capital and buy in 2-3 year category myself.
But obviosly its a case of revaluate the market at teh time, I’m assumeing it will have comedown enough for my family home, if not i’ll have kids in a rented house and keep waiting
I too will buy when I think we have reached bottom, renting ends up more expensive that owning or there is tangible proof that prices are going back up again.
I have criteria also, like everyone else, and I have to say, if it had not been for the pin, I would have jumped on last year.
THANK YOU Property Pin for saving me from debt and torture !!
Wasn’t this myth debunked on the pin (when compared to ownership percentages internationally)?
Of course home ownership is the biggest aspiration, tenants have fuck all rights in this country.
Huh? Are you saying there are figures which show that Irish people don’t love to own the house they live in? Surely there can’t be figures that support that argument. Everything I’ve ever seen or heard supports the idea that we love owning our own house. Sure isn’t rent money dead money and all that
I’m also in the “hoping to buy in 2/3 years” category (depending on the state of the housing market then). I’ll continue to read up and educate myself until then.
Another big THANK YOU to the Property Pin for opening my eyes to the Irish property bubble. I’m a long-time lurker but never felt I had anything to add by posting (not that knowledgeable about financial stuff but becoming more so thanks to you guys!)
Sold up in late 2006, put a stash of cash in the bank renting for now and will continue to do so for the foreseeable future.
Might brave a few posts now and again - am in the North East of the country, following the market here - it has a long way to go yet…
And I’m sick to the gills of house sharing but I’d be even more sick if I was paying a mortgage in the current climate.
Broad brushtrokes but people generally seem to have bought a house by the time they’re 30ish, People generally start renting at about the age of 18. To buy people generally think about it for 3-4 years first to save a deposit and decide where they’d like to live.
So jo average spends 12 years of their life renting, and 1/3 of that time thinking about buying, and 1/3 of renters want to buy in the next 3 years . . .hmmmm, funny that.
I’m sick to the gills of house sharing, but I could rent a one bed flat.
I’m also sick to the gills of furniture and decoration I wouldn’t choose, and I could rent unfurnished and do a place up a bit. Then the landlord could kick me out a month later and I’d have to incur all the moving costs through no fault of my own.
Likewise. But, I don’t have a family.
Nicely done! Bet you arevery glad you did, now.
Ach post away. We might be a bunch of grumpy curmudgeons but we don’t bite. I’ve learned loads from this bunch over the last while. Ask whatever you want (even if you think its a stupid/n00b question) and somebody will answer. The Pin is all about Sharing The Knowledge