"Thousands in Serious Trouble" - Economic Downturn

[Supermanpolitician]

i think a sharp bloody recession is exactly what ireland needs to make people cop on and to eradicate the greed and national immaturity we have seen. people on big salaries are living from pay cheque to pay cheque.. this is bananas..

to answer your question, yes we are screwed, there will be a massive flight of capital now as the rich seek to dump their assets in places like germany and switzerland.. the poles will all feck off to london as there will be no work for them and the young irish will go with them - this time as equals..
we totally messed it up, through arrogance and a lack of class...

recession can be cleansing - bring it on!!

You seem to think that people deserve a recession. I am not greedy but will have to live with the consequences. Your attitude is not helping your debate.
As regards recession being cleansing, this is just ridiculous! Engage in the debate please, not in stupid remarks like this!

[rockyracoon]

You want a recession? This is not an anti-FF thread. . . Recession is never good. The heart ache, the banks phoning up warning about mortgage payments, etc. No family should have to go through that and your triumphalist approach does not serve this debate well. I love my country and the last thing I want to see is my friends and fellow country men go through what my family went through.

Back to the debate on house prices, the question is, are we screwed?

Many families have been going through bankruptcy and repossession for quite some considerable time now. The banks, I must say, have been quite imaginative in their dealings. I know of two local instances. In one case, a couple with a new five bedroom are still living in the house on rent basis from the bank who repossessed. In another case, the bank had to the couple go on holiday abroad and organised the removal of their belongings during their trip. I think banks, in many cases, are just covering up their loose lending and due diligence deficiencies.

[MookieBaylock]

I agree. My point is that MB's statement that increasing house prices were due to greedy landlords hiking rents was complete rubbish.

i meant rent has been too high for over ten years.. thats what i mean.. with the amount of units built in the past 10 years, it should have come down, not up.
i see on DAFT.ie a

[johnfás]

Irish people have changed, greed has become the new god and the under 25 age group have totally lost the run of themselves, driven on by parents who want their offspring to have what they never had..

Is it not more people up around 35? Most people I know under 25 aren't anywhere near buying a house! The data published today showed the average house buying age was at 30. I think alot of people below 25 have just given up on property for the moment, are enjoying themselves and are taking a wait and see approach.

[MookieBaylock]

i think a sharp bloody recession is exactly what ireland needs to make people cop on and to eradicate the greed and national immaturity we have seen. people on big salaries are living from pay cheque to pay cheque.. this is bananas..

to answer your question, yes we are screwed, there will be a massive flight of capital now as the rich seek to dump their assets in places like germany and switzerland.. the poles will all feck off to london as there will be no work for them and the young irish will go with them - this time as equals..
we totally messed it up, through arrogance and a lack of class...

recession can be cleansing - bring it on!!

You seem to think that people deserve a recession. I am not greedy but will have to live with the consequences. Your attitude is not helping your debate.
As regards recession being cleansing, this is just ridiculous! Engage in the debate please, not in stupid remarks like this!

recession will be good for ireland, it will make people cop on and realise the value of money again.. its not a stupid remark.. when we boom again, we'll be more careful..

[Supermanpolitician]

i think a sharp bloody recession is exactly what ireland needs to make people cop on and to eradicate the greed and national immaturity we have seen. people on big salaries are living from pay cheque to pay cheque.. this is bananas..

to answer your question, yes we are screwed, there will be a massive flight of capital now as the rich seek to dump their assets in places like germany and switzerland.. the poles will all feck off to london as there will be no work for them and the young irish will go with them - this time as equals..
we totally messed it up, through arrogance and a lack of class...

recession can be cleansing - bring it on!!

You seem to think that people deserve a recession. I am not greedy but will have to live with the consequences. Your attitude is not helping your debate.
As regards recession being cleansing, this is just ridiculous! Engage in the debate please, not in stupid remarks like this!

recession will be good for ireland, it will make people cop on and realise the value of money again.. its not a stupid remark.. when we boom again, we'll be more careful..

It will be good for house prices...but not good for Ireland. DOn;t confuse the two. Thousands will lose their homes. Families will break up under the stress. How can this be good for Ireland? Do you have any idea the stress that economic hardship puts on families?

[tumeltyni]

I don't believe that a land cap would have worked; however a rent cap (per sq m) would have.. lets face it.. buy to let caused all the problems.. greedy landlords hiking rents, forcing people to buy as rent became ridiculously high (especially in dublin)..
despite the wealth generated in ireland, the standard of living is terribly bad..

What are you on? Rent hadn't increased much at all for years, this is the first year it has increased much and that's because people have been holding off on buying. Rent caps would have made no difference.

so you think 1400 euro for a 42 sq m flat in the docklands is a fair price?? or 2000 for 70 sq m in rathgar is fair? are you mad?? what i am saying is that rents were always too high since the mid 90's.. this ruled out long term renting for most, thereby forcing them into the mortgage trap..
a serious tax on second and third properties would have probably been better..
company owned rental blocks, a la Germany and Austria, work better than an individual landlord system.. that was a huge mess up..

Actually, there simply had never been a tradition of long-term renting. It was something people did temporarily until they could afford a place of their own. You clearly aren't all that familiar with housing in Ireland after all, either that or I spy a troll...

[MookieBaylock]

http://daft.ie/searchrental.daft?search=1&s[cc_id]=ct1&s[a_id]=&s[mnp]=&s[mxp]=&s[bd_no]=0&s[search_type]=rental&s[refreshmap]=1&s[pt_id]=3&limit=8&search_type=rental&id=474658

the likes of this is what killed the celtic tiger.. over 1,000 euro a month for this kip?!?!!? this is an example of a greedy landlord.. note how the price is weekly not monthly to bleed the last possible cent..

[Aindriu]

I have no choice but to rent long term. Both my self and my partner earn good money but couldn't get a mortgage over a long enough term to make it viable. I have age against me unfortunately so will rent for as long as I am working and then probably buy a shed.

[Tiernanator]

Unfortunately the feeding frenzy in Ireland has caused the problem. I am not blaming people who wanted the best price for their houses but you would think the lesson of the Thatcher Boom and Bust era would have been learned in Ireland. In some ways the buy to let market has also unduly inflated the price of property. Never was one for landlordism. The cause of all our woes I think. It makes people lazy and doesn't promote an ideas culture which is really essential for long term development. I do feel sorry though for the young people who needed a home and had to pay inflated prices for fairly poor purchases.