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Is Home Ownership Dead In 2024? The Terrifying Turn In The Housing Market
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- čas přidán 10. 04. 2024
- e are on a dark path that will end the dream of homeownership for many people. But it's not too late to take a different approach.
According to a recent report, property prices are up 6.5%, but this does not reveal the real issues facing buyers.
If you are looking to buy a house and you are finding it hard, it's not you, and you are not the only one the odds are stacked against you. If you are trying to buy now, let me know after you watch this video what you think your biggest roadblock is. I share what will be the biggest issue facing buyers in 2024 and beyond.
We are witnessing a scary shift in the housing market and some alarming trends in 2024 are emerging that might worsen the situation for years to come?
Today, we're diving into trends of 2024 that could change the way we look at buying homes forever.
This year, Myhome asking price reports indicate a significant increase in national asking prices, with homes selling for considerably more than their listed prices. But what's driving this price inflation, and how does it affect potential buyers and is there more to the story.
"Let's break it down. Across the nation, we've seen a 6.5% jump in asking prices, with a notable distinction between urban centres and the rest of the country. More intriguing is the rise in properties fetching prices well beyond their asking.
Annual asking price inflation in Dublin is now 7.2%, outpacing the 5.5% figure in the rest of Ireland. The report found asking prices rose by 2% this quarter nationally.
My name is Shane Fleming a chartered property expert with over 18 years of experience in real estate, a degree in property economics. The views in these videos are my own and are just entertainment.
Hi Shane good content are you familiar with Gary Stevenson the english economist and his theory the elephant in the room is the massive wealth transfer over the past few decades but especially years to the rich who use this money to buy/control assests e.g houses thereby driving prices up and squeezing the poor/middle classes out of ever owning their own house to live in... His conclusion if things stay as they are essentially is the only way new people looking to get a house to live in is if they inherit it or get a dig out from parents, family etc. Personally i think we are already at that stage by and large
Hey Colin, I not familiar with Gary but I might of seen a short of his the other day on that topic.
I would tend to agree with his conclusions
An add on to that, is the expectation that housing will become more affordable for ordinary people again once interest rates drop.. unfortunately that will be more than cancelled out by the wealthy moving their money from savings accounts and back into property, fueling further price increases
The interest rates are not going to drop . They lied about inflation figures in the usa now it's back to bite them , they can't lower rates and can not raise them to counter inflation. The euro is worse . When gold hits 2400 from 1830 in a couple of months you know somthing is up.
If you are reading this and have a deposit for a house 30 ,40 50k . Get it out of fiat currency asap. Buy a peace of land down the country , gold or anything you can think of to stop coming inflation taking your spending power. Don't forget cbdcs will be the reset after these currencies. You will own nothing with central bank digit currency.
tough to be a young professional looking for a home in Ireland. Best to be poor, work little or even be a fake single mother with the partner hiding in the home provided by the council/ mismanaged Fr mcvery Mistrust, SImon co and the like
It’s not great that you could be better off by not working
@@shaneflemingre I left Ireland for this reason. It's a looney bin. Why would anyone sensible and hard working live there. I'll be back when I retire.
@@Antonocon this does cross my mind everyday.
So your saying the cost of living is an Irish problem ? Last time I checked it was a global monetary system problem. 😂😂😂
The working folks are squeezed in the middle. The smart ones in Ireland don't work. This is a sad reality.
Do you think it is getting even harder to get on the housing ladder despite all the new housing being built?
Unemployment and social housing is the new 6 figure income 😂
The new freedom
Great video Shane as always. Also you may not have heard but about two weeks ago it was announced that the irish government will soon be taxing people who wish to build in the countryside to try and discourage it.
Yea making it harder to build one off homes that policy has been around for years but they are looking to make it even harder
biggest roadblock is trying to save up paying crazy amount in rent
That is very true, that rental crisis haven’t made things any easier
Everyone frustrated buyer should explore the options of tiny homes. Minimalism is the only way out of the current 'housing madness'
IT’s should be the option but with all the new building regs the cost of new builds it to much for first time buyers. More options are needed
I've been a prospective homeowner for 10 years (without success I might add) with occasionally having to shelve these ideas due to changing jobs and switching to self employment for a while. The most recent foray into an active search was an eye opener. It's the worst I've ever seen in terms of the sheer lack of choice. There's just so little available to buy compared to any other time.
This is really informative and really in line with my thinking. I have bought myself twice in last 11 years and bought for clients in the past but think now is the hardest time ever
I think Irish banks, estate agents, and vulture funds are turning the Irish housing market into a subscription plan with government support. It's way too difficult to get a mortgage, and rents are really insane. Any government that really cares about their citizens would already do something about it. Bu I believe Irish leprechaun economy will anyways butst and market will crash at some stage. On paper, Ireland is riches country in the world, but when you walk on streets od Dublin or any other place in Ireland, it doesn't leave that impression at all.
The move is to subscription model but think estate agents and banks actually loss out. Estate need homes to sell. The margin on rentals are not great.
@shaneflemingre yes, but sell is short-term profit, and rent is long-term profit. Over 30 years' rent will generate much more profit than sell. If rent isn't profitable, we wouldn't have cases like Maynooth. Im pretty sure you know what Im talking about.
It's easy for property to be affordable for everyone! Build hundreds of thousands of affordable houses!!! It's been done before & it'll be done again!!!
The problem is build costs based on current design standards cost more than many current homes are trading for
Serious question Shane, I'm in a position to be able to buy my first home. I've saved for years and I've just got mortgage approval this week. Are we entering a bubble where things will eventually burst or are houses always going to be getting more and more expensive each year and I should get on the train while I can?
Hey. I have been meaning to make a video on this about the concern of a bubble. I don’t think we are in a bubble in the classical sense, a bubble requires speculation and I think there is very little speculation in the market.
There is far more cash in the overall economy and that will push up all asset types.
I think it is only going to get harder if things stay the same. If we have a global crash then who knows
Thanks very much. yeah it's pretty gutting buying houses at these prices but the only other option is to keep getting pummeled by rents! Thanks.
As always Shane, thank you. Very sobering overview.
Hey Dave, I did not want to make downbeat, I would love to be more positive on the channel. Just hard to be up beat about property at the moment
@@shaneflemingre Absolutely Shane, very well handled.
Their plan is working unless we get them out.
The scary thought is the other side want even more state intervention
This has world economic forum ideologies written all over it.... "You will own nothing and be happy"
I was going to buy next year. But i put all my deposit into btc & will cash out next june-september & see whats on the market then.
Hope it works out for you. Would be good story
I've opted for owning btc instead of property for now.
It will appreciate way faster than a home, and will give the ability to own a house in the near future.
Also owning btc will prove more effective against owning multiple homes for the purpose of renting.
Fair but your can’t like in the BtC
@@shaneflemingre No, buy the property you will live on, with proceeds from BTC. Then continue to save your hard earned money in BTC. Less hassle than dealing with tenants, plumbing, squatters, etc... Also in the event of social unrest in your country, you can flee very quickly with your BTC rather than having to sell multiple properties.
Affordable house owners will come to market as some stage for selling. Social house owners have a right buy the house from government after a number of years if I recall correctly and sell it later. So perhaps these homes will eventually come to the market and increase a supply.
A lot of the homes are in housing bodies they won’t be sold off like the past.
You cannot buy your social house anymore. The government sold off their own social housing stock to social housing tenants in the 80s/90s and is partially the reason why there is a lack of social housing in the country now
Hi Shane, my partner and I have just put a deposit down on a new build estate in limerick. Is there any way for us to confirm how many social houses/affordable houses will be in our estate ?
Generally you can see if there is any classification on the planning documents but you will never know as developers can sell to whoever and can change plans
I fully agree. I have a good understanding of economics and you definately have a good understanding of what is going on in the housing market.
Thanks a million David for the support
EU is going USSR! Puublic spendings raise prices, then deficit in most EU members will go up; and then they will take the citizens' money to pay the gap...
And you will have your social housing according to your political orientation.
I see the same problem, what created our success is being forgotten and even vilified
Socialism
I worry about that too
It would get you thinking what a potential change of government will look like.
@@samdavid9237 the devil you know.
Guy's if you honest can you see any different outcome?
People asking for this..
Voting for that..
And cry if don't get stuff for free...
The great reset in plain sight
They never tried to hide it just people don’t look
Why those everybody whos a working "professional" think the cost of living is an Irish problem ?
Not sure I ever said it was an Irish only problem
@@shaneflemingre the people in comments think so
Show some data please Shane! General commentary like Irish times like “supply is low”, “rise in properties fetching beyond asking” et al isn’t helpful. Sounds like PR statement and not journalism or factual reporting.
I keep saving and waiting for recession.I think soon we will have double digits price decrease.Keep eye on unemployment and emigration from Ireland in next 2 years.
It could happen but then the world is collapsing too and getting a mortgage will be harder
@@shaneflemingre Many people who was saving last 10 years will not need any mortgages.