Confronting Ireland's Housing Crisis
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- čas přidán 24. 07. 2024
- This mortgage and housing market is not normal.
It’s not normal for lending criteria to be the same now as it was in 2015.
It’s certainly not normal for foreign funds to be able to buy estates and apartment blocks before people and certainly not before our affordable housing bodies.
We simply cannot keep accepting this.
I’m working on bringing people together to demand change.
Please leave a comment below telling me your story.
Paul
#housingcrisis #ireland #personalfinance #mortgage #firsttimebuyer #secondtimebuyer #dublin #investorfunds
Keep commenting guys! Share your stories!
God bless you Paul. It's about time someone started shouting about this issue. Fair play to you. 👍
Agreed Paul. Something has to change. The policy makers/regulator s need to wake up and take action. The free market doesn't give everyone equal access to the property market especially the younger generation. My husband and I left Dublin 7 years ago and moved to Kerry for a better work life balance and to stop paying high rent, (rents and property prices are also rising here in the country too and alot of the properties for sale are terrible). As soon as this pandemic is over and countries open up again, we could see another wave of economic migration of Ireland's younger population which would be a great loss to the country when we need everyone's help to bounce back from the pandemic. The economic and social/family consequences of younger people leaving Ireland can't be overlooked. The system is set up to take more care of corporate interests and safeguard the interests of the "contented class" for everyone else trying to progress in life it's becoming an epic struggle. #changemusthappen
GOD BLESS YOU PALL AMEN✝️
Why Can't the private market sort this out?
24 living at home, my dad works a good job with a good salary but is having to piss it away on rent due to the fact he cant buy a house. Im not even considering buying a home in Ireland, as soon as i get my degree I’m moving country, sick of seeing myself and my family be ripped off in this country 👍
Where would ya head just in need of ideas.
You sound like Robert De Niro saying he would leave America if Trump was elected president
Mid thirties, living with mum and dad, starting to freak out that if my boyfriend and I ever have a baby, the three of us will have to live in the same little bedroom im currently in, the one i grew up in. The housing crisis is causing circumstantial infertility - i just can't have a baby in these circumstances and my time is running out.
I hope times have gotten better for you and your boyfriend.
As an immigrant living in Dublin since 2013 I can tell I regret I chose Dublin instead of London back in early 2013. The standard/comfort/cost of living in Dublin, including housing affordability & availability is one of the worst in EU if compared to Western/Central Europe. The only reason that keeps Dublin in the spotlight is the fact of being an European hub for many international corporations = job/career opportunities. Nothing else. I have talked with many immigrants from different parts of Europe or globe and most of them come back to their countries or relocate after a few years spent in Ireland unless they are able to settle down here in Ireland/Dublin on a decent level (having gotten a well paid job, marriage, mortgage etc). Since my day 1 in Ireland I have heard those stories about the housing crisis and each year it only gets worse and no impactful actions have been undertaken to solve it quickly. I turned 37 this month and I have no time to wait for something that might never happen or could happen but not earlier than in 10-15 years. I am a single gay person so I have even more difficult to live and thrive in such environment. Everything is expensive even more when you run a single life with just one average salary (and if you are gay, being a single is not always your choice...that's the other topic...we don't have so many "opportunities" like straight people in terms of finding your second half or building your personal life up). I can forget about getting a mortgage for those overpriced houses/apartments. Their quality also leaves much to be desired. The covid pandemic made me realize a few things, that life passes me by, that I am 36/37 with nothing in my life and it's not because of me (!). I started to save a little money each month 2 years ago but it's not a huge amount (I wasn't able to save before due to the low salary). My plan is to get a full time job in a tech company I currently work for and pray that EU employees will be able to work remotely from other country. I will move to UK straight away (Manchester, Liverpool) once it's possible to do so and I know I would get a mortgage and pay 350-600 pounds monthly for a nice 2 bedroom apartment (let alone other aspects). I just need to focus on achieving my career goals in the next year and then I am ready for a move. I am done with Ireland/Dublin. I only have 1 life in this world and I don't wan't to waste it. LGBT organizations do nothing than propaganda-like bullshit in the media instead of helping and supporting LGBT communities in their real lifes/struggles or trying to change the laws and social system for LGBT people. Depression rates let alone suicidal attempts among LGBT communities is very high (70-75% EU suicides are committed by males). Most old gay males are lonely when they are old. If they don't build up their life and financial security during their 30s-50s they might face a very harsh "autumn of their life" later on. Living in Dublin makes it even more difficult...very difficult...hence my initial decision to move out once I feel ready...
My dad is 54, single father and I’m 20 years old now and hes been renting his entire life because he can’t get a mortgage with 4 kids. The 3.5 cap is really frustrating. We’ve never had a home to call our own
Thanks for sharing
3.5 cap is reasonable and protects people from loosing their houses. The problem is limited supply that brings prices higher and higher.
completely agree. People complain about the 3.5 cap, but they forget that if was 4 or 5 times your income that could possibly mean 1 million more buyers at the same price range as you, and still the same amount of houses, price goes up and up and up...
@@rafaelpeixoto5328 never thought of that.
I agree, there has to be a bigger supply of houses and flats, it will stabilise the market
Sickening that a property fund can hold families hostage. Policies need to change.
I agree David, things need to change!
Very pleased to see an ad like this pop up on my feed. I'm young and petrified about the reality of trying to leave home. I'm lucky I'm in a position that I don't need to right away but many of friends my are are in need to move on in life and are at a complete loss even with them having reliable high paying jobs.
The lending rules are prudent. Two things have to happen. Wages need to rise to meet the price of housing. Or the price of housing has to fall to reflect wages. The government are doing their best to see the latter doesn’t happen.
30 years old, renting in Dublin. Been dreaming of buying my first home for a while. Savings are going well but the 3.5 cap is a very strict limitation if you want to buy on your own. What I can afford is really not worth the money I’d pay. It’s really, really sad. And I unfortunately don’t have the option to go living with my parents and save. I wish things could change for the better
28 years old, still living at home. Savings are going well, but the 3.5 cap is a killer. All I want is an apartment for myself to get on with my life, but without another promotion I could save until the end of 2022 and still not be in a position to buy due to current prices. I could move out and rent, but any opportunity of owning my own place is gone then, its so frustrating. I shouldn't be in this position at this age
Thanks for the comment, it really helps!
Instead of investing in an apartment invest in Your education. Its easyer said then done but the future you will be grateful that you did that.
@@dorelgradinaru1762 I have a level 8 honours degree. I'm doing fine for my age salary wise. Its the market not my life choices
Hi have you heard of the rebuilding Ireland home loan?
By removing the 3.5 times cap you instantaneously rise house prices!
Paying 1,600 in rent at minute.
Yes I agree the 20 % depost for 2nd time buyers is unbelievable. I was an owner 20 yrs ago and this rule still applys thats ridiculous 🙄
Thank you for using your voice and knowledge happy to share this video with others ,best of luck
Thanks for the support Samantha!
Totally agree with you Paul! The section 110 is helping these big sharks to eat all the first time buyers!
We need to raise this issue and protest for a policy change.
I am with you
I just read some comments and is true and I personally feel same as most here. I am spanish and even rents are so expensive that even in our 30's we have to share with others. I don't know what is causing all or maybe I can imagine a bit of corruption as all country is expensive as hell.
1) Rents are very high, so I think landlord's think we are stupid or that the House comes from Hollywood...
2) Sellers think this is like Dubai, we all are doctors...
3) Car insurance is the most crazy thing I have seen in my life, problem here comes when you read in small letter that goverment takes a % (corrupted).
And probably all this mess comes due to all Big and fancy companies in Ireland.
But this is EU and if this things continue, and no one fights back for their rights, I dont want to imagine in few years.
With actual Pandemic and nothing lows, it's embarassing.
27 year old with two post university qualifications and a reasonable good job- but not a chance of buying any sort of property in Dublin due to the prices of property, and subsequently high deposit, as well as the rent I'm paying impacting an ability to save for a deposit. Madness when compared to other countries worldwide
Thanks for sharing Breandan!
Maybe look outside dublin
I'm 38 one income family, I support my and 2 kids on my council salary.
I'm in the red every week stressed and broken knowing I will never be able to put a secure home over my families head.
I'm paying 1500 rent, bills and food on the table. I thank God I have an amazing family to come home to at the end of the day.
Nothing is going to change until the government is fucked out
You coulda payed of a mortgage at 38 if you knuckled down in your 20s.I no the government are rubbish,but only you can improve your situation
@@derekdempsey8506stupid comment you're youth is for going out and seeing the world not being stuck in for 10 years and trying to save a deposit and then but a shitty 1 bed in the arsehole of nowhere just to say you own something
29 renting in Dublin looking at purchasing the last 12 months. The biggest issue is 3.5 times my income. If you are in a role/job where earnings are expected to grow over you career then 4 x on the current salary should be reasonable. Additionally, 1000s of 1 and 2 bedroom affordable apartments should be built in the city centre, not for funds but for young professionals who want to get on the property ladder and still want to live in the city and not out in the commuter belt at this early stage of life. This will also mean more homes available for families who need more space.
Couldn't agree more Shane
I am a single 29 year old engineer with good savings. I don't believe for a second that a 4 bed semi detached house in an area like Dunboyne (where I'm from) is worth €500k! The houses are 20 years old with poor insulation and gas heating! I would not pay this even if I had it in cash. The houses are simply not worth that kind of money. If the council would let me I could build a 4 bed modular wooden frame house for around 250k including land!! It's just madness whats going on.
My daughter and her partner live with me because they can't afford to rent and are trying to save to buy their own home but with things the way they are they will never be able to buy either. My daughter has fought the odds on alot and I'm so proud of her ❤ but there is only so much a person can take, this is not an equal society in Ireland.
We as a couple make 100k a year still can’t afford a home in Dublin which is a joke. No home in the range which we can really afford
Thank you for your comment!
3.5 times your combined income is 350k.Theres houses in Ballyfermot 220k-240.Stop with the drama,you can easily afford that.You don't have to buy in Dublin Either
I am a first time buyer, Mortgage Approved, unable to find houses with my budget. If found, it's been icreaed over night and becomes unaffordable. Been super frustrated over the year of trying to get a roof over my head.
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Brilliant to see more people trying to make the much needed change to the ridiculous housing rules in this country! 👏
Some banks require way more documentation than others. It'd make your head spin. Especially if payroll at the company you work are useless, obstinate and drag their feet whenever you need something from the bank.
The 3.5 thing mostly applies to base salary. Certain jobs in certain industries depend on commission, overtime, bonuses etc. Some banks won't even look at that. Some banks are really fussy about maternity leave too. The only advise I feel comfortable enough to give to first time buyers is to keep your options open and shop around different banks.
Thank you Paul for raising the much needed awareness on this with real life stories. I'm in my early 30s and At the End of May I am leaving my country for the UK, because there's absolutely no hope for me here in Ireland. Don't see myself or my partner returning until this government makes changes. We're all sick of it just being a discussion. No action is ever taken.
I've been renting for 10 years and have never given any issues. My rent has ALWAYS been early and consistent, but yet going for a mortgage as a single person and Im not being looked at and my good record is not even considered . I've left my city of Dublin and moved to rural Ireland for a chance, but I'm just not given a break at all.. No hope for us here.
Renting a house with parents and wife with a baby on the way. I haven't been able to afford anything around Dublin and rents keep going up.. It doesn't make any sense to me that someone can rent a place for 2K-3.5K a month but we are not allowed to get a mortgage that will be around 1K-1.5K a month... The Government really needs to put a stop on this and I'm all onboard with Paul on this initiative..
Sometimes you gotto priorotise, my gf and i when saving for a deposit lived in a one bed flat, 450 sq feet in a rough area for 4 years.. u cant expect to live in a 2.5k house renting and expect to buy..
44 years, trying to find a house in Dublin.
I'm a first time buyer. Few of my friends also in the same position. Renting for 14 years. Looking for 3 bedroom house but the new house price in Dublin around 380k. Not affordable
There houses in ballyfermot for sale 220k-240k easly affordable.Saw one in Tallaght 200k,bargain.You would even get first time buyer grant
47 years old - married with 1 child - bought an apartment in 2006 no longer large enough for us - can't sell it as it's in negative equity - saving deposit for second mortgage for 10 years - renting all of that time while renting out the apartment - hoping to have full deposit in next 12 months to ensure I can apply for second mortgage before we're 50 but that depends on house prices staying where they are (I know it's wishful thinking!). If a 10% deposit was acceptable we would have bought 4 years ago - even 15% we could have bought in the last year. No security of tenancy. Literally have sleepless nights! Thanks for doing this!
Cheers for your comment Shane! I completely agree
You would need a 20% deposit
35 years old. Living with a parent and have been saving constantly over the last few years for a deposit. Im in a stable job with average/decent salary but the 3.5 cap combined with the outrageous prices of houses leaves me in a grim position.
If they lift the 3.5 cap the prices will just rise more, that's not the answer, there is simply too many people entering the country and not enough houses. The rental Sector destroyed by HAP and social tenants swamping the private sector
Well done on your work . Not sure how things would change . Keep up the good work !
Got a wedge of cash, and now thinking of just trying to quadruple it through the credit union just to buy a plot of land and install a wooden shack and sling my hook. Going through my second recession now, and might I add, I was born in the end of a recession. Zero faith in the traditional property market, I'd very happily live in a tent now so long as I could stay put.
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I'm a 20 year old student living at home. My dad, mid 50s, has been renting his entire life.
I'm really worried that myself and many other students and young people will grow up to never owning our own house because of the ridiculous policies in this country.
Please let us know what we can do to make a change
I had to move back in with my family because I have no way of saving for affordable housing and the only way is to work to save up a deposit. Which could take me years. Either that or I am stuck renting till I am old then ..when I can't afford to pay rent get evicted at 70 or who knows what age because I was never able to buy a place. Some people are forced to get a partner to work a second job and can't afford the luxury of raising their own kids because they have to work for the mortgage too. Property is over priced compared to what you can buy in other countries for less. At the very least we should have the rent to buy scheme.
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Fair play to you Paul for highlighting this issue on your channel!
The housing market here is in need of radical change! The problem is with housing prices, mortgage terms and also planning laws that are created to restrict access to housing and drive up prices to an unaffordable level. Myself and my partner would love the opportunity to buy a reasonable new build, doer-upper or even build an eco-build but it's just not feasible with the current prices of housing and strict/unclear planning laws that make it impossible to even consider. On top of that, there has been no regulations on capping rent price increases so it makes it really difficult to save. Then you hear of stories where investment funds swoop in to take advantage of the tax benefits here and leave it even more difficult for the people of Ireland to own their own home. There is a massive need for a full overhaul to allow for everyone in this country to be able to access affordable housing. Thanks again for highlighting this issue and keep up the great content! 👍
Thanks for the comment Mark 💪🏼
Finally someone with high profile is willing to stand up publicly and speak out against this!! Thank you Paul. I’m in my late thirties, trying to rent and save at the same time and it’s really tough! Sometimes I wonder what’s the point in all this struggle when the 3.5 salary cap rule will probably prevent me from being able to afford a home anyway! This situation makes me extremely depressed and makes me feel like a failure in life because I can’t afford my own home. I had a difficult upbringing so didn’t get the best education but have done the best with what I’ve got and make an average wage but because I’m not a high earner the system won’t let me get ahead. I don’t know how long more I can keep struggling on with no light at the end of the tunnel. I don’t want to leave ireland but I’m constantly hearing from friends who have immigrated, telling me what a better quality of life they are having and I’m starting to feel that is the only option left as my own government clearly doesn’t give a damn about me!
I am willing to support a community that will help make positive change to the Irish housing market! Great topic, United we stand! Let's pull together to enforce positive change!!
My partner and I were Renting the same property for nearly 10 years. The bank sold the mortgage to a vulture fund and now our landlord has no choice but to sell up. Have till December till we have to move but we have to move back to both our parents to save a much all possible to be able to buy our own home, we are waiting for the help to buy to get back to us as we are first time buyers. And have been tax compliments over the years.(it’s been over a month) But now we are stressed that if we do get it..... all new builds in our town will be gone. There is no win win. We both work full time, no loans or any sort but are scared that the banks won’t give us loan approval either, even if its with the help to buy or waiting till next year have the 10 % to buy a normal house. There is now bidding wars on all house in my town and county as it’s now a sellers market and it’s not looking good for anyone .
Tbh I decided to relocate to Germany, rent and mortgages out there are much much cheaper and the wages are similar (also litre of spirits only costs 12 euros Vs 70cl out here in Dublin being over 25 euros(
Totally on board with this. Love to see the proactivity. Fair play lad
Great work as always Paul. Im not in the situation your explaining but I feel everyone's frustration the wage cap is ridiculous. Back in 1987 my Man & Dad bought a house for 10k that was around 3 times my Das wages, today that same old house is worth 350k thats 10 times the average 30 year olds wage. When I was 21 I bought a house for 270k in 2009 on my own with my own deposit and with a wage of 35k, No way I would get 247k nowa days not that it would buy much in Dub. Keep up the good work 💪
Absolutely. I am still living with my parents in the house my dad bought in the 80s on a single salary at the same age as me.
Thanks for sharing your story Mark.
Im nearly 40 and i still live at home, iv been working the last 21 years and i still cant afford anywhere in dublin. 5 years ago I went to my local cllr(elected offical) and said i dont believe working in ireland gets people anywhere. I applied to 2 banks and i only got loan approval of 113k, but if i quit my job i would then be under the cap and i could go on DCC housing list. I could then get the HAP scheme and let the tax payer pay for it. I was strongly advised not to quit my job because i need to be able to look at myself in the mirror and be proud of who i am. (seriously he said that). Well its been 5 years since i went to see him and i still live at home, were people that dont work get houses and the Hap scheme pays for it. Seriously working in this country is a joke. Your better off on the dole.
Agreed 3.5 your salary. I’m planning to buy on my own. I’m 45 and how I’ll get a mortgage I’ll never know. Have been renting for the last 20 yrs. so god only knows where or how I’ll do it but I’m going to try and not give up my dream of owning my own place. You are such a good advisor and I hope you do bring about change on all of this and hopefully us normal joe soaps can help 👍
You can do it mate! I did on my own :)
Great to see someone wanting to make a change 👏👏 we really need this!!!! There is no hope for buying in Ireland for the “regular salary earner”
I’m not in the position to be thinking about buying property yet, but I have been renting for 4 years, I’ve never found it more difficult than now(Pandemic) to even find a landlord willing to rent to two young parents of an infant, it took us 8 months of looking on every website and newspaper available, contacting everyone who had a suitable property to rent every single day, it got to a point where we were asking about places that were not entirely suitable for children simply because we were running out of options, fortunately for us with the help of a Local TD we got a place now and are happy out but I don’t think any young couple or person should have to go through such difficulty to find a roof for their heads let alone buying a house
I’m 21 and glad I’m not there yet! However, without people like yourself, I feel the same fate awaits me.
I’ve already resigned myself to the fact I’ll be living with the parents until I’m 30🤷🏼♂️
It’s so disheartening to know that being a prudent saver & investor from a young age...a deposit will be the least of my worries 😔
Thanks for the comment Dylan, it definitely is disheartening for young people, but I am adamant to make a change!
Great video. Long term followers. We are first time buyers in Dublin. I actually really appreciate that the 3.5 rule is in place as I saw what happened the last time. I don't think the funds should be able to buy entire complexes (especially without paying tax) and also believe that something has to be done about airbnb
30yo first time buyer. Newly qualified accountant on 51k PA and I've saved 50k of my own money over the last 10 years for a deposit to buy a property. I realize now that I will need to earn around 70k and probably have a deposit of 80-90k to buy in meath or Kildare (as close as possible to my friends and family in Dublin). I'm currently looking for new jobs even though I like where I am with the sole purpose of buying a new home... Pretty disheartening
Also I have no loans, kids, maintenance etc. and I'm saving 2k per month living at home. How can that not be enough to buy a modest home 30 mins from Dublin?? 🤔
Ah come on me and my partner don't even earn 51k combined and we can do it.Theres a first time buyers grant and all there you.Your an accountant you can do it....
Keep up the good work will keep my ear on you paul great work
Hi Paul. Great video. I am a second time buyer as the house that we live in at the moment is too small (kids). I can't afford to buy a house at the inflated prices, moreover the others bidders are paying cash. I have tried to buy a land to build but Zoning is a way too restrictive, where in fact the developers get the permissions to built the estates. We have plenty of lands in Ireland, even in the urban areas but I feel that that the government efficiently cut people out from the ability to build the house by creation of strict Zoning, hence allowing the investors to take the profits.
I'm 25 and renting in Dublin, I didn't move home throughout the lockdowns to 'save' money like my friends did because I personally didn't see the benefit in it especially in terms of saving for a mortgage in this country. I can understand the 3.5 salary cap because of my parents generation going mad with mortgages but I don't agree with it as it penalizes our generation. If the future of trying to get on the property ladder in Ireland is anything like it is today then I see myself living elsewhere (a country where I can buy a home!)
I work in nursing home as health care Assistant waaiting on housing list so long to get a place
Thanks for sharing Julie.
28 years old single man living with my parents checking in. Trying to be patient but it's very frustrating.
Thanks for the comment!
Thanks so much Paul for the information
26 years old, I can deal with the 3.5x salary for a mortgage as a first time buyer, but what's the point? If I buy a second hand house, I am immediately indept to a property that will need more money put into it, and most of the new 'affordable housing' houses are being sold to big property firms before they go on sale and leaving the rest of the houses in a very competitive market. Me and my partner feel we would be better off moving abroad.
I'm in my 30s and my husband, my son and I moved back in with my parents to try get our mortgage. It's a nightmare and so unfair. We need change in this country.
I can't see a bright future in this country
Something needs to be change
27 yrs old - saving for first property, the 3.5cap is madness as i'll be buying second hand property. Made harder being self-employed (but that part is on me).... more then happy to support when and where i can
Thanks Rian, I would appreciate if you can share this video with family and friends!
37 now, looking to become a first time buyer after renting for a long time. Chasing my tail at the minute. Something definitely has to change, Godspeed!
The government all have a stake in this, everyone off them own rental properties, their in no hurry 2 change any law, about this situation, this is all about people power the need for change in this country & get rid off the same old building firms with their over expensive price tags on house's.
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It's a disgrace. I was lucky enough as a first time buyer at age 31 to get a 2nd hand house in recent months on the commuter belt surrounding Dublin. How dare the government have policies that create a perfect environment that allows foreign investors to come in and take over housing for young families and workers. The rents can not continue the way they are. The HAP is a joke and its tax payers ending up paying these vultures. I think the 3.5 times gross salary borrowing rule is good remember the level of interest Irish banks charge so if borrow more paying huge interest. The rents coming down would allow people renting to save for deposit that's what is needed.
I am a 2nd time buyer and agreed a purchase price for a house in January this year. I currently own an apartment that is solely in my name and have sale agreed on it. Both properties are in the South Dublin area.
The current occupiers of the house that I want to buy (with my partner) have now said that they want in the region of €25,000 more. We received mortgage approval in March, but the problem now is that not only are we priced out of this house, but also the houses in the area that we want to be in.
As we live in an apartment, it won't go up in value as much as houses will so we won't be able to generate the funds necessary. Basically, we need trade up asap due to a number of reasons but it's impossible in this climate.
Really hope this works, I’m a Father of two lads that are already talking about emigrating because of house prices, I’m looking at building a old
G cabin in the garden to try and help them save, but with houses rising at the current rate it’s impossible,
High level research online shows that tje mortgage for 1 bedroom apartment (which will do me perfectly) is costing less than what i currently pay for renting a room in Dublin. Yet, the 3.5 cap limits me as my income is not high enough, so i need to come up with about 60-70 on my own.
I'm 32, hard -working girl. I pay mu taxes and i don't bother anyone. Have never taken a penny from the social welfare, but iy seems that no matter how much i work, it's not enough to "buy" myself the security of a home.
I wish there was another way 🤞
Its a matter of infrastructure. There is cheap housing on the outskirts of Dublin and further than that again but its of no use if you cant get to your job. We needed motor ways.
Yep- we have mortgage approved but I only applied for 330k and now I think nearly no house in this budget also no houses! (We are first time buyers and have the scheme too) 😐 We feel stuck!
someone needs to investigate mr V investments in the last 18 months
3.5 x Salary mortgage cap is a joke for sure. Young people in this country (especially single people) are being denied the opportunity to pay 600€/month on a mortgage, because of this limit, and are then forced then to pay €1200 a month on the rental market, burn up their take-home pay and never get anywhere near saving enough for a property. Even more infuriating given the extremely low interest rates atm. And then there’s the supply...
Hi Paul, I'm 36 and I'm a first-time buyer. I'm renting at the moment in Dublin city and trying to square away 1000 per month to get mortgage approval.
I’m a student and I know I won’t have the opportunity to leave home and continue to live in Dublin , it breaks my heart I love this town but it’s easy to see this old town doesn’t care about me.
Any house, apartment that's being build, Right now, can not be rented out for 5yrs, this would get rid off a lot off problem's in the housing market & an investigation on everyone in the government on taking bribes & think this would get things moving in the right direction pretty fast.
But this needs people power 2 get the ball going.
That will make sure Ireland is forgotten by developers and as such there will come way too few new houses/apartments on the market. Which will drive prices up of those available.
How do we stop this once and for all
I'm 30, married with 3 kids under 10. Living in a council property and while it's a cheaper option of renting, the area we live in is not what I'd call ideal for children.
We're saving like crazy right not to get a deposit together and we aim to get the RIHL through our council, but the anxiety and worry about whether or not we will actually get it is crippling at times.
No matter what we do to better the situation, we still have to just cross our fingers and hope that after doing everything the right way, we get the approval. Even then, comes the headache of trying to find a reasonable property suitable for us, and on top of that, I'm limited with range and options because I'm an on-call firefighter, which means I need to be within roughly 3km of the station at all times. Its a huge worry and stresser, and if I'm honest it just isn't good enough.
We worry about it every single day.
Exactly how does selling 2nd hand houses create more houses? Please explain, the people who lived in house A, still need to move to house B, so a net zero move. All that is achieved is ensuring house prices stay or increase, which is what you are suggesting by removing the 3.5 salary cap. How are you allowed to give financial advise!
Right now the situation is so bad 8 months of looking for a place to rent and only crickets no replies from the agents cuz of low supply and actively looking to buy and the house prices are just out of the window. Very depressing
Ireland did go on a building spree in the 1930s to 1950s when the country had little money and this is how we have Crumlin, Merino and all the Council estates. The Council houses are the best-quality houses. If we could do it back then, we can surely do it now, as a vastly more wealthy country. The problem is all about supply. And lack of will. There is no political will to build now. Furthermore, we will have to accept going up instead of going out (living in taller apartment buildings, instead of building 2-storeys on rich land - we will have to adjust but it's far easier when the buildings are high quality and sound-proofed etc.) in order to save good land for growing produce etc.
24 living at home, not quite there yet but fair play for trying to make a change. Clearly nothing will change without some kind of major intervention
I am a father of two and looking to buy my house of the vulture funds instead there looking to threw me out please help
30 year old civil servant and my fiancee is a teacher. We both have to live with our parents in Dublin to save for our deposit as we could never rent and save enough at the same time but the house prices just keep rising and even the property's we can afford are nowhere near worth what they are valued at. Very frustrating. We would be laughed out of the bank if we were to try to apply for what the government consider an affordable house in Dublin (€450,000) is. All of my friends and family are in the same situation unfortunately.
Theres plenty of houses in ballyfermot 220k-240k
Disgraceful how the government are dealing with the housing crisis
I’m 30 and my partner is 33 crippled with rent and bills to try and save for a mortgage unfortunately. Both of us actually wish we could move home to one of our parents houses to save for a mortgage but again unfortunately both of them are full at the moment!
We did actually get some money saved this year for the 10% but with rising cost of bills etc we are very worried 😟 last month’s electricity bill was €170 for the month! 😳
Keep goin you can do it,rest if you must but don't give in....Maybe look at the getting electricity bill down 170 looks alot but I think it was xmas time
Just back from viewing another property , was advertised at 260,000 but yet again the agent tells me and my girlfriend when we are viewing it that the latest offer is 300,000. Which has put it out of our reach because of the 3.5 rule. Plus we have savings of 30,000. I'm 40 and am finding nearly impossible as I am renting at the same time and just when you think you have saved enough to bridge the gap between the 3.5 rule and what property prices are , they increase .
Come on Graham you can do it...it's tuff but you'll get there
Hopefully something can come of this.
But how can change occur when the elected officials(tax consumers) have a vested interest in the propert market being like this
First time buyer, good salary but the 3.5 salary cap is just not enough to buy a suitable home. The quality of second hand homes is just awful and they are over priced. Just moved home with my wife in the last month to get out of a slum standard house which was crazy money.
Thanks for Sharing Eoghan!
Ive enough saved to buy a half of an acre down the country and put a nice 2 bed log cabin on it. That's my house solution but corrupt councils won't allow that. How about changing the planning laws? Happens all over Scandinavia and beyond.
Perfect solution, when it fits in with the rest. But if you want to do that 'shag' near other people's existing homes, your benefit will be their downfall, for it will lower the value of their property significantly.
Hi Paul thank you for highlighting this problem I had 3 grown up kids and they are all trying to get on the property ladder, they all have excellent jobs with good money, they all want their own life and homes.
I always thought it was ridiculous the way someone in their late 20s early 30s are expected to have 30 to 60k in a bank for a deposit when the majority of them have only left college at those ages, they haven't a hope with that alone, the deposit should be much lower.
Then if you are mortgaged approved trying to find a house is almost impossible as every time you bid on one you get outbid by an investor or a company.
In my case we'd like to move in a few years because our house is too big and we are getting older but even that's made impossible.
If you need any help with your plan let me know.
Lorraine30-60k.60k means your kids are looking at houses at 600.000euro.Theres houses in Ballyfermot for 220k.That mean they just need 22k deposit
i have been trying to buy my corporation for years now and everytime i went in to do it they had some excuse if tere is anyway i can make an app to see you please if you can help
43 previous house owner with 2 kids...full time employment in a steady job,trying to save but 20 percent is way too much...also renting at the same time.....
Well done Paul .
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If 100k people can enter the country annually and you can build max 20-30k houses annually unfortunately it does not add up but I suppose its not politically palatable to say that. Lifting the 3.5 cap only pushes prices up like the help to buy BS
How many are entering and how many are leaving the country? Where is your number taken from?
Seriously lads lifting the 3.5x cap will be a disaster. Do you all honestly think if that cap was raised to 5x your salary house prices would stay stagnant?? They wouldn't, they would rise immediately to factor in the increase in people's buying power and the only outcome would be you loading yourself with more debt to buy the same house you couldn't afford in the first place. Its basic economics 101 and any fool saying we need to remove that cap clearly doesn't understand basic economics and they dont have your best interests at heart. The cold hard truth is Irish homes are massively overpriced and rather than loading people with more debt by removing the 3.5x cap government should be actioning policies that will reduce prices. Current homeowners are just going to have to swallow that pill because we are already headed for a train wreck, and loading more unaffordable debt onto people and inflating house prices even more will make it 10x worse. There is only one way out of this and its by building enough houses to meet demand. However FF/FG are ideologically opposed to the government providing any housing in any kind of real numbers so as long as private enterprises is leading the way nothing will change.
Just curios, - how can private enterprise lead the way without support of government?
I am a full time retail manager with 3 dependents, bank refused to offer anything because I have dependents..
45, 'buy anything anywhere to get on the ladder all the advice said'. So bought a duplex apt in 2006 with intention of selling and moving to a more suitable house 2-3 years later, then the crash happened.
Still in same apartment and just leveling out of negative equity 15 years later. Married now and with two children (we had to move out for three years to rent a house as wife couldn't manage the two babies with flights of steps and buggies etc.) so more difficult with childcare costs etc. But have a good job, and a second income as good as that from an investment ten years ago and my wife works part time. We could comfortably pay double the current mortgage (I don't mean to be arsey saying that, it's just what we'd be prepared to pay for say a 400-450k home). But the 3.5 rule with a 20% deposit for 2nd time buyers is criminal. Designed to prevent 2nd time buyers from occupying 1st time buyers homes no doubt. Not the nations fault the central bank and banks under it's grip impose such stringent rules that create a lack of liquidity all down through the supply chain. They'd otherwise be able to build enough homes for us all to live in. Granted....we'll lose at least two years progress as a result of COVID.
Enjoy all your videos, keep up the good work.
I was waiting for a house for 12 years in the early 7otes had to get landlord to evict me to get a house 🏠 but now it’s much more difficult to get a house,they should build houses like okton park and rochestown pk if you are the housing list you only have to pay a small deposit then you buy the house makes more seance
Im 31 and have a young family looking to get into buying my first home. Banks and brokers keep on giving us the run around and telling us that we can't and won't be given enough to purchase a house. It's insane. No first time buyer can afford a new home or an old home. We are immigrants in this country and right now it's next to impossible for us to get a home. Right now I'm sharing a home with another family and it breaks my heart that I can't provide a home for my wife and my 3 yo daughter I wish the government will do something about this crisis soon and not in 10 years ..
I am a first time buyer . The new house price is at €325,000 a year ago. Now it is €365,000. Is it ok to this property now.?The help to buy scheme is a trap I feel. As the government increased the help to buy scheme from 5% to 10% and the prices gone up more than 14%. Without controlling the prices there is no use with help to buy scheme. This is something benefiting the landlord(builder) on the name of helping the first time buyer.
Do you consider, that to build a house is much more difficult and expensive now, than it was before? The prices have gone up for the buyers, simply because the prices have gone up for the builders. All building materials are more expensive, plus much has not been delivered when necessary, delaying the time of building it, so they get their invested money back later too. Not all people are against first time buyers only... The world is much more, than from your small perspective only. The problem is shared and felt by everyone involved.
26, myself and partner are great savers and have well over the deposit needed. Both living at home, separately. However, capped at 3.5 meant we could afford a home worth €360,000, €380,000 with help to buy. Still not enough to buy in my horticultural area. Being from North county Dublin, we wanted to stay and live near my family and were not only priced out, but run out of housing options. 22 houses in an upcoming new development with over 1000 people registered. Crazy. Second hand, derelict homes advertised last year at €190,000 went for near €400,000. Totally unmanageable. Newest word on 3 bed semi detached homes new development, increase in price to €420,000 when previous phase 8 months ago was €377,000.
There houses in coolock and Eden more below 300k
3.5 cap is a killer number one. Then the prices of houses (if you want to live in a city or at least nearby). Then the requirements (that's where it gets funny). Bank will ask you how much rent you are paying and include that in the calculation. How does that make sense - if I wil own a house, I no longer have to pay rent. Then maintenance payments for kids. They will add extra 250 per child (on top of the maintenance amount I am already paying). Their explanation - what if something will happen to their mother? Well, simple - they will move in with me and I no longer have to pay the maintenance. So why include these extra numbers? If I can (and have to) afford the rent every month, how come I won't be able to pay the mortgage? I understand banks have to protect their interests, yet still some requirements are ridiculous.
My mother bought her own property for her own business she created from scratch. She then suddenly passed away and the family were left with a large debt and a second mortgage we couldn't pay for because that building had no income, the company shut down after she died. Debt has been hanging over us for years. The house 6 years after she died is finally about to be sold but again at a massive loss because she bought the house during the boom because 'itd save money in the long run than renting'.
Even selling that house we'll still be in debt for a long time
Good man paul
My 27 year old daughter lives at home with me trying to save for a house her 29 year old boyfriend lives with his mam by the time they save deposit they will be in their 60s every time they think they have it price goes up again crazy crazy crazy
It's does not take a couple over 30 years to save a deposit
I think it's important to caveat the situation also. A couple on a combined 100k income CAN buy a house in a number of areas across Dublin but are looking at living in specific areas where the homes are beyond their reach. I am a financial advisor also so this comment is not one that is flippantly made.
Paul, you know as well as I that the Central Bank have these lending controls in place in order to stabilise the economy. The legislation is prudent even if it appears draconian.
@loilol D8, D12, D22, D24, Co Dublin
@loilol ballyfermot 220k-240k
@Itzdebbieawooo they are that's why 3.5 your salary is there
No your mistaken