Diddlesbury Tory club
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yes in israel
its all about gettting the appartment selling on and buying a villa
and there you need at least 30% saved before a bank will talk to you
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it is indeed…
Exactly mate, if you are already in the property owning classes. Unfortunately, if you aren’t, and are being rack rented in Dublin or any other commercial centre, all lower borrowing rates mean is inflated house prices as the govt are resolutely asset owning class, so have no inclination to increase supply where it is needed.
What does “FTB” stand for?
First time buyer
Ah right. I’ve been reliably informed (on here) that pretty much every house that has been built since the Brits left up until about 2015 has been a shoddy construction, so 🤷
It’s hard to know where to start with that.
In the first instance, the people most likely to immediately benefit from lower mortgage rates are those newly taking out a mortgage. That’s where deals tend to be focused and increasingly others in Ireland are on fixed rates so competition doesn’t provide immediate benefit. But yes, people who have mortgages or who will get mortgages will benefit from cheaper rates.
I find it a bit funny that you’re suggesting the gov want mortgage interest rates to drop as part of their cunning plan to raise house prices and shaft the common man and your fellow socialist @glasagusban is suggesting the gov is preventing competition to keep mortgage rates high as part of their cunning plan to shaft the common man. Which is it?
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If you are in a very very short window yes. Outside that very short window, monthly repayments become more affordable on houses, so prices go up. This is very basic.
The long term benefits go to those already owning, who can switch mortgages, and to landlords.
If you look past the next six months, or back in history, it’s fairly obvious.
Perhaps you can point me to where I said that.
You’re strawmilling away like the late great nembo kid discussing Ulster football.
It’s not to shaft the common man, that’s just the consequence of not wanting to undermine the banks by having a competitive market after their all their efforts to recapitalise them and with all the stock the state owns.
You would want your head examined to rent a house to a private renter after Covid 19 and being told to suck up costs and not be able to evict tenants who are not paying rent and flying to Spain.
It was done for good reasons but I expect most private landlords will exit market after this. And maybe some bigger ones. Renting to a government or local authority where rent is guaranteed will be the future for landlords.
Rental supply will contract after this and rents will increase. House prices may fall in short term as rental stock offloaded.
I doubt rents can increase much?
So mortgage rate increases would be better for all?
The best thing the government could do for the Banks would be to introduce a US style foreclosure process. That would reduce the cost of repossession, free up tons of properties to the market, and massively reduce the level of long term non performing loans held by the banks.
But there is no social housing available for those turfed out. The cost of rehousing them is huge. And it would be political suicide.
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It’s probably where you said “all lower borrowing rates mean is inflated house prices as the govt are resolutely asset owning class”
Yeah - I would agreed with that to an extent. I don’t believe they are stifling competition though - I think competition looks at the Irish market and between it’s size and the difficulty in reclaiming houses on bad loans decides it’s not worth it.
Ultimately, the “property owning classes” as Flatty would have it, are subsidising the bad loans, past and present.
They’re falling at the moment
Didn’t they rise again?
I genuinely think this is massively overstated compared to the rest of Europe.