No
You’re very ratty all of a sudden and your “I’m a man of the people in my big house” routine, a la Paddy Cosgrave et al, is fairly funny.
I meant that the higher rates paid by borrowers, mainly mortgage holders, at Irish banks over the last decade could be largely ascribed to the bad debts issue. The Irish banks aren’t making super-sized profits vs European peer banks, if anything their share performance over the period has been woeful. It’s comparable to the issue whereby Irish insurance customers are effectively subsidising both the Quinn debacle and the claims culture/industry.
Some may view this as good because people don’t get evicted from their homes, some may view it as bad because it creates moral hazard, but it certainly is what it is.
There was a report done a few years back that I’ve referenced here a few times. It was updated and published Wednesday. Link to PDF of summary of the report here
Times article on it
In essence, it’s now 12% up on where costs were four years ago, and labour costs have little impact on that increase. The actual build is less than half the total cost.
OOFFTT!!!
How much is the site % wise, by and large?
Champage socialists will be first up against the wall when the revolution comes.
1 Like
It’s down as 16% on that report. I’m not going to argue against that!
1 Like
40000 for a site in Dublin seems cheap.
Assume that site cost estimate would be for development land with a large amount of units giving an economy of scale as opposed to a one off build.
1 Like
I know,but still.
How does that fit into insurance rebuild costs. I’d imagine a lot of houses are under insured and insurance companies say fuck all.
Well you don’t have to buy site or pay taxes etc on a rebuild. These costs are the overall cost to start from scratch, whereas an insurance rebuild has lots already included. If anything, houses are over insured and I’d say a lot of people insure their house to the market value, not the construction cost
1 Like
Something not right there.
1 Like
I’m still to this day regretting not building from scratch. I’m happy with the location & site where I am. I’d just have designed it differently.
God bless anyone facing into building houses at the moment, a nightmare and by god will the money disappear.
2 Likes
If you’re looking at building a house in the Cork suburbs then rethink your budget substantially.
Was on a site in Glanmire recently where a 3 bed detached House finished including site purchase was coming in at €570k.
Was a nice area and relatively nice house but for that money you’d have so much more in a rural setting.
Lot of lads who design their own house regret it after. Fashion/utility needs change
Are we in for a crash in prices?
There’s still no supply and if anything this has slowed supply even more.
Yup - rents and rental property at all time high , in Cark anyway — for sale the same.
Mick Martin and Leo cunthead more than happy to hide behind covid for as long as possible i’d say
Not unless you start hiding under the bed for a good year.
Construction work of all types is mental busy now,