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House Price Crash Forum


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Everything posted by GreenWarwick

  1. Really? Are you referring to my opening post? The death of the middle classes is a topic directly related to house price inflation, hence my interest. I most certainly am not the author, and indeed don't even live in Britain. Rather, I was genuinely interested to see if anyone had came across or perused this book before I decide whether it's worth shelling out via ordering through the net or whatever.
  2. Think two things at play here. Firstly the triumph of the babyboomers and their tacit support for the appalling escalation in property prices will militate against people in similar occupations to their parents from ever achieving the same lifestyle enjoyed by those same parents. Secondly as you say, perhaps what was deemed "modest" was never really viable for anyone apart from the babyboomers, and we are approaching the point where centrist social democracy can not survive much longer in the modern version of super globalised capitalism Perhaps this is the case below: "Long before today’s urgencies struck, European governments of the left, right, and centre alike spent incontinently and told the recipients that the borrowed cash was little sort of their birthright." http://www.dailymail.co.uk/debate/article-2137391/The-European-crisis-fault-capitalism-result-eroding-social-democracy.html#ixzz2uGTVlM5g
  3. A book by David Boyle appears to be attracting good reviews.. http://www.david-boyle.co.uk/broke/ Broke- How To Survive The Middle Class Crisis Wonder if anyone here read it yet...?
  4. I don't believe property prices went up anywhere in Ireland. Selective figures may say so, but even in Dublin there were actually no increases.
  5. Think you got lucky. Irish market long way to fall yet...introduction of property tax next month will tip it even further south. This despite despairing efforts of vested interest to propagate the notion that Ireland has differential housing markets a la England and the south east in UK, and hence "good areas" are rising.. Being looking at some stock in suburban Dublin on my travels lately... http://www.daft.ie/searchsale.daft?id=708758 http://www.daft.ie/searchsale.daft?id=710151 http://www.daft.ie/searchsale.daft?id=706593 http://www.daft.ie/searchsale.daft?id=709701 http://www.daft.ie/searchsale.daft?id=709285 http://www.daft.ie/searchsale.daft?id=697306 Popping down to Galway in few weeks, will see what the craic is there..
  6. Today's offering from Irish Independent: "The ongoing recovery in city property markets combined with a bottleneck in the supply of family-sized homes...." http://www.independent.ie/business/personal-finance/property-mortgages/developers-selling-homes-before-theyre-built-for-first-time-in-years-29091748.html
  7. Jaysus lads!!! Appreciate your interest in Irish affairs,,,but its ANGLO Irish bank in the news not ALLIED Irish Banks. You might have caused many of your Irish readers cardiac arrests!
  8. Greetings from East coast of Ireland. Delighted to hear all going well for you in Galway. Lived near your new home for a few years when first came back from UK, nice spot. You hit the nail on the head re the vested interests and their concerted efforts to ramp up an ever decreasing Irish housing market.There has been a change in focus recently, with an attempt to sell the notion that "good" areas (affluent parts of Dublin and Galway Cities) are holding their values. Personally I think this is nonsense. Some useful debate and monitoring of price drops on Politics.ie below: http://www.politics.ie/forum/economy/184385-prediction-15-housing-price-jump-next-12-months.html # http://www.politics.ie/forum/economy/203406-truth-about-property-market.html
  9. Intereesting to see the tack the vested interests are taking over here in Ireland now. Their mantra is that "good" areas are picking up. They have abandoned all pretence that house prices outside of affluent urban areas will ever pick up. This can be witnessed in certain media outlets of late.It is nonsense in my opinion, in that house prices will possibly never rise here anywhere again for a whole generation. What is grating though, is the whinging by burrowers that the banks let them have the money, with some even saying banks should be sued for lending too much. The banks can defend themselves, but it is annoying to hear people say that they had no choice but to buy. Know someone who viewed a house in rural area 40 mins drive from Dublin. Nice bungalow. good bit of land, €80 K asking price. Reckon same would have fetched circa €300K + about 3 years ago.
  10. Nothing is certain in this world, and I have no love for the elitism of EU institutions or the hubris that accompanied the introduction of the Euro. We can see the fallout all too clearly here in Ireland. But the Euro is ultimately a political tool and one that benefits Germany. Proponents of returning to old national currencies make some valid points. Others argue that the existence of electronic money make such a reversion even easier. But the sheer logistics of reverting to marcs, pestata, punts, francs etc would be practically impossible in an age of liquid global money. Even such a suggestion would see a run on eurozone bank deposits and a fight of capital to London, Zurich and elsewhere.. A good article to read is the following link regarding the current state of the Euro written by Prof of Economics Antony Mueller: http://www.financialsense.com/contributors/antony-mueller/2011/12/30/whats-behind-the-euro-crisis-and-how-will-it-end It makes some pertinent points: "While the pronouncement of the “euro crisis” has become a main topic in the newsrooms and while a plethora of pundits hasn’t got tired of predicting the end of the common European currency, the facts tell a different story. By the end of 2011 the euro was quoted higher than its long-term average since its inception and the official inflation rate of the euro zone has been kept under two percent. The average debt burden of the countries that make up the euro-zone is less than that of the United States or Japan" " A dedicated consumer of financial news soon would have gained the conviction that the Maya prediction of the end of the world in 2012 was nothing compared to the end of the euro and the European Union. Yet while sinister ink was spilled, the exchange rate of the euro held up well and economic growth did not falter in the main economies of the euro-zone. Germany, which represents the largest European economy, experienced the year 2011 as one with steady growth, low interest rates, and a declining unemployment rate. While the pundits were struggling to outcompete each other putting forth one worst case after the next, reality took a different path." So economically, the Euro suits Germany nicely. Politically wise: "Can one truly exclude the hypothesis that maybe it was the intention of some decision-makers at the top echelon of the European Union to take the Greek debt troubles as an opportunity to push the Eurozone towards a fiscal union?" In sum, I think the Euro will survive as overall it actually suits Germany regardless of what the Eurosceptics say.
  11. Indeed Russe11, many thanks for your sympathy.Hence the reason why I meander along here at the witching hour, as I suspect along with many others a frazzled lifestyle prevents us from reading every post..if only time permitted. Part of my point in posting too though was the fact that this has made its way onto the Beeb, who airily play it as an amusing lifestyle puff piece. Presumably a Panorama documentary will shortly issue by the state broadcaster decrying why couples have to resort to such lengths to be housed
  12. Canterbury couple turn bus into a new home http://www.bbc.co.uk/news/uk-england-kent-18651140 How amusing...perhaps if the report asked why couples have to resort to measures like this..i.e. needing wheels to get a roof over their heads..
  13. Sounds depressingly familiar.... http://www.savills.ie/_news/newsitem.aspx?intSitePageId=112474&intNewsSitePageId=119842-0&intNewsMonth=6&intNewsYear=2012 “When we contrast 2012 data with the same period last year and even 2010, we find that First Time Buyers led the activity in those years, followed closely by returning Ex-pats and other overseas buyers. The trader-uppers didn’t really feature. We now see a return of families seeking to trade up or down which ultimately it is starting to have a positive effect on activity”. Then this yesterday..... http://www.rte.ie/news/2012/0625/cso-house-prices-index-sees-first-nationwide-rise.html "...with signs of pent-up demand among under-35s seeking to buy a family home" God bless them....
  14. Worked for them back in the day when just out of college in early nineties. They certainly took the partnership idea seriously. Management generally had good relations with staff. It was quite paternalistic though, at least back then. Management had a different canteen and were allowed use the front/customer entrance of the store. The company had a national and branch newspaper which was bought for a few pence- not free- by staff. It was casually mentioned to me once by a manager that I didn't always buy the company newspapers, preferrring to read real ones instead. Worker/manager councils were held weekly.Cynical staff argued that the Quaker ethos was a shield for lack of unions and poor pay then. Management and long term staff seemed to buy into the company ethos thing, but many younger staff I knew just gave it lip service, coming as they often were from the more educated strata in society, merely earning a few bob before they moved on to graduate opportunities. Staff reviews were common then, even for junior staff like myself, which seemed bizarre. But as has been said, they seemed good re funerals etc. and had a fondness for remembering old partners.
  15. Down down deeper and down this side of Irish Sea.. "HOUSE prices are continuing to freefall with average homes now up to 59pc cheaper than during the height of the boom, latest figures show. Last month alone, average prices dipped 1.9pc around the country, bringing the overall drop in house values down nearly a fifth (17.4pc) since the start of last year. In Dublin, where the plunge has been even sharper, prices came down another 4pc during last month. Prices of both houses and apartments in the capital have now plummeted more than 21pc over the past year, and are down 57pc since the peak of the property boom. Apartments alone have fallen by 59pc. With average prices in Dublin around €431,000 in February 2007, widely held to be the height of the bubble, which translates to around €246,000 wiped off house values" http://www.independent.ie/national-news/246k-wiped-off-average-dublin-home-in-five-years-3034088.html And this all based on mortgage lender figures...probably doesn't even show true extent of the carnage...
  16. Well, I'll have a vote on it...although as my NO "votes" on lisbon didn't amount to much I'm wondering if it's worth the effort....
  17. Valid point....I'm somewhat wary of some of the people arguing for debt forgiveness...are they entirely altruistic?
  18. A lot of them are still swanning around continuing to enjoy their jetset lifestyle, being indulged by NAMA, the Irish government investment vehicle that socialised their losses. "... Finance Minister Michael Noonan said he will not direct Nama to lower the €200,000 salaries sanctioned for two of those developers as it would be "inappropriate". http://www.examiner.ie/ireland/nama-denies-supporting-quinlans-plush-lifestyle-181067.html
  19. What exactly are you saying?....That only the Irish were gullible enough to fall for property porn or dim enough to spend millions on premium phone lines to trashy tv shows? Having experienced both phenomena on each side of the water I can assure you they weren't. Walsh is indicative of the dimwitted celebrity obsessed credit bubble culture that engulfed the western world in the last decade.Whether intended or not your comment has a nasty undertone.
  20. What was aprticularly frightening that many of those who helped create the bust even strted to believe their own bs.... "Defeated taoiseach Brian Cowen faces seizure of UK buy-to-let property. Court ruling could mean Brian Cowen will lose his Leeds flat in row over troubled buy-to-let investment" http://www.guardian.co.uk/world/2011/mar/06/brian-cowen-uk-property-seizure-threat
  21. Wouldn't bother considering buying any junk like these flats as they are worthless...not worth a red cent imo. They're even talking about knocking down blocks of "apartments" (flats became apartments over here too during the madness) on the periphery of Dublin. Was in Dublin the other night at a work do....struck me that only about one of the seven or eight people there that I knew had a mortgage. Anyone who bought in the last 5 years has simply no discretionary income and cannot afford to socialise.Irish society is now dividing into those who were shafted by being dumb enough into being conned into the property scam and those who weren't. Of course many of those who were unaffected were the babyboomer generation who are doing very nicely in Ireland. A few of us relatively young people who avoided the consensus were derided as unpatriotic idiots..even being told by former PM Ahern at one stage that we should consider suicide. I don't even see the people I know who took out mortgages in the last 5 years. They are the living dead, bereft of any social life, cocooned in their slaveboxes. The recently elected Irish government pathetically tried to follow its predecessor by attempting to invigorate the property market by increasing tax reliefs etc. But it's far too late. Property owners will also enjoy paying a flat property tax in Ireland next year. Smart money seems to be still hanging on,perhaps with a view to buying land. Many upper-middle class Irish made their money generations ago by buying distressed estates of the impoverished Anglo-Irish gentry after the famine. Looks like the same pattern will reemerge shortly
  22. Interesting article today in Irish Independent: Property collapse: From €380,000 to €65,000 – Dublin house sells at 17pc of peak price IF you ever needed proof that the property market had collapsed, here it is. A Dublin father yesterday bought his ideal family home for €65,000 -- three years after walking away from the three-bed house when the asking price was €380,000...... http://www.independent.ie/business/personal-finance/property-mortgages/property-collapse-from-euro380000-to-euro65000-ndash-dublin-house-sells-at-17pc-of-peak-price-2942518.html Still overpriced in my own view, but hopefully a sign of the forthcoming return to some semblance of sanity. For alook at what Irish punters are thinking, check out: http://www.politics.ie/forum/economy/176274-house-sells-17-boom-price-has-reality-finally-hit-market.html
  23. Jury's still out on these guys over here in Ireland.Many Irish people are getting fed up of everyone in mortgage difficulties being portrayed as innocent victims; especially the buy to let brigade and those who got into the ponzi scheme purely to make profit. If mortgages are to be "restructured" who's going to take the hit; the taxpayer? After all,most of these people were quite happy to take on this mortgage debt when times were "good".
  24. It does if they end up being screwed financially in the end.....but carry on, your missus does give exceedingly good blow jobs
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