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House Price Crash Forum

Flash

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    Dublin
  1. Exactly. The English can then support every one of the above and be happy if they win. The rest can support anyone playing England and be happy if they lose. It works well. Bless our cultural differences.....
  2. Just experience. Of course, I can't provide evidence of that experience, but there are plenty of history books out there. Again, my experience is somewhat different. Most will form an opinion of you as soon as you've opened your mouth.
  3. What makes London (IMHO) one of the world's greatest cities is its cultural diversity. People come from all over to live there and call themselves "Londoners".
  4. When nationalists talk about what is best for their country, they generally mean those countrymen that are white, christian and have the right accent. Does your average Scottish or Welsh nationalist really give a toss about a Pakistani that's been living in Glasgow or Swansea for the last ten years, that pays his taxes and sends his kids to school there? I doubt it. Nationalists are generally flawed individuals who think that nationality is more important than personality or talent. I feel the same way about Little Englanders, as I do Welsh, Scottish and Irish nationalists. Most people that say "I'm proud to be X, are implying that they are glad they are not Y". There's a very fine line between nationalism and bigotry. I hear it here in Ireland all the time. Nationalism is a scurge that can only hold a country back and render it second-rate. Perhaps one day we will have home DNA testing kits and some "ethnically pure" nationalists will get a real shock when they find out who they really are. Hey, perhaps some of my "Irish patriot" friends landed here with Cromwell? Can't we just concentrate on being good Europeans or Citizens of the World even?
  5. That is so true. I always steer clear of house price discussions now. You can't win an argument with an ignorant person. All these people understand are soundbytes. They don't even have a basic knowledge of finance. I know BTL "investors" here in Ireland that don't even know what a rental yield is. If you wish to argue with them, you have to talk in soundbytes too unfortunately. i.e. if someone says "Rent is dead money", just reply with "..and so is interest."...and so on. But as I say, I don't argue anymore. It's all too tedious. I doubt anyone will approach you in a few months time and say "Yeah, you were right all along".
  6. Interest rates this year will easily hit 4% - double where they were just over a year ago. Debt servicing costs are going through the roof and the public sector unions will demanding big pay rises. Indebted business that are struggling to retain operating margins are attempting to pass costs on customers, hence the 9.1% service inflation. It doesn't look good, and there is no easy way out. Economic growth could well grind to a halt as more foreign investors get spooked about the cost of doing business here.
  7. How well do you know Dublin exactly?
  8. It isn't if you were mortgaged to the hilt when rates were 2% just one year ago. Do the math. That's why Dublin prices are falling.
  9. Telecoms in Ireland is a joke. http://www.siliconrepublic.com/news/news.n...ryid=single7198
  10. The text below has popped up on a couple of other boards. It seems to describe pretty well what is happening here. ******************************************************************************** One small step for rates….one giant leap for repayments Why some buyers have seen housing costs rise nearly 50% in the past year. The housing market is stalling. Anecdotal evidence suggests that houses are taking longer to sell than this time last year and the number of For Sale boards is increasing. So what’s happening? Shouldn’t the combination of a booming economy, full employment, SSIA spending, low interest rates and unprecedented levels of immigration see these houses being snapped up? For the answer, step back just 12 months and imagine you are a Dublin house buyer. It is August 2005. You spot a perfect little semi-detached for €500,000 and decide to go for it. You must move fast, the market is red-hot and prices are rising. You have only enough deposit to cover the stamp duty and other moving costs, but your friendly high-street bank offers you a 100% interest only mortgage on the full €500,000. The mortgage rate offered is 3.5% (fixed for one year) and your monthly payments are €1,458 – steep, but just about affordable. Now roll forward 12 months to this August. The housing market has risen dramatically with industry figures suggesting that prices have jumped 15%. An identical house next door then goes on the market. “Offers over €575,000” the agent says, and you congratulate yourself that you’ve netted €75,000 in a year. But despite your own house selling in a matter of days a year ago, this one sits there for weeks with no offers. Why? Put yourself in the position of a buyer today paying the asking price of €575,000, again on a 100% interest only mortgage. You will need to borrow 15% more now, but there’s another, much bigger problem; The European Central Bank have tweaked their base rate four times since last December, from 2% to 3%. Your lender has moved its standard mortgage rate accordingly from 3.5% to 4.5%*. You know this yourself because soon your own fixed rate period will end, increasing your repayments to €1,875 per month and it’s going to hurt. But by cutting back on luxuries, using the bicycle more and the car less, and booking a cheaper holiday, you can still scrape it together. And besides, you’ve “made €75,000” on the house, so it’s worth it, right? In just 12 months the affordability picture has changed dramatically. A year ago you moved in for €1,458 per month, but now the buyer finds that the repayments will be €2,156 per month, thanks to a 15% increase in the purchase price and a 28% hike in the standard mortgage rate from 3.5 to 4.5 per cent. This represents a total increase of 47.8% on the cost just one year ago. Another way of looking at this is that if interest rates had remained unchanged, the increase in monthly repayments is the same as if the purchase price of the property had risen from €500,000 to nearly €740,000 in just one year! Now if your nerves can stand it, let’s jump forward another year. It is now August 2007 and interest rates have eased up another 1%. Even assuming flat growth of 4.5% in house prices (in line with inflation in the economy), the property is yours for a staggering €2,754 per month, nearly double the price of two years ago. With buyers now very aware of further interest rate rises ahead, it is no wonder that the market is stalling. * Bank of Ireland, standard variable mortgage rate, September 2006.
  11. I guess you need to be here in Dublin to appreciate how surreal this place is when it comes to property - Amateurs with zero business acumen and Euro signs in their eyes are becoming obscenely rich with no effort whatsoever. It is truly bizarre beyond words. I found the video hilarious because I KNOW that some here WILL be sucked in by it and will be chomping at the bit to get on board regardless of how much it costs.
  12. Well if you believe the giraffe only zoo, surely the bit about flooding during the rainy season (all year round) might have you wondering? Second thoughts. If you believe it, why not register? I want to find out what happens if you do.
  13. Absolutely fantastic! That had me for a while. I could watch that over and over. The wierd thing is, there's an on-line registration form?!? That's bound to suck a few muppets in. What are they going to do with that info?
  14. This is not a joke - it is from today's Irish Times property porn supplement. I stopped finding this stuff funny a long time ago, now I just despair. Is there anywhere else in the world where the investment case is this ridiculous? Link
  15. From Post #10 The thing that leaps out is the use of the word 'hope' twice in the same sentence. Only an inexperienced amateur would offer advice like that. As the market begins to turn, the amateurs will just hang on 'hoping' that the things will improve, whereas the professionals understand when to cut and run.
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