Irish Rents Drop 18% In July From Year Earlier, Report Says

[Guest DisposableHeroes]

Aug. 18 (Bloomberg) -- Irish residential rents fell 18 percent in July from a year earlier as the supply of property increased, according to a report by Dublin-based property Web site Daft.

In the second quarter, rents declined almost 5 percent from the previous three months, it said today. The number of properties available for rent on the Web site was 23,400, compared with around 14,000 last summer, according to a graph published in the report.

http://www.bloomberg.com/apps/news?pid=206...id=aJPZNTUMDJrI

[stuckmojo]

Aug. 18 (Bloomberg) -- Irish residential rents fell 18 percent in July from a year earlier as the supply of property increased, according to a report by Dublin-based property Web site Daft.

In the second quarter, rents declined almost 5 percent from the previous three months, it said today. The number of properties available for rent on the Web site was 23,400, compared with around 14,000 last summer, according to a graph published in the report.

http://www.bloomberg.com/apps/news?pid=206...id=aJPZNTUMDJrI

not bad.

[Saving For a Space Ship]

When Irish rents are falling

Sure it's like a mourning spree.

In the light of Irish slaughter,

You can hear the baliffs sing. When IR rates are hurting,

All the world seems tight and staid.

And when Irish wallets are emptying,

Sure, they steal your house away.

There's a tear in your eye,

and I'm wondering why,

For it never should've been there at all.

With such power in your bubble,

should've known there'd be trouble,

So there's proof a house price should fall.

When bears sweet revenge laughter's like some scary song,

And your eyes shut tight as can be,

You should learn all the while and all other times be humble,

And now finally agree with me.

To the tune of:

When Irish Eyes are Smiling

Edited August 18, 2009 by Saving For a Space Ship

[kagiso]

Aug. 18 (Bloomberg) -- Irish residential rents fell 18 percent in July from a year earlier as the supply of property increased, according to a report by Dublin-based property Web site Daft.

In the second quarter, rents declined almost 5 percent from the previous three months, it said today. The number of properties available for rent on the Web site was 23,400, compared with around 14,000 last summer, according to a graph published in the report.

http://www.bloomberg.com/apps/news?pid=206...id=aJPZNTUMDJrI

Been a while since I had a look at Daftwatch:

http://daftwatch.atspace.com/

Always useful given that the Irish crash is leading us by almost exactly a year.

Go and look at the graphs and you will see:

Properties for sale gone from less than 15,000 to nearly 80,000 in three years.

Properties for rent gone from 5,000 to 25,000 in three years.

Note that they had a small dip in supply a year ago, just as we are now, before the relentless upward march of excess houses resumed.

Now the Irish rental market is completely saturated; and rents are crashing, sellers realise they have no alternative but to sell, and the full on crash has resumed.

The same will happen in the UK, starting late autumn.

[@contradevian]

Been a while since I had a look at Daftwatch:

http://daftwatch.atspace.com/

Now the Irish rental market is completely saturated; and rents are crashing, sellers realise they have no alternative but to sell, and the full on crash has resumed.

The same will happen in the UK, starting late autumn.

Probably, though we are arguably more adept at hiding our collapsing bubble economy

[Traktion]

I hope they see sense and vote no again to the EU constitution. They need to get out of the Euro and sort out their own monetary policy. After all their fighting with the British for independence, it would be all for nothing if they just lay down so easily for the EU federal state to march on in.

At least then they could be small, independent and agile enough to start planning for the future again. Sure, the pain will still come, but at least there would be some hope beyond it.