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Big Cut In Housing Benefit In Ireland -

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Critics say the cuts of up to 36pc could force tenants to haggle with landlords for lower rents -- but some landlords could insist on maintaining the higher rates.

God forbid people have to haggle and save money. What sort of society are we creating where people pay less.

It's horrific, I don't think I'll be able to sleep tonight.

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God forbid people have to haggle and save money. What sort of society are we creating where people pay less.

It's horrific, I don't think I'll be able to sleep tonight.

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If the LLs can't find anyone who is able to pay the higher rates, it'll either be a case of lowering them or seeing their BTLs stand empty.

They will all take the lower rent offered and some will have to sell up. Prices will decline again. But then it was a mammoth bubble they were playing with. A tiger economy that is very ill indeed. At one point about 5-6 years ago, I recall reading that ROI received more from the EU per person than any other country. If you pump it up high then it has much further to deflate...so sayeth Confuscious. Hopefully he was only recalling the housing market.

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There are ...........simply no words that can express my feels of joy on reading this post.

as much as "DC" will try to aviod this path, it is one he MUST travel

;)

Now............let me see:-

Rent drops

CGT

&............in time............rates up.

Bye Bye BTL SCUM!

Mike

Edited by Mega

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BTW

Is there any BTL BB's where we can post this "wonderful news"............so they can know right now what is coming?

;)

Mike

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Guest KingCharles1st

Man that's vicious!

However- this is the first step in the brave new testing of political will.

1- Governemnt slashes benefit by 36% - this probly equates to about 25% of rent monies p.m.

2- Tennant contacts Landlord to negotiate rent reduction

3- Landlord is in deep shit- it's stick or twist time. However, to twist (sell) means financial armageddon.

4- Landlord approaches Lender to see if he can somehow be let off the borrowing hook by around 25% of monthly repayments- somehow, anyhow, ppllleeeeaaassseeeee- oh dear oh dear oh dear.

5- Lender tells Landlord to fu/ck off and die

6- Ireland goes to HPC Devcon II as BTL becomes wasteland in 30 seconds flat.

7- Landlords walk away from their investments en masse and chuck the keys through the letterbox

8- Lenders think fu/ck and approach government en-masse to sort out problem that Government made.

9- HOPEFULLY, Goverment tells Lenders to fu/ck off and die.

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If the LLs can't find anyone who is able to pay the higher rates, it'll either be a case of lowering them or seeing their BTLs stand empty.

Exactly. We must lower HB here too. It is keeping rents too high. We had some threads about that recently.

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Guest KingCharles1st

Unfortunately in the Roi they can't just post the keys. They have draconian bankruptcy laws which mean that debt follows you for at least 12 years.

Ireland really IS toast then..... :o

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I just happened to bump into one or two very attractive irish girls out in Australia last year and I remember one of them telling me about some crazy unemployment amount they receive back home.

€204 a week!!! WTF?????

http://www.tribune.ie/article/2009/apr/05/irelands-unemployment-benefits-less-than-mainland-/

Invalidity benefits also seem to about double those in the UK

We must have some of the lowest benefits in the EU

But still they're about to be slashed

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Man that's vicious!

However- this is the first step in the brave new testing of political will.

1- Governemnt slashes benefit by 36% - this probly equates to about 25% of rent monies p.m.

2- Tennant contacts Landlord to negotiate rent reduction

3- Landlord is in deep shit- it's stick or twist time. However, to twist (sell) means financial armageddon.

4- Landlord approaches Lender to see if he can somehow be let off the borrowing hook by around 25% of monthly repayments- somehow, anyhow, ppllleeeeaaassseeeee- oh dear oh dear oh dear.

5- Lender tells Landlord to fu/ck off and die

6- Ireland goes to HPC Devcon II as BTL becomes wasteland in 30 seconds flat.

7- Landlords walk away from their investments en masse and chuck the keys through the letterbox

8- Lenders think fu/ck and approach government en-masse to sort out problem that Government made.

9- HOPEFULLY, Goverment tells Lenders to fu/ck off and die.

HPC Devcon II - love it!

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Government drops housing benefit by 36 %. Some landlords accept the drop, keep tenants. Alot of landlords don't accept price drop, some tennants move home. Landlords have no tenants at old prices, so drop prices by 40 percent to get somebody to pay something. Government notices market rents dropped by 40 percent. Drop HB again.

HPCers in Ireland must walk around with the biggest, stupidest grins on their faces.

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Invalidity benefits also seem to about double those in the UK

We must have some of the lowest benefits in the EU

But still they're about to be slashed

The UK has some of the lowest levels onf benefits and pensions in the western world. God knows what some of the 'race to be first to the bottom' cheerleaders on here would say if they were in a country where the government didn't regard unemployment and being old as a criminal offence.

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The beauty of it is though that these ballsy investors also bought loads of property in England and Northern Ireland to let out. (They also threw money away on overseas property but we'll not talk about that) They mewed from their overpriced houses to purchase in the UK using euro mortgages at low rates. Now the party is over. The fall in sterling means they have lost out on the value of these properties against the euro and they are also paying more for the euro mortgage. They are also having to suck up wage cuts. Their taxes are now going to prop up toxic banks who loaned to the property developers like there was no tomorrow.

In Northern Ireland where we have already had about 35% price cuts we are just waiting for Southern Irish investors to give up and put their BTL on the market and let stage 2 of HPC begin.

How things change! To go abroad, they must have thought all the tasty HPI in Northern Ireland had hit it's peak, and they were about to get the "soft landing". Chumps.

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....if they were in a country where the government didn't regard unemployment and being old as a criminal offence.

Old people can work if they wanted to but they're too lazy. The next generation will work until they are very very old or dead.

Edited by non frog

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The UK has some of the lowest levels onf benefits and pensions in the western world. God knows what some of the 'race to be first to the bottom' cheerleaders on here would say if they were in a country where the government didn't regard unemployment and being old as a criminal offence.

I hadn't realised just how bad our benefits were

I've delved a bit more and it seems that in Ireland an unemployed couple get €330 per week, here it's £100 per week

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Guest spp

I hadn't realised just how bad our benefits were

I've delved a bit more and it seems that in Ireland an unemployed couple get €330 per week, here it's £100 per week

Looks like we have very little room for maneuver here either...just as well our finances are much better than every other western country hey.... :ph34r:

Collapse is in the air...I can smell it!

or is that all the toxins coming out of that oil/molten spill over in the Gulf?

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Well if you like that so much how about the other one that poster R+R found.

http://www.independent.ie/opinion/columnists/charlie-weston/charlie-weston-ebs-move-casts-a-dark-shadow-over-apartments-2214696.html

flats in smaller towns worthless.

quote

A major oversupply of apartments, some located in smaller towns, has prompted the building society to decide that apartments have no resale value.

This is quite depressing for owner occupiers and those who bought an apartment as an investment.

It is especially depressing if the property is already in negative equity.

Some estimates indicate that as many as 60,000 apartment units were built during the housing boom.

quote

Apartment owners, particularly in smaller towns, are worried that this policy will be copied. If that happens, the EBS measures will kill the only active part of the market and render apartments worthless, estate agents have argued.

:lol:

So, are the estate agents admitting that prices are more to do with loose credit than their spurious claims of lack of supply? The flats will be worth something, of course, but something closely related to the savings of the would be buyer.

Still, that's pretty crazy that they just won't provide mortgages for these flats. I know it's bad down there, but... :unsure:

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I hadn't realised just how bad our benefits were

I've delved a bit more and it seems that in Ireland an unemployed couple get €330 per week, here it's £100 per week

All the harder it will be, when that €330 is slashed to something affordable. I get the feeling the RoI is starting to enter the reality zone.

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I just happened to bump into one or two very attractive irish girls out in Australia last year and I remember one of them telling me about some crazy unemployment amount they receive back home.

€204 a week!!! WTF?????

http://www.tribune.ie/article/2009/apr/05/irelands-unemployment-benefits-less-than-mainland-/

Does that includes House Benefits?

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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