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Reaping The Whirlwind In Ireland

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It is not rocket science, the service sector will be next.

http://www.businessworld.ie/livenews.htm?a...rollingnews.htm

Another 67 jobs lost in Donegal

Tuesday, August 30 11:34:45

(BizWorld)

County Donegal has lost another 67 jobs - this time from Clubman Omega shirt manufacturers in Buncrana.

The announcement follows the loss of 560 jobs last week at Hospira in nearby Donegal Town.

.......

"This Government's policies are killing the Irish manufacturing industry by creating a totally uncompetitive environment for business," he said.

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Slightly unrelated i know,

Year-on-year national property price changes for Ireland (Rep. of)

according to TSB/ESRI Index:

September 2004: +12.0%

October 2004: +10.8%

November 2004: +9.8%

December 2004: +8.6%

January 2005: +8.5%

February 2005: +7.9%

March 2005: +7.5%

April 2005: +6.5%

May 2005: +6.6%

June 2005: +6.3%

July 2005: +6.1%

I would have to agree with the nice economist person from TSB who says that house price growth should be ~5% for 2005...

granted the index is showing a downward trend, but didnt it do same in 2001 only to spike up again?

plus the renewed frenzy among FTBs with their 100% mortgages and the outbidding going on at the very high end of the market (anyone see auction results in Sundays Business Post?) leave me wondering where the crash is in Ireland... I'm afraid we might see Japanese style prices in ireland before long.....

WTTW

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Let them build houses  :huh:  :blink:

Too late, they have been doing that for the past 2 decades. Donegal is a beautiful area of northwest Ireland which has suffered from a disease known as "bungalow blight" for the past 20 years (holiday homes for those from Northern Ireland and wealthier parts of the republic).

Hopefully they will return to a rural way of life. I can't honestly believe they were less happy when they had a fishing and farming based economy, and local people cold afford their own homes.

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Well these people will have to get off their backsides and do something about their plight. It's been well proven that Real Estate is the way to go. Just buy a place and rent it out. Problem solved. I heard this at a party the other day from someone who knows someone who has made a mint. ;)

Think about it. 67 people buy 67 houses and they can rent them out to each other and they can all be rich.

I mean, that is the way it works isn't it? :rolleyes:

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Heard ads on RTE this morning promoting 100% mortgages for FTBs.

As for Donegal being beautiful, I spent many a grim holiday there when I was a lad and always found it rather windswept and grim (before all those thousands of delightful bungalows were built) - suppose there was a rugged beauty about it though (when it wasn't raining and shrouded in fog). If you go there in July it always seems that most of nationalist N Ireland is there together with tons of the rebel "oooooh ahhhh up the 'RA" music

Dun Na nGall (have I remembered that right?) has always been poor - no Celtic tiger there - the departure of the textile industry will make things even worse.

Edited by gruffydd

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My mother was from Mayo and we used to go there on hols. When the sun was shining the scenery could be quite stunning but wait till winter descends. It rains alot, it's windy and there seems to be a persistent gloominess hanging over the area that would depress even the most glass half full type of person. I have to go back there every now and then and I have to admit my heart sinks somewhat as the plane descends into Knock.

Edited by Loftus Road

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Heard ads on RTE this morning promoting 100% mortgages for FTBs.

As for Donegal being beautiful, I spent many a grim holiday there when I was a lad and always found it rather windswept and grim (before all those thousands of delightful bungalows were built) - suppose there was a rugged beauty about it though (when it wasn't raining and shrouded in fog). If you go there in July it always seems that most of nationalist N Ireland is there together with tons of the rebel "oooooh ahhhh up the 'RA" music

Dun Na nGall (have I remembered that right?) has always been poor - no Celtic tiger there - the departure of the textile industry will make things even worse.

Yeah, I know what you mean, I went to Sligo as a lad ( its the next county on the coast ), windswept beauty = tipping it down with rain. And the people looked inbred ( like they do in my hometown in Wiltshire, before I get any accusation of racism ).

Celtic tiger? While the tax breaks and EU subsidy are rolling in, but as to standing alone, Irelands economy really doesnt support the HPI at the moment.

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Dun Na nGall (have I remembered that right?) has always been poor - no Celtic tiger there - the departure of the textile industry will make things even worse.

You remembered that well! It means "Fort of the Foreigner". It's also sometimes still called Tir Conaill, the land of Conall. So there you go. Incidentally I'm moving to Ceredigion tomorrow, I'm sure I don't need to tell you of its house price mania.

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Croeso! Are you retiring or planning to work? If you need any advice on housing, areas, etc., let me know. I know the S of the county better than the north.

Slan go foill,

G

Edited by gruffydd

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Croeso! Are you retiring or working? If you need any advice on areas, etc., let me know. I know the S of the county better than the north.

Slan go foill,

G

I'm coming to look for work, I left Ceredigion last year having been there for three years, I think I'll move to south Wales (Swansea/Cardiff or thereabouts) because finding work in the west isn't exactly easy, even if I do siarad Cymraeg yn dda.

If I need advice, I'll let you know, diolch yn fawr!

An Turtar

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Too late, they have been doing that for the past 2 decades. Donegal is a beautiful area of northwest Ireland which has suffered from a disease known as "bungalow blight" for the past 20 years (holiday homes for those from Northern Ireland and wealthier parts of the republic).

Hopefully they will return to a rural way of life. I can't honestly believe they were less happy when they had a fishing and farming based economy, and local people cold afford their own homes.

when they had a fishing and farming economy there were houses every 100 yards along the road, all over rural ireland. Now there are houses every 100 yards, but much bigger and it must be said more comfortable. Personally i dont see the problem, even if it does annoy the tourists with their stage irish rose tinted expectations. lets complain while were at it of the lack of donkeys and carts on the roads.

For most of the past several hundred years irish people were paying exorbidant rents to landlords, and are probably, due to the land hunger that is handed down the generations, more likely to tolerate high prices. Interest rates are also very low.

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when they had a fishing and farming economy there were houses every 100 yards along the road, all over rural ireland. Now there are houses every 100 yards, but much bigger and it must be said more comfortable. Personally i dont see the problem, even if it does annoy the tourists with their stage irish rose tinted expectations. lets complain while were at it of the lack of donkeys and carts on the roads.

For most of the past several hundred years irish people were paying exorbidant rents to landlords, and are probably, due to the land hunger that is handed down the generations, more likely to tolerate high prices.  Interest rates are also very low.

In donegal, the vast majority of those nice new houses are holiday homes owned by outsiders. The locals can't afford them.

Quote below from Welsh Assembly research into holiday homes.

Welsh assembly research

"The greater purchasing power of residential investors or urban households seeking a second dwelling(for recreational or investment purposes) often puts prices of even modest dwellings out of the reach of locals. Given that there are no statutory restrictions on the purchase of second homes (or sites forsecond homes) per se, the problem is particularly acute in scenic and coastal areas e.g. the westernseaboard.

The result is that an increasing number of homeowners do not reside in these areas for mostof the year. In one remote area of County Donegal, for example, it is estimated that approximately 65%of all out-of-town houses are owned by holiday home investors from outside the area. The weight ofthis external demand also bids up the cost of building services and of sites, and thus makes it moredifficult for local authorities to meet unsatisfied housing need.

This has implications in terms ofdepopulation, inability to sustain services on a year-round basis and over-stretching of infrastructure atthe peak season, and the development of dual communities and social disparities, or socialdisplacement.This displacement in turn has implications for the sustainability of existing communities and how theirneeds are met in light of virtually uncontrolled development.

Many resort towns and villages becomeboomtowns during the summer months, but virtually shut down during the low season. Coupled withdepopulation of the existing community they can become deserted, alienating, ghost towns surroundedbut untouched by the trappings of affluence, and incapable of supporting basic community facilities suchas schools, public transport and so on.ResponsesThe main institutional responses to problems in rural housing continue to lie with the local authorities."

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  • 301 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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