Supply and Demand - The Irish Housing Market

Did you catch Friday's Live After 5? Regina Mangan discussed the shortage of properties available for sale and how this is affecting house prices.
Here is the link to the Irish Times article she mentions in the video: www.irishtimes...
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[@kiernan880]

That's what they said in 2008 and look what happened.

[@Jeremy64444]

Great advice on the solictor. I have gone contracts signed . Yet I am getting no where on final payment. My own solicitor is absolutely useless.

[@TomOS1971]

if the supply levels arent there then how are these adult children that you mention have grown up gone? if the supply is not there for them, then how do you expect the parents to downsize?

[@rayot6579]

Does 2008 ring a bell just sold a second property recently im holding out for the next recession and i dont think it will be long going turn one into two for family members

[@OhiorenuanDirisuoyinbo]

I am in us,how can I buy a property in Ireland for 150k and 30k down ,is it possible?

[@joanebf]

Excellent explanation of supply and demand!

[@biulaimh3097]

Keeping house prices high is government policy. A number of things can pop this bubble. If a few large multinationals here were to pull out, the government would probably react by bringing back the 110% mortgage in order to counter the downward impact on house prices. But a serious recession could overwhelm the government`s ability to rig the market. We the citizen do have some power to trigger price discovery in house prices. One thing people could do is boycott landlords that have evicted a tenant. This would mean all of their other tenants would stop paying rent and if a new tenant moves in after someone is evicted, they too refuse to pay rent. Add to that, a boycott of the bailiffs who try to enforce evictions, by shunning them and refusing them business services at shops, restaurants etc and refusing to work for them. The goal being to force these REITs to sell to private individuals or to an institution that is prepared to accept the sort of rent they would get in an unrigged housing market, i.e. 90% below what they presently are. By forcing the REITs to sell, housing supply for sale will increase so house prices will fall and once they begin to fall, negative equity will trigger more defaults and then we will be into a price discovery scenario. A 90% fall in house prices, that is the end game with or without such a boycott. If the stock markets crash, if inflation makes it hard to lower interest rates, if geopolitical factors hit the multinationals, house prices will begin to fall in a way the government cannot control.

[@stevenbond4637]

I like the general sentiment, for the underdog and all, but rents should be 90% lower, really, imagine you've a house to let and the weekly rent is 50 quid, 10 quid a week be gone on your local property tax, you'd spend the rest on replacing fire alarm batteries or having gutters cleaned, every time someone else's kid broke a door handle living in your house you'd be the one owing them money for the month, lol

[@jimbobarooney2861]

Housing is priced at the margins, so basically 15,000 homes for sale dictates the price for the 1.9 million total housing stock, supply is low, but demand is also low, the economy is slowing now, unemployment will rise, and supply will increase and demand at best will remain constant. What you discribed with hotel rooms on a concert night, is supply and demand, its also known as price gouging, price gouging might last for a while but eventually becomes unsustainable

[@davidmccabe4041]

🎉how do you go about getting a really good solicitor? David mccabe

[@darrenfarrell-bn2cb]

It’s Going to Go again it’s Getting out of Hand ,

[@grizzyb4149]

Regulate real estate agents

[@MolloyPolloy]

Ban Airbnb. Ban the purchasing of existing homes for short term let and holiday homes. Ban all non nationals from purchasing property until they become irish citizens. Ban vulture funds from purchasing any property. Allow bedsits again. And build some housing.

[@PB111627]

Ban democracy ban the right to private property give any and all property available to refugees, asylum seekers!

[@nateryan7041]

This doesn't stop greedy estate agent putting the prices of houses up aswell as a young man I'm left with no option but to just leave the country !!

[@AnthonyMcCaul-c9g]

Estate agents set the starting price, it's prospective buyers that bid up that price.