A quick look at prices across the different sectors in Ireland reveals a far more interesting pattern than the typical assumption of slowly rising prices would suggest. Clothing and communications prices are at levels similar to those in the 1980s, while ‘deflationary episodes’ are becoming more common in Ireland every decade. Read more
The last four years have been remarkable in the global property market – so remarkable that comparisons with nominal collapses in house prices of 95% (as happened in Georgian Dublin) are being seriously discussed. A quick examination of six different cities around the world since 2005 shows a whole range of experiences from collapse in Detroit to more recent falls in Hong Kong. Read more
This post uses Census and CSO data to estimate how many mortgage-holders in each county are faced with ‘unexpected unemployment’. Nationwide, almost 7% of mortgage holders are dealing with unemployment, a figure that could rise to 10% if the Live Register hits 500,000. Louth in particular and Leinster more generally are the worst affected areas. Read more
In this post, I take a look at the maths behind buying or renting. Amazingly, even in heady market of 2006, it was cheaper to buy than rent. With rates back down at very low rates, and generous mortgage interest relief, it is once again cheaper to buy than rent – and looks set to stay that way, unless there are significant changes to the tax system. Read more
My recent post on negative equity led to some discussions, particularly on irisheconomy.ie, about the financial (i.e. NAMA) and labour market (i.e. dole) implications of negative equity. Here, I use Live Register figures to work out which counties have been affected most by unemployment since the start of the recession. A group of counties from Laois up to Cavan appear worst affected, although all counties have seen unemployment at least double. Read more
A review of the latest trends in Ireland’s residential lettings market, from the Q1 2009 Daft.ie Rental Report, including a map of the changes in rents by county. Read more
Ireland’s property market is currently in rewind. Homes now are at March 2005 values – or July 2004, if asking prices are 10% above closing prices. Figures from daft.ie, the Census and the Dept of the Environment allow an estimate of both the number of homes now worth less than when they were bought – about 725,000, or 40% of homes – and how many of those are in negative equity -about 340,000, or 20% of homes. Read more