Knee high tackle on Maccer

@terrygorry

3 жыл бұрын

Investment funds buying up whole estates of houses in Maynooth and Dublin and McWilliams telling the ordinary Joe and Josephine who wants to buy one house to stay on the sidelines to bring the market and the builders to heel? Think that sounds like a plan? Think about it, as McWilliams himself might say.

@abtran2010

3 жыл бұрын

@@terrygorry I agree with you. Good video.

@dggill5035

Жыл бұрын

Very good common sense

Many of us would love to join the market if we could. It's just not an option for many of us. If I'm disciplined enough to pay high rents for 10 years surely I can be trusted to pay a mortgage.

@gauravvij67

2 жыл бұрын

Youd be finanically incompetent to pay high rents for 10 years if rent yield is greater than interest rate though, if interest rate is 3 and rent is at 7 assuming even no inflation your down 40%. Alternatives are live at home, rent only a room in a house, get a mortgage and rent part to pay for it etc, emigrate, work from home ,retrain etc.

As my father once told me, it's worth nothing if you're living in it. Make up your own mind is all the advice you'll ever need

@delatroy

3 жыл бұрын

@Gmail account what? Haha

“Buy land young man God doesn’t make it anymore” Mark Twain 🌞 Good morning 🌞

It seems to make sense , if you can do try to buy if it the same cost as rent. Money is a depreciating asset at the moment . You have only a set number of years to live so try to find some satisfaction or goal to achieve in it , and dont stress too much . Everyone will have trouble from time to time.

Insightful analysis of the McWilliams article. He certainly doesn't know the market beyond Dublin if he thinks it's mainly probate property that's up for sale. And I agree 100% with you Terry on the fact that as an individual, you buy a property, not the whole market . So if you've found what you need and want and it makes sound financial sense for you personally to do so now, do buy. The biggest error is to overstretch your borrowings as in mortgage. I would be more concerned about the property market if banks were lending indiscriminately.

The “property market is unattractive” is a business investment statement. For those of us looking for a home and not an asset it means almost little to nothing. This video is brilliant. Sound advice thanks Terry! 👍

@keithp6699

Жыл бұрын

Totally agree. When I bought my house (home) 2 years ago I thought it's nice to know that it has risen in value in the meantime but that is irrelevant really because I am not looking to profit from it. All I'm concerned about is paying off the mortgage each month

Well said, this is soo relevant throughout Europe, including the Isle of Man. Property market is running hot and the young families and buyers are just leaving, which will cause a pension crisis further down the line.

I bought an apartment for 335k roughly two years ago. Renovated it and within a year a neighbor sold an identical apartment for 370k. Since then things have only heated up. Yeah im delighted I bought. Everyone is telling me that I bought at a good time. For me it was just the time when I was able to buy. I had a good sized deposit with help from bank of mam and dad very fortunate I know. Already rental income after tax would more than cover my mortgage putting me in a position to keep this apartment and move to a modest house. Its a two tier or maybe three tier housing market. Do you have a high paid professional job or not combined with do you have access to very cheap or even free money from your parents. That is four combinations of situations. The prices for housing in the most desirable locations in Dublin make sense for two well paid professionals that both receive money from their parents. These prices seem outrageous to a situation with one or two modest incomes and no money coming from their parents. Unfortunately moving out of Dublin and commuting to work in Dublin is difficult with Irish infrastructure.

best bet for those without money right now it to emigrate. you can achieve a much higher standard of living elsewhere. yeah, maybe if I bought an overpriced, shoddy apartment in Dublin it would still go up in value. But then I'd have to live in a shoddy apartment until it did.

Thank you - you speak such good sense.

Good to hear a different point of view. Trying to move home to west cork and the price of houses is unfortunately out of my reach with the Central Bank rules even though my rent is higher than the mortgage repayments would be.

Well, I think McWilliams is dead wrong. There are so many foreign investors with extra cash at the moment trying to get out of the stock market. They need somewhere to put their money. I think if you have the money, buy. Renting is just money down the drain.

@markdonnelly6921

2 жыл бұрын

Surely they get a better tax deal compared to a small time investor. ??????

The covid ban on viewings did reduce supply as many folks postponed selling when selling was so impractical and so many fell through. Many 2nd hand house sales in Dublin are probate sales. Probate sales are impractical for young/1st time buyers as they often cannot get the money for the renovation needed, which as Shane McNally says below, is usually minimum 100k.

Thanks Terry. Excellent as always.

Location Location location for property if you can afford it.

I can say from our family expereince who bought at the peak of market in 2006: yes our home is about the price we paid for BUT we had a roof over our head since and will likely to continue so with a positive outlook for a mortgage free home in a few years time. What we could have done is to buy a second property in 2009!

@garethwoods1562

2 жыл бұрын

See therein lies alot of Irelands' problems with regard to housing. I think there are alot of people in this country that have 2, 3 and 4 houses to their name, renting them out at inflated rates and it restricts the supply of houses for people who simply want to purchase a home. It is a compounded greed of the people which is denying young people from ever being able to own their own home.

Good commentary TG. The inflation of the money supply that is going on blows that sort of McWilliams thinking out of the stratosphere

Thanks I appreciate the advice - good video 👍🏻

My late Aunt's and Mother's house were both probate sales and were both bought by young couples, supporting Terrys opinion on McWilliams article.

Thanks again

4 houses sold on my road in Dublin in the last 2 months . All of these properties were probate and require a minimum of 100K to make them fit for a young family. I think that’s David McWilliams point . I’d agree with u Terry on everything else .

@vnhcorkbuyer4779

2 жыл бұрын

Tha country is not based in Dublin I bought 3 properties in waterford last month all sold by landords getting out of the market. Every area is different.

@markdonnelly6921

2 жыл бұрын

@@vnhcorkbuyer4779 Fair play to you for taking the risk. You obviously know how to run a rental business better than the other investors who got out. Property is going through the roof here in the west with no rental properties due to shortage of supply.

Good man Terry, bang on as always

Hi Terry I have a question on claiming HTB. Based on the current loan offer I cant claim HTB as the LTV is less than 70%. However bank is willing to revise the loan offer once I get my annual increment this year. So if I sign a contract now and lets say the house will be delivered around end of the year. So that gives me some time to revise my loan offer to 70% or above. So instead of claiming HTB just after signing contract can I claim it later stage when I will have revised loan offer to cover 70% of purchase price? Please suggest.

@terrygorry

3 жыл бұрын

Who is your solicitor?

@joydipmaity3306

3 жыл бұрын

@@terrygorry I have not selected the solicitor yet as I am waiting to book the house once available.

This is well analysed. However, it can be difficult to trade up in a few years if house or apt. has been purchased for an inflated price. It can be precarious purchasing at the height of the market. I agree you cannot time the market and your personal circumstances should drive your decision, so too should common sense

The problem in rural communities is supply. Everyone is looking to move home. There are 2 derelict sites with planning pending within 1 km of me. There are another two under construction. Another house is just finished from a green field site, farmers son.

I would always go by Geoffrey Archers advice in relation to buying art. Buy something you like , not something you think is going to go up in value and make u money.

@terrygorry

3 жыл бұрын

Wouldn't this advice be even more relevant to a property in which you can live and shelter and put a roof over your head. You need a roof over your head, remember. You don't need to buy art :-)

@mikeyk212

3 жыл бұрын

@@terrygorry Exactly Terry. It's good advice for buying anything .

My own view is the government should appoint some homeless person CEO of a newly resurrected Anglo Irish Bank and then sell Ireland to Anglo Irish Bank for a cent. The homeless guy should then be asked to write a letter telling Ireland`s creditors that Ireland`s debt is now Anglo`s debt. Anglo should then do a demerger from Ireland, with Anglo keeping it`s original debt that it had when it was bailed out by the state and Ireland keeping the debt that it incurred itself. Then the focus needs to shift to the mortgage defaulters of the past 13 years, they must be persued to the ends of the earth for every cent they owe on missed payments/late payments/compount interest, all adjusted for inflation and mass evictions of defaulters coupled with extracting arrears must happen in a flash because it is 13 years overdue. These policies will mean Ireland will no longer be able to borrow and it will cause property prices to 80% crash. Then property will represent something approaching true value. Buy your houses then young people. Buying now is not smart (despite what this property Ireland person says) because in future you will ultimately be paying tax to repay government loans which were incurred to keep the property you want to buy now, at an unaffordable price. Instead, the young should demand the government undo the Anglo bailout by the method outlined above.

@lkelly5136

3 жыл бұрын

Any hash?

"He is living in Dublin they bought a cheap apartment in Dublin, now when is say cheap apartment. I don't know it's 250 grand or whatever it's one bed apartment or two bed apartment or whatever it" .... You know where people are investing when they say that a cheap apartment is worth 250K.. Someone will need a yearly salary of 72K to be able to afford something cheap in Dublin.. The maths don't add up?

are people less likely to put houses on the market if viewings are not going ahead, thus affecting supply?

@terrygorry

3 жыл бұрын

Probably. It won't help anyway. Having said that, there is a shortage of supply so perhaps some will try to go ahead with their sale on the basis that it is a seller's market.

Mr Trendy (as I’ve always called him) runs with the hare and hunts with the hound. The greatest self promoter in Ireland.

I agree with you. I like him. He's a good story teller.

Anyone notice how shabbily made "luxury" housing estates are made at the moment? Big row of terraced 3 beds going for 350k each in a poorly designed estate, no front garden and back garden just big enough for a shed. Usually the estate is dominated by apartment blocks too.

@markdonnelly6921

2 жыл бұрын

Costs are too high to produce anything more meaninful. We pay too much VAT on everything. I mean VAT on insulation ??? a joke surely.

Your videos are always interesting. Thanks a lot.

Good video as always

McWilliams is correct. If you hold off you will get better value for your money. The quantity and quality of homes at the moment is horrific.

Stop giving houses to People coming into Ireland with no intention of ever working,I pay a big mortgage and these people all drive better cars than most and haven’t a care in the world

@deet1558

3 жыл бұрын

Same thing now normal housing estates are council estates now “wake up”

Thanks for this Terry. What would you say about buying commercial property at this time?

@terrygorry

3 жыл бұрын

The covid situation is a big, worrying overhang to the market but it may be a good time to be opportunistic, if you have the funds to avail of a bargain. I would always be thinking of the medium to long term, in any case, and it will really depend on the property and price. Are you in London, Dee?

@deelawyer6638

3 жыл бұрын

@@terrygorry I cover London and Kent.

@deelawyer6638

3 жыл бұрын

@@terrygorry thanks for your thoughts, I agree! Like any property I think a bargain and being futuristic can be a win. Especially if the property will be used personally or easily rented out.

The house does not know it is probate..I would like a video about buying probate property...how long it may take.

Terry Gorry, he gave me a heart at 6 in the morning!! This makes me think of those: who get up early, God helps them!! Good morning Terry!!

When Covid is over there will be a rush to buy any property wherever it is in town or in the country because new construction was stopped. Prices will depend on a willing/ seller relationship. Lack of supplier will affect prices as well as the chain of linked buyer/sellers & of mortgage availability. The early bird who pays most will gain most whilst others who hold back will eventually jump in or be priced out . The inevitable bubble will burst with some losers who have to sell -others will wait until the next rise before selling -Meanwhile you have a home -an asset you can live in, work from -far more valuable than shares & a depreciated pension .

I am going to pay cash for my house(my circumstances are slightly unique). I am buying now. I will live there for a long time. What happens in the next 5-10 years is irrelevant to me. Unless aliens come down from space and build houses at a rate unsee before. I don't see house prices falling. I do see them flatlining at some point for a year or two just because of mortgage limits, and there is only so much people can pay for a property. Even if I am 100% wrong, I will have a house to live in, which I like and probably won't want to move from. But if David is wrong and I wait. I will have to pay even more to buy a house. My 2 cents. Love the videos and the honest approach to the subjects.

It's evil. Property owners WILL buy and rent them to the young people. In ten years the time, all that rent will be buying their landlord his next house, not their first! And that is the one fact that never changes.

I think if you buy a property that you need to have a plan as to how long you want it for. Personally I'd be going in with the view that I want to hold it for 10 or 15 years before I'd think about selling it.

The ban on viewings means that people will outbid each other to look at the properties and this drives up cost. Even if they don't ultimately buy, the damage is already done to the perceived "value".

@TehBuhmDiggeee

3 жыл бұрын

Also probate housing by its nature is housing that people leave when they die. These usually aren't homes to suit young buyers. That's objectively true. Young buyers and esp first time buyers would be great served by new builds so they can avail of the HTB scheme.

Value of money is going down, buy if you can and buy sensibly. Property will always drop and rise again in value but it's an asset. Rents are crazy. I bought only recently, best thing ever done.

In a few more years the all those bungalows built in the 70s and 80s will be on the market,most are way over priced at this time due to the levels of refurbishment and modernisation requirements.

I suggest to the poor Irish people & the working class to do the following : 1. Form Cooperative Societies in your local districts that mainly focuses on building affordable housing for local citizens. 2. This cooperatives can provide network of stores selling cheaper goods and products 3.Cooperatives societies gives you independence from banks & loan sharks. 4. Cooperative societies pays better interests on your savings than Corporate owned banks.

The minute you bought a house you became a slave to the system. For the rest of your life you pay the bank a huge amount of interest, you pay insurance, you pay government taxes and all this so you have a place where your kids could call home. I really lost the feeling that we are free people. 😔

@rolandmcnamara

3 жыл бұрын

Your comment “I really lost the feeling we are free people” very aptly explains the housing predicament. 2 people working full time (married couple with family) and paying into a housing system be it mortgage or rent can only hold up for so long. It is not how it is supposed to be!

@spongybone4071

2 жыл бұрын

And if you rent, you're not a slave to the system?

@dorelgradinaru1762

2 жыл бұрын

@@spongybone4071 In my opinion having no debt gives you a small feeling of freedom. A verry small one.😁

@derekdempsey8506

Жыл бұрын

@@dorelgradinaru1762 but paying those few things you mentioned gives me and my kids SECURITY,a home as you said

@dorelgradinaru1762

Жыл бұрын

@@derekdempsey8506 Its a fake sense of security because lets face it. The bank owns your house. And we both know if your 70 and you can not afford the last mortgage the bank will take your house away by force.

I would think the availability of credit and access to it would be the key driver. Fundamentally there is a strong demand from demographics

This is great advice. People need to do what's best for them. Of course, property is expensive at the moment, the standard can be, frankly, shocking so I get where Mcwilliams is coming from. However, you have to do the math for your own circumstances. Take me and my partner. 3 years ago, we bought an apartment in the city centre. Our mortgage is 700 but our rent before that was 1900 for an equivalent apartment. Our property cost 225k. It may be worth more now or even less but that doesn't really matter because we improved our circumstances beyond measure. No matter what way you spin it, we are better off. If we followed generic advice like that telling us not to buy then we would be in a worse off position. As terrible as this may read, you have to make decisions on what's best for you first before you fix the world.

I like your videos, Terry, but I think you're looking at it from the point of view of someone who's already a homeowner with a mortgage paid off. Probate houses generally aren't fit for a millennial family moving in. The needs of someone who has lived in a house for 50-60 years and those in their 30's would be different. Older homes often require some level of renovation before moving in. In the current climate, it is extremely tricky to get work done and frankly it is a large additional cost on top of the unbelievably high cost of acquiring the property in the first place. I can see how a ban on viewings would impact selling too. I wouldn't expect someone to make the biggest purchase of their lives without seeing the place. Although the price in the market is up overall, it doesn't mean my property is going to go quickly at that price, especially when buyers can't step inside. With things so uncertain still, who knows how long my property will be on the market and how will that affect the sale? I'm not saying McWilliams is right, I just don't think you've actually thought about the mentality of the audience he's speaking to.

@terrygorry

3 жыл бұрын

Shane, the last 3 probate houses I did were in new estates in Enfield, the oldest house was abuot 20 years old. "The needs of someone who has lived in a house for 50-60 years" infers that that is what a probate house is. All types of people pass away, young, middle aged etc. There is no typical 'probate house". This is what I do every day.

@shanemcnally4665

3 жыл бұрын

@@terrygorry Of course, and I am generalising (as is McWilliams I imagine) but I would hazard a guess that there are more heirless/single people dying in their 80's or 90's, than there are heirless/ single people dying in their 40's, especially in the last 12 months. And, of that cohort, they are more likely to have been living at an older residence than one built in the last 15 years. I think with building halted, a slow down of people putting properties on the market, probate housing is likely the only type of housing that is unaffected (and morbidly, probably bolstered) by the pandemic. That's where the value question arises. Currently, with buying options reduced, probate houses are becoming the only choice for some people, and are likely over-valued to where they were 18 months ago, and where they (hopefully) will be 18 months from now.

I think if the property is real cheap them go for it. If you will stay in it then it is a necessity and can be passed on to your generations. I don't think anyone should buy property they cannot afford or cannot sell and make a profit from, especially at this time.

Very good common sense

Hi Terry, Could you do a video on Capital Gains Tax please. Your videos are very informative

@terrygorry

Жыл бұрын

I did one already. Just search my channel using the search box on my channel page 👍

I like McWilliams' commentary in general. He does make some sweeping statements in this IT article that I take with a pinch of salt. He is a macro economist after all 😆 Residential property is unique among all the asset classes in that you can live in it, and be a store of wealth. Can't do that with equities, bonds, undeveloped land, bullion etc. . Property is not a risk free investment. 2010 should be fresh in most peoples' minds. That said, if you buy and hold, and are somehow able to service the debt , then yeah, go for it.

Thanks for that incite... I was of the opinion that Mc Williams was infallible ....maybe not

A ban on housing affects supply because potential sellers will hold off entering market hence supply is affected. That's clearly what McWilliams means. Who says what's too expensive? Well, maybe house prices 10 times average salary? The truth hurts fir the property sector. The market is dysfunctional. Is a property supposed to be an investment or somewhere to call home?

I agree that McWilliams' sentiment is idealistic at best. However you said ''what determines price is a willing seller and a willing buyer''.- You neglected to mention that the number of buyers is completely overblown in the last decade. As well as that you mentioned how someone should ''just go for it'' and buy the 1-bed apartment for 250k. Are you for real?

@luismanuelcb273

3 жыл бұрын

It is ridiculous.. pretty much what he is saying is that someone earning 72k a year deserves buying a shoe box for 250k

Great insight Terry, I've always thought of McWilliams as a glorified Soccer Pundit, he's always looking for soundbites over substance, that and his quiff are his brand.

You can buy 3 3 bedroom houses with my crew and people I know, for the price of one house absolutely bonkers how property sells for the prices in Dublin

@griffinkiely7895

3 жыл бұрын

One 3 bedroom house in Dublin,stuck in a gammy city ,investers need to get down south

At the moment it's probably good advice way too much is unpredictable

I would love to buy my first home to live in for the rest of my days!!! But there's so much demand and not much house / houses or apartments everything has tripped in prices from the way I see it !!! In my view it's a pipe dream for me but a man can dream tho...😢

@derekdempsey8506

Жыл бұрын

Don't be so weak,please go and chase your dreams "make it happen "

Focusing on the potential of collapse only, rather than his easily refutable points, what is the risk to first time buyers. I ask because, regardless of this particular article, in fairness to McWilliams, he was right first time around in '08,and people called him mad too. The media in the US (left leaning) is completely ignoring the disastrous affects of Bidens policies and telling people to buy buy buy, just like in 06 and 07 when defaults were sky rocketing.

Whats the difference between being a landlord in Ireland and say the UK ???? I believe that the UK allows more tax relief. Why would anyone want to invest in property in Ireland if the rewards are thin on the ground.

His shtickk is as a clairvoyant. He may be right that the market is at the height of its dysfunction, but unless you can get around the need for a roof over your head.... unless you feel that you can *control* the amount of rent you pay, then buy a roof over your head. It doesnt have to be ideal. It has to save you from over spending on rent indefinitely. That is my opinion. Im sure my house is second rate in david mcwilliams eyes! but i am spared the hell of finding 1,500 rent for a cupboard every month. The system may be sh1t, but how does opting out of it serve you?? But Im not an economist.

I suppose it wouldn't be good for business if everybody followed McWilliams thinking on the subject.

I think I’m going to listen to the guy who predicted the housing crisis and the global financial meltdown 5 years before it happened. Think Terry is a bit jealous of McWilliam’s reach and charisma.Even if he does make grand bold statements, he’s an economist it’s his fecking job ffs

David McBankGuarantee has another great idea for the PAYE taxpayers. Did he not categorise all if his books as "fiction"???? That has implications on tax. So he had advice on what to do with your tax money.... And then he drops out if paying tax himself

To the moors people set up camp happy days.

David McWilliams said this time last year that covid was over. He's talks a lot of rubbish.

McWilliams' "expert advice" ageing like milk once again.

As much as David McWilliams is respected and has a reputation for calling peaks and troughs, he has lost his moral compass. Anyone with some research skills who does a bit of digging will uncover a lot. 15 minute cities, WEF, climate change etc

@terrygorry

Жыл бұрын

His reputation for calling peaks and troughs is seriously mistaken.

Advice from a vested interest is no advise at all.

So the next dumb guy won't have Google it; what is probate housing?