Ireland - Hero to zero!

buglawton

I wonder if the same thing could happen to any other islands off the coast of mainland Europe.

IronWolf

ceridwen wrote: »

I hadnt realised the Southern Irish get so much higher benefits/NMW/State Pension than those of us in the rest of Britain
- but then I struggle to get my head round why one part of Britain is called "the Republic of Ireland" and has their own Government anyway..... I'm not up enough on my Irish history to know why this is.

Well, Ireland has never been part of Britain. It was part of the united Kingdom, but thie history of Britain vs Ireland has always been one of rebellion. Ireland broke free of the UK and became independent, apart from one section, 'Northern Ireland' who wanted to remain in the UK. This spawned a war between the two, which wasn't so long ago resolved, for most of the 20th century the IRA (from Republic of ireland) were the major terrorist threat to the UK, who wanted the whole of Ireland united again, free from the UK.

StevieJ

Anyone tell me the last time Ireland had a housing crash before this one?

StevieJ

IronWolf wrote: »

Well, Ireland has never been part of Britain. It was part of the united Kingdom, but thie history of Britain vs Ireland has always been one of rebellion. Ireland broke free of the UK and became independent, apart from one section, 'Northern Ireland' who wanted to remain in the UK. This spawned a war between the two, which wasn't so long ago resolved, for most of the 20th century the IRA (from Republic of ireland) were the major terrorist threat to the UK, who wanted the whole of Ireland united again, free from the UK.

I remember a study of the genetics of the 'Irish people' some time ago, it found that something like 99% of the Irish were of British origin.

tod123

Eire is part of the British Isles.

worldtraveller

worldtraveller wrote: »

Latest figures including Q4 2010:

DUBLIN: -44.4% PEAK (END 2006) TO DATE
OUTSIDE DUBLIN: -34.5% PEAK (END 2006) TO DATE
NATIONAL: -38.3% PEAK (END 2006) TO DATE

permanent tsb/ESRI House Price Index

Apparently the permanent tsb/ESRI House Price Index has now been replaced by the Central Statistics Office Residential Property Price Index.

These are their first figures:

• At a national level residential property prices in the year to March 2011 fell by 11.9%. Prices in Dublin fell by 13% in the year while outside of Dublin prices fell by 11%.
• Residential Property Prices, at a national level, reached their highest level in mid 2007 and in Dublin somewhat earlier, at the beginning of the second quarter of 2007.
• Since reaching their highest level, Residential Property Prices have fallen by almost 40% nationally, with Dublin experiencing the largest decline (-47%), while in the rest of Ireland prices fell at a somewhat lower rate (-35%).
• The largest price decline was for Dublin apartments where prices have fallen by 52% since February 2007.
• At a national level, houses have fallen by 11.5% in the year to March and by 38% since they reached their highest level in 2007. Nationally, apartments fell by 15.2% in the twelve months to March and by 51% since February 2007.

Central Statistics Office of Ireland

worldtraveller

Ireland is to consider a proposal to write off up to Euros 6 billion euros (£5.25 billion) worth of mortgage debt in a bid to boost the economy, the country's housing minister said.

A government committee is to consider a proposal to relieve households left in negative equity by a fall of around 50 percent in residential property prices, junior minister Willie Penrose told the Sunday Times.

Reuters

I blame the banks! :rotfl:

Anyone else see this coming? :think: :whistle:

A possible line from Cameron/Osborne in a few weeks time: "Yes, the UK taxpayer will no doubt directly or indirectly be subsidising part of this, but of course they are one of our largest trading partners......." :shhh:

Generali

StevieJ wrote: »

Anyone tell me the last time Ireland had a housing crash before this one?

1840s?.............

worldtraveller

Ireland's economy contracted by 1.9 percent in the third quarter, far worse than expected, as global economic turmoil dented exports raising doubts about its ability to meet its fiscal and debt targets under an EU-IMF bailout.

Analysts had been expecting a fall of 0.5 percent quarter-on-quarter on a seasonally adjusted basis. Ireland's quarterly growth data is notoriously volatile due to the inclusion of the earnings of Irish-based multinationals.

Second quarter GDP growth was revised down to 1.4 percent from 1.6 percent previously.

Gross National Product (GNP), seen by some economists as a more accurate indicator of the state of the economy because it strips out the earnings of Irish-based multinationals, was also down 2.2 percent in July-September, disappointing expectations for a flat performance.

Reuters

Ouch!

worldtraveller

Latest available figures from the Central Statistics Office (as at October, 2012):

In the year to October, residential property prices at a national level, fell by 8.1%.

This compares with an annual rate of decline of 9.6% in September and a decline of 15.1% recorded in the twelve months to October 2011.

Residential property prices fell by 0.6% in the month of October. This compares with an increase of 0.9% recorded in September and a decline of 2.2% recorded in October of last year.

In Dublin residential property prices fell by 0.2% in October and were 7.1% lower than a year ago. Dublin house prices declined by 0.2% in the month but were 7.8% lower compared to a year earlier. Dublin apartment prices were 7.1% lower when compared with the same month of 2011.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell by 0.9% in October compared with a decline of 2% in October last year. Prices were 8.9% lower than in October 2011.

Overall Decline
House prices in Dublin are 55% lower than at their highest level in early 2007.

Apartments in Dublin are 63% lower than they were in February 2007.

Residential property prices in Dublin are 56% lower than at their highest level in February 2007.

The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 47%. Overall, the national index is 50% lower than its highest level in 2007.

CSO (pdf)