Mixed blessings as property recovery gathers pace

The property recovery continued apace in August, particularly in Dublin, according to figures just released. And while it still seems to be a two-speed resurgence, there are now tentative signs that things are picking up beyond the Pale. Great news. Or is it?

It remains to be seen if we have learned anything from the spectacular property crash of recent years, which plunged hundreds of thousands of householders into negative equity territory. While we have become somewhat inured to the term, it's quite terrifying when you think for a moment about what negative equity actually means: that we owe more to the lending institution than our property is worth.

•Our home is supposed to be our greatest asset. FILE PHOTO

There was a time when you could pop the keys through the letterbox of your bank with a note attached telling the branch manager that they could keep the house while you did the decent thing and emigrated. But unless you are one of the lucky ones to secure a debt write-down, you can now find yourself in the unenviable position of losing your home while still being in hock to your lender.

The property crash was anything but the soft landing predicted by the last Fianna Fail-led Government. The late Brian Lenihan tried to instill a sense of collective responsibility in us, stating during a television interview that, "to be fair, we all partied". There may have been a degree of truth in what he said but it hardly takes from the fact that the property bubble happened on his Government's watch and was fuelled by Fianna Fail's - and the economy's - reliance on stamp duty.

We may well have partied but it suited the Government for us to do so. In fact, we were encouraged to spend like there was no tomorrow. Remember when Charlie McCreevy gave us money for nothing through the SSIA savings scheme? Or what about all the tax breaks afforded to property developers? We were even given an extra grand a year for every baby we produced - and that was on top of generous, universal Child Benefit payments.

After the crash, it was no longer a case of trying to get a foot on the property ladder; rather a question of climbing too high up it and suddenly discovering you were afraid of heights. For some, declining property prices were the least of their problems as what was supposed to be their most valuable asset began to to crumble before their eyes due to either shoddy workmanship or the scourge of pyrite.

The Priory Hall debacle, in particular, has laid bare the human cost of light-touch regulation and cowboy building practices. History will recall this disgraceful chapter as a parable of the greedy, vulgar times we lived in.

•The Priory Hall scandal is a shameful legacy of the last boom. FILE PHOTO

The latest news that property is now increasing at a rate not seen since the Celtic Tiger era will bring mixed blessings. Those trapped in negative equity will at least have realistic options if they want to trade down or move on. But first-time buyers will be worried that their hard earned deposits will be quickly eroded by a rising market. The consequence of this is that young couples or families may end up saddled with unsustainable rents in substandard accommodation.

There is also the risk that financial institutions will move in for the kill when they realise they can suddenly break even on the distressed mortgages on their books. Don't be surprised if we see a significant increase in property repossessions as 'the recovery' takes hold.

No doubt Minister for Finance Michael Noonan is watching recent developments in the property market with interest. He would do well to learn from the catastrophic mistakes of his Fianna Fáil predecessors as he prepares for October's Budget.

RTÉ needs to prove it deserves our TV licence fee

This week, I was forced against my will to watch the annual 'Lovely Girls' competition, aka 'The Rose of Tralee'. Admittedly, I must take some responsibility for subjecting my eyes and ears to such old-fashioned nonsense. After all, this is car crash television - you know you shouldn't be watching but there is something strangely compelling about seeing how bad it is.

I have to confess I was reasonably impressed with some of the musical competency on display. As for the poetry, well, let's just say that it wasn't to my particular taste. Dáithí Ó Sé did as good a job as any of his illustrious predecessors and seemed genuinely at ease in his role as host. No better man for a bit of harmless banter with the ladies.

But within one hour of this great big Kerry love-in, I could take no more and left the room while my sanity was still relatively intact. I was gutted when I learnt that this was only the first night of the competition and we would be doing it all over again the next day. It was like a being trapped in your own version of 'Groundhog Day' with big gúnas, tin whistles and a twinkly-eyed presenter who could collectively charm all the mammies of Ireland.

•Ryan Tubridy is not responsible for the flaws of 'The Late Late Show'

In a cruel twist of fate, the following morning I received a final demand for my TV licence fee. Not the best time to be reminded that my hard-earned €160 is helping to fund the State broadcaster's original output.

But in fairness, the beauty/talent/nice personality pageant in the Kingdom is only a small part of what RTÉ has to offer. The station recently revealed its autumn schedule, with highlights including another season of the acclaimed 'Love/Hate', as well as a drama on the life of the flawed politician Charles Haughey.

The fact that some of the same actors will be appearing in both productions is a little bit worrying and smacks of laziness. I find it hard to believe that there is such a small pool of talent in this country that we are forced to wheel out the same faces time and time again.

Naturally, 'The Late Late Show' will again take its place at the top of the table when it comes to the autumn/winter schedule. The station's flagship chat show has been in decline for some time and it's not the fault of genial host Ryan Tubridy. For starters, it's far too long. This may not have been a problem when we were living in five channel land but in an era of digital TV and Netflix, RTÉ needs to realise that the viewer has a shorter attention span than in days of yore and wants instant gratification.

In recent years 'The Late Late' has largely become a vehicle for promoting the station's other programmes or plugging some Z-lister's book. As for the musical content, let's just say that a Garth Brooks cover band was a particular low point in the last season for me personally. Tubridy has great empathy with the guests that have harrowing, human stories to tell but seems to struggle with the more lowbrow stuff concerning has-been soap actors or reality TV stars. And who could blame him for that? At least give the guy something he can work with.

RTÉ should shave at least an hour off 'The Late Late Show' and concentrate on attracting a higher calibre of guest if it wants the nation to stop flicking over to Graham Norton at the earliest opportunity. It will take far more than a fresh redesign of the show's set to reverse the rot.

There is still much to love about RTÉ. Its current affairs output - on television, radio and online - has yet to be matched by its competitors, although the excellent Newstalk is nipping at the broadcaster's heels in this regard. But with the impending launch of UTV Ireland and the station's acquisition of prize bull Pat Kenny, the media landscape is set for radical change in 2015.

RTÉ will still be able to compete for lucrative advertising while enjoying a financial top-up from the TV licence fee. But now, with more choice for the viewer than ever, it needs to prove that it's worthy of it.

Are Leaving Cert foreign holidays an incentive too far?

I collected my Leaving Cert results way back in 1987. Memories of that morning came flooding back today when I saw images of overjoyed teenagers all over social media sites.

I know I sound like an old curmudgeon but our celebrations were a little more muted and innocent than what you see today. A group of us boarded a DART to Howth and tried our luck in some of the local pubs, with mixed results. Frustratingly, I had just turned 18 but still found it hard to get served. Not surprisingly, the girls fared better than the lads thanks to the transformative power of makeup.

The upside was that I had a part-time job in the St Lawrence Hotel, home to the legendary Good Time Charlie's nightclub. Staff were permitted free entry on Thursday nights. The doorman was a neighbour of mine and turned a blind eye to the 'over 21s' policy for the night that was in it. I was home by 2am and slept till the afternoon the next day. Pretty lame, as kids today would put it.

•Life's a beach: should we allow our teenagers to go on holidays unsupervised? PIC POSED

Things are different now. For many Leaving Cert graduates, a foreign holiday with their mates, without parental supervision, is the norm. Perhaps the lure of a trip abroad helps keep them motivated through those difficult months of intensive studying. But is it sensible to give a teenager such unrestricted freedom?

Even before the recent controversy surrounding the hellhole that is Magaluf came to light, I had serious reservations about the post-Leaving Cert holiday trend. While not every resort has such a seedy reputation, allowing teenagers to celebrate the end of their exams or results in another country is a risky move.

Even 'sensible' kids can go off the rails when exposed to cheap drink, excess sun and the prospect of no-strings attached holiday sex. It's a potent mix. To an impressionable teenager on holiday with their peers, this type of temptation can throw up many potential dangers: alcohol poisoning, drownings, exposure to drugs, unplanned pregnancies, STDs ... take your pick.

While most of these risks can as easily present themselves at home, young people are often in fear of being caught by their parents. Such a deterrent does not exist when they are abroad, making them more likely to engage in uncharacteristic, reckless behaviour.

I'm of the view that a 17 or 18-year-old does not have the emotional maturity to navigate the hazards presented by a foreign holiday. Sitting the Leaving Certificate remains one of the most trying times of a young person's life. Even many university graduates will attest that it remains the most difficult exam they ever had to face.

Parents will understandably want to dangle a carrot during the difficult two years preceding the Leaving Cert and reward their children for the hard work and effort. There are other ways to do this: give them money; put them on your car insurance policy; bring them on a shopping spree; organise a party etc.

But I believe that allowing teenagers the freedom of an unsupervised foreign holiday is perhaps an incentive too far. It's not enough just to trust them. Protecting your children should always take precedent over pleasing them.

Here come the good times . . . apparently!

It has been a pretty busy silly season so far. Newspapers usually struggle to fill their pages with interesting copy during the summer months but this year has been something of an exception, what with the Garth Brooks fiasco, the conflict in Gaza, multiple air disasters and a former politician being sent down for a spell of porridge.

Governments often try to bury bad news when there are a lot of other things happening. But this week we were showered with nothing but positivity. It was like being given a great big hug, with a reassuring whisper in our ear that everything is going to be OK.

•Party time is almost back - but we're still suffering a hangover from the last one. PIC POSED

Indeed, most of the things that have troubled us since the turn of our fortunes in 2008 are about to get back to near normal if the ESRI is correct. Easing fears of a new property bubble, the think-thank reckons that our humble abodes will be worth 20 per cent more by 2017. Not quite back to the Celtic Tiger prices we paid for them but possibly enough to drag most of us out of negative equity. I suspect it will make the option of repossessions more attractive for the banks, too.

Next year should see the creation of 50,000 new jobs and Ireland's unemployment rate will fall below the magic 10 per cent figure. It remains to be seen if the level of wages offered by prospective employers will support an average mortgage repayment. Unlike the heady days of the early noughties, the job seeker of today will be conditioned to accept the new reality when it comes to salary expectations.

We were also told that the Government may revise its growth projections upwards and we are being drip-fed hints that this year's budget may not be as harsh as previously feared. But the reality is that even if Michael Noonan has a bit of wriggle room to feed the taxpayer a few scraps from the table, any such gains will most likely be eroded by water charges and the next LPT payment. As Bertie Ahern would have put it: it's all "smoke and daggers" really.

Some people seem to think that the good times are already here and have started celebrating early. Sales of luxury cars in the 100k-plus bracket are up, according to new figures. And notoriously, one pub in Temple Bar was recently shamed on social media for charging the bones of €20 for two pints of beer and two packets of crisps (in fairness, there was 10 cent change).

But our rip-off culture extends way beyond our city's tourist traps. I was at a community festival earlier this month where I was relieved of over €7 for a hotdog and chips. Note to food stall owners everywhere: putting the word 'gourmet' in front of sausage, burger or pizza does not mean you can charge exorbitant prices for what is, after all, just basic takeaway grub.

When the good times eventually return, we will need to be more vocal when faced with ridiculous prices. So the next time a barman tries to charge you more than €7 for a standard pint, simply walk away and let them try to sell it to some other gullible fool.

It's not my intention to put a dampener on last week's good news. But we can only prepare for the next boom by learning from the mistakes of the old one. And that means being more assertive when it comes to standing up for your rights as a consumer.