And there are TONS of ex-mil people getting out at the moment, with big fat logbooks full of twin-time, and IRs paid for out of the property boom.
Are you sure that's true? There are many threads on here saying that there is a shortage of experienced and qualified pilots in the UK since the ex-military pool is drying up and those that are coming out do not have loads of twin time, in fact don't have much twin time at all.
IR really is only for those who want to work the North Sea and maybe the odd corporate job. Other roles (eg police/HEMS/pipe line/filming) do not require an IR. And, as noted on TC's police/HEMS thread, not everyone is motivated by money alone.
Cheers
Whirls