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Has the housing market been kick started again?

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  • 06-12-2007 5:31pm
    #1
    mastermind2005
    Banned (with Prison Access) Posts: 339 ✭✭


    so did the budget announcments yesterday make people wanna rush out and buy houses and all those people "sitting on the fence" jump off?


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    #2
    ixoy
    Moderators, Entertainment Moderators Posts: 17,993 Mod ✭✭✭✭ixoy


    Certainly not from my point of view as a potential FTB - stamp duty was irrelevant for example. Increasing TRS is also nonsense as gurramok pointed out elsewhere - it'll affect a miniscule amount of FTBs who were getting unusually high mortgages. Nothing new and helpful for myself.


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    #3
    Tony255
    Registered Users Posts: 420 ✭✭Tony255


    Certainly not from my point of view either, it actually makes me want to wait it out a little more. I think people will hopefully see that stamp duty means nothing to FTB's and that the problem is with the over inflated property prices. My other half is dying to get in at the moment but I am standing firm I think the big drops have yet to come


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    #4
    SkepticOne
    Closed Accounts Posts: 6,718 ✭✭✭SkepticOne


    I don't think so. The calls for stamp duty reduction/reform in the media to date have almost always come from either vested interests in the property business or else those trying to sell their homes. Very rare is it someone waiting to buy (I've never heard it) calling for it.


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    #5
    mox54
    Registered Users Posts: 274 ✭✭mox54


    i hope it continues to drop away and some reality comes back to the housing market, greedy fat cats have had their day and it's tooooo late now!


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    #6
    Tom123
    Registered Users Posts: 250 ✭✭Tom123


    Not a chance in the last 2-3 months prices have fallen by more than the saving on stamp duty for most people.


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    #7
    Sizzler
    Registered Users Posts: 5,430 ✭✭✭Sizzler


    Well in the property section of the times today the front page is showing a development in Ashtown D.15 where the prices of a 2 bed apartment have dropped by 100K !

    A right kick in the bollix if you bought in the first phase :(


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    #8
    goldenbrown
    Closed Accounts Posts: 444 ✭✭goldenbrown


    next move: sellers have to drop prices by around 60k plus


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    #9
    mastermind2005
    Banned (with Prison Access) Posts: 339 ✭✭mastermind2005


    Well i think this is gonna be another "step down" on the ladder for sellers when they realise nothings gonna change the fact that prices a crumbling

    Not sure if everyone is gonna drop by 60k over night i think it will be a steady stream of 10k - 15k decreases for some time... There are allways one or two that will give up 50k - 100k overnight, but id say that would be more likley to be with the big houses.

    Personally i think if someone wants to getout of the loop for whatever reason before they loose all their "profit" since they bought, a short harp undercut maybe about 15% on the average prices in their area ... just enough to lure that starie eyed couple, who think their getting a bargin!


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    #10
    DublinDilbert
    Registered Users Posts: 5,379 ✭✭✭DublinDilbert


    Sizzler wrote: »
    Well in the property section of the times today the front page is showing a development in Ashtown D.15 where the prices of a 2 bed apartment have dropped by 100K !

    A right kick in the bollix if you bought in the first phase :(


    Yea saw that alright, there's definitely some people in negative equity there without a doubt.... i'd well believe it as there alot of apartments that haven't been sold there...


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    #11
    Uuuh Patsy
    Closed Accounts Posts: 267 ✭✭Uuuh Patsy


    DublinDilbert wrote: »
    Yea saw that alright, there's definitely some people in negative equity there without a doubt.... i'd well believe it as there alot of apartments that haven't been sold there...

    Some people may be in neg equity but I think there will be a lot of people who now own property in the last couple of years, that would not be able to get a mortgage now due to the credit crunch. For those people, they may be happy enough as they may have been stuck paying their landlords mortgage off for the next ? years until the banks loosened up again or the wages somehow increased sufficiently. And its only a matter of time before that negative equity is eroded. So for most people its irrelevant.


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    #12
    Tom123
    Registered Users Posts: 250 ✭✭Tom123


    Uuuh Patsy wrote: »
    Some people may be in neg equity but I think there will be a lot of people who now own property in the last couple of years, that would not be able to get a mortgage now due to the credit crunch. For those people, they may be happy enough as they may have been stuck paying their landlords mortgage off for the next ? years until the banks loosened up again or the wages somehow increased sufficiently. And its only a matter of time before that negative equity is eroded. So for most people its irrelevant.

    The banks haven't tightened up that much. I've just got approved for 5.5 times joint income.

    Negativity equity is only one issue. Overpaying by €30k-€40k is a bigger mistake in my eyes. Regardless of whether you intend to sell in the next 10 years.


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