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Will house prices drop next year?
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04-10-2011 4:37pm#1
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My worry is that house prices will go up again by then-I haven't a clue about these things-...
Sorry but I have to ask what planet have you been on ?
Do you ever watch or listen to a news or current affairs show ?
You know those boring shows.Really appreciate the reply thank you. If I bought a house completely with no mortgage, would I have many extra costs, ie. House insurance etc? As I said I genuinely am clueless about buying, I've been renting for years but now have a baby and I'm eager to give her a home.
Don't be too eager to buy as it is a buyers market and prices are going only one way.
You have solicitor costs, surveyors/engineers report on house and then ongoing annual running costs including insurance, taxes and maintenance.
Houses always cost money as there is always something that you need to fix/upgrade or want to upgrade or change.
Ohh and if you do have a wad of cash that could afford to purchase a house outright, even if it is a cheap one in Finglas or Balbriggan, then maybe look at not leaving it in Euros in an Irish bank.
And gold is a bad idea since it is just another bubble.leonidas83 wrote: »...
Were in choppy waters at the moment and it be wise to hold off but if your looking for a definitive answer there isnt one. No one really knows whats going to happen
Actually I can predict with 100% certainty that you, the OP and I will all die and that before that point we will pay lots of taxes.
I am just a wee bit fuzzy on all the rest.
I am not allowed discuss …
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At least three more 'bad' budgets to go...Greek default, Italian default, Irish default ...it's all up in the air..banks not lending..only buyers are cash buyers..only ones selling are those who have to or executor sales....
Hold on till at least next spring.....keep a close eye on the market / properties on the meantime ....best of luck
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Anyway, I did a bit of digging on the developer and it turns out that it is a new company. However, it turns out that the owner is a son of a NAMA developer and his father is on the board. The rolls were reversed in the company that is in NAMA. It turns out that they are selling off the plans and they build when you pay. They have built a row of about 10 houses for display, which they have now sold apparently.
The bit in bold cracked me right up.
Anybody who gives cash to a developer for something which does not exist, needs to be locked up for their own safety.
I think CarMe will be getting a better house in Glasnevin instead of Finglas if they hold out for another year or so.0 -
Hi, I have been informed that I am in receipt of an inheritance, enough to buy a cheap 3 bed house in finglas or balbriggan from what I can tell from Daft. By the time probate etc gets done it may be this time next year before the funds get released.
My worry is that house prices will go up again by then-I haven't a clue about these things-, can anybody shed some light on this for me? Much appreciated.
There's nothing on the horizon to stop prices falling, if anything the price decreases will accelerate.
I've posted this several times and is a bit old but gives a good picture of overall market:
26 reasons by property prices will continue to decline
A) Income taxes will rise substantially for everybody
Significant Property taxes will be introduced for owners
C) Significant Indirect tax increases- VAT/Excise
D) Interest relief for investors will be further reduced from current 75%
E) Rent Allowance will be decreased by some material percentage
F) Personal Insolvencies will increase when the law is changed in their favour
G) Continued downward wage pressures-or no pay increases at least till 2015
H) As competition in Banking is reduced then mortgage margins will rise
I) Emigration will continue by current and future potential homeowners
J) NAMA releasing finished properties onto the market mopping up demand
K) ECB raising interest rates to normal levels once Europe crises recovers, ie by 1%-3%
L) Property owners/investors in tight financial straits will be forced to sell
M) People realise that property in Ireland is still expensive vs other countries
N) More builders are put into receivership and properties are sold at large discounts - don't forget there are 300,000 empty properties
O) Rising fuel prices decrease disposable income and discourage commuting
P) The Croke Park agreement falls apart and public sector pay falls
Q) Unemployment rises and
R) Loss of economic sovereignty
T) Deflation or very low inflation causes debt to have to be repaid in full rather than inflated away at lenders expense.
U) Stiffer regulation forces banks to provide mortgages with more caution
V) Interbank lending to Irish Banks does not return to pre-crisis levels and the Banks have to price margins very conservatively-A given
W) Building costs decline further as NERA is disbanded and new build houses can be profitably sold for less.
X) Development land has plummeted so land costs can lead to further downward pressure on prices of future developments.
Y) Commercial rents continue to decline and contagion negative pressures apply to residential rents leading to lower property asking prices
Z) Contrarily the current booming birth rate will provide demand in 25 years time-for subsidised housing at the least
You can add the eurozone crises etc to that now too.0 -
The bit in bold cracked me right up.
Anybody who gives cash to a developer for something which does not exist, needs to be locked up for their own safety.
I think CarMe will be getting a better house in Glasnevin instead of Finglas if they hold out for another year or so.
I think they would be kept in a lab and tested, there could only be one or two of this species..;)0 -
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Theboinkmaster wrote: »There's nothing on the horizon to stop prices falling, if anything the price decreases will accelerate.
I've posted this several times and is a bit old but gives a good picture of overall market:
26 reasons by property prices will continue to decline
A) Income taxes will rise substantially for everybody Significant Property taxes will be introduced for owners
C) Significant Indirect tax increases- VAT/Excise
D) Interest relief for investors will be further reduced from current 75%
E) Rent Allowance will be decreased by some material percentage
F) Personal Insolvencies will increase when the law is changed in their favour
G) Continued downward wage pressures-or no pay increases at least till 2015
H) As competition in Banking is reduced then mortgage margins will rise
I) Emigration will continue by current and future potential homeowners
J) NAMA releasing finished properties onto the market mopping up demand
K) ECB raising interest rates to normal levels once Europe crises recovers, ie by 1%-3%
L) Property owners/investors in tight financial straits will be forced to sell
M) People realise that property in Ireland is still expensive vs other countries
N) More builders are put into receivership and properties are sold at large discounts - don't forget there are 300,000 empty properties
O) Rising fuel prices decrease disposable income and discourage commuting
P) The Croke Park agreement falls apart and public sector pay falls
Q) Unemployment rises and
R) Loss of economic sovereignty
T) Deflation or very low inflation causes debt to have to be repaid in full rather than inflated away at lenders expense.
U) Stiffer regulation forces banks to provide mortgages with more caution
V) Interbank lending to Irish Banks does not return to pre-crisis levels and the Banks have to price margins very conservatively-A given
W) Building costs decline further as NERA is disbanded and new build houses can be profitably sold for less.
X) Development land has plummeted so land costs can lead to further downward pressure on prices of future developments.
Y) Commercial rents continue to decline and contagion negative pressures apply to residential rents leading to lower property asking prices
Z) Contrarily the current booming birth rate will provide demand in 25 years time-for subsidised housing at the least
You can add the eurozone crises etc to that now too.
I was wondering if you'd be along to post this. Not one, not two, but 26 (or 27 if you count your new addition) reasons prices don't look to be heading up for any time soon. You really can't post this in enough threads, it should be stickied tbh.0 -
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