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Repossession of buy-to-let properties. What quantity / speed to market availability?

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  • 28-05-2013 2:44pm
    #1
    uberalles
    Registered Users Posts: 836 ✭✭✭


    With the current lack of supply of 3 bed semis in the greater Dublin area will BTL repros affect supply soon? By what qty?

    Doses anyone have an opinion of qty and time frame of these properties to become available?

    Thanks.


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    #2
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    I suspect that a lot of the repos will be apartments and this will take time to flush down the toilet bowl. Eventually, they will provide suitable accom to single people and young couples to rent thus freeing up houses for families to live in. Right now, people who would rent apartments or flats in other countries are house sharing in houses suitable for family living and this puts pressure on the limited stock available.


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    #3
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Does a repo of the BTL affect the main PPR residence which more than likely will be a house? If so, that house may emerge on the market in order to raise some cash, totally depends on the bank.

    Most BTL's which are suitable location wise are probably apartments as these were mainly built in urban areas.


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    #4
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    gurramok wrote: »
    Does a repo of the BTL affect the main PPR residence which more than likely will be a house? If so, that house may emerge on the market in order to raise some cash, totally depends on the bank.

    Most BTL's which are suitable location wise are probably apartments as these were mainly built in urban areas.

    Perhaps but I'm basing it on the older cohort (40-65) who I work with and have anything from 4 to 8 BTL's each, mainly apartments. If their entire portfolio gets repossessed, it'll be one house and many times more apartments for each of them.

    And if you assume that the bank takes a hit for each apartment being repossessed, it's hardly likely that they'll leave the house untouched.


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    #5
    Shedite27
    Registered Users Posts: 9,396 ✭✭✭Shedite27


    Every reduction in the price will bring more buyers into the market which will again boost the price.

    Not as much affect as I'd like in my opinion anyway.


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    #6
    lima
    Registered Users Posts: 1,239 ✭✭✭lima


    I got mortgage approval last September but I am waiting it out before looking into buying. Happily rent until I see 1br city centre apts under 100k and 2br under 150k in Dublin


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    #7
    Villa05
    Registered Users Posts: 4,613 ✭✭✭Villa05


    Shedite27 wrote: »
    Every reduction in the price will bring more buyers into the market which will again boost the price.

    Not as much affect as I'd like in my opinion anyway.

    Is your post a little contradictory?

    There is a very limited pool of buyers, for each price reduction, there may be more sales but the pool of buyers becomes smaller = further price falls =====> when the pool of buyers dwindles significantly ====> catastrophic collapse in price ====> Banks yet again fail

    It is as predictable as night follows day


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