Property Market 2015

Bob24

Rzeznik wrote: »

In Poland, you have only tracker mortgages.

Still today?

What's the rule to calculate the rate@ ... Can't possibly be the same as what it was in Ireland back in the days? (ECB rate +1% type of thing)

Rzeznik

Rule is EURIBOR - usually 6 months rate (if in EUR), LIBOR(if in CHF), WIBOR(if in PLN) + bank margin (depends on the bank and currency).
Recently the regulation was put in place and now availability of EUR and CHF mortgages is close to zero for people who do not earn in these currencies.

Cheapest one I can see at the moment for PLN has bank margin = 0,85% , total interest = 2,57%
My mortgage in EUR, which I took in 2011, has 2,6% margin and total interest atm = 2,73%

I think prior to 2004 there were some banks setting up their own interest rates, but now only trackers.

sure...sorry for the OT

athtrasna

can we get back on topic please. This isn't the bankIng forum. Thanks

johnp001

Owner-occupier long-term arrears rise again

johnp001

Is the slowdown in the capital a hiccup or a trend?

El_Dangeroso

Anecdote alert!

We had prev gone sale agreed on a house, but it turned out not to be due to other issues.

We're currently bidding on a house in a much better location that I thought would definitely reach asking. It's an ex-rental house so needs cosmetic stuff done but nothing onerous.

It's priced for a rental yield of about 4% so we put in a cheeky bid of 30K under asking, thinking and expecting to be soon outbid.

Tumbleweed.

The vendor has said they won't accept our offer so are leaving it on the market for another few weeks to see if any other interest can be drummed up, but given there has been several open viewing at this point, it's looking less likely.

A year ago we would have been in a bidding war by now, as I've seen it happen in the exact same estate.

Seems that the investors have exited the market for this type of property and the central bank rules are restricting the PPR side of things.

Is this the start of the climbdown?

Bob24

El_Dangeroso wrote: »

Anecdote alert!

We had prev gone sale agreed on a house, but it turned out not to be due to other issues.

We're currently bidding on a house in a much better location that I thought would definitely reach asking. It's an ex-rental house so needs cosmetic stuff done but nothing onerous.

It's priced for a rental yield of about 4% so we put in a cheeky bid of 30K under asking, thinking and expecting to be soon outbid.

Tumbleweed.

The vendor has said they won't accept our offer so are leaving it on the market for another few weeks to see if any other interest can be drummed up, but given there has been several open viewing at this point, it's looking less likely.

A year ago we would have been in a bidding war by now, as I've seen it happen in the exact same estate.

Seems that the investors have exited the market for this type of property and the central bank rules are restricting the PPR side of things.

Is this the start of the climbdown?

Out of curiosity, what location and what type of house?

El_Dangeroso

Bob24 wrote: »

Out of curiosity, what location and what type of house?

3 bed semi-d in Galway city.

farrerg

Something similar just happened to us, we had an offer on a house, got outbid and weren't willing to go higher, it ultimately went sale agreed 19k above our offer. The sale fell through, and then the underbidder who was 7k above us also disappeared, 2 weeks and multiple viewings later, it has now come back to us as estate agent has advised client that she is unlikely to get offered what she went sale agreed at again

handlemaster

farrerg wrote: »

Something similar just happened to us, we had an offer on a house, got outbid and weren't willing to go higher, it ultimately went sale agreed 19k above our offer. The sale fell through, and then the underbidder who was 7k above us also disappeared, 2 weeks and multiple viewings later, it has now come back to us as estate agent has advised client that she is unlikely to get offered what she went sale agreed at again

What city was this in ?

farrerg

handlemaster wrote: »

What city was this in ?

West Dublin

handlemaster

farrerg wrote: »

West Dublin

I'm in Dublin west didn't see any downward movement

farrerg

We hadn't really either. Maybe it's a one off, had gone 10% over asking in a bidding war and they're basically being told not to expect that to happen again

handlemaster

farrerg wrote: »

We hadn't really either. Maybe it's a one off, had gone 10% over asking in a bidding war and they're basically being told not to expect that to happen again

Agents dont give a monkeys might just say that to the seller say they think that spend enough time on the sale as is and the extra effort isnt worth it

johnp001

handlemaster wrote: »

Agents dont give a monkeys might just say that to the seller say they think that spend enough time on the sale as is and the extra effort isnt worth it

That is always the case. The fact that the previous underbidder is being informed that this is the case is indicative that the vendor is now willing to accept less than was previously sale agreed for which is what is telling.

gaius c

Bit of a bloodbath at Allsops today. Apartments inside the M50 for €70k.
https://liveauctioncentre.allsopireland.ie/live/show/19237?mode=Live&custom=False

handlemaster

gaius c wrote: »

Bit of a bloodbath at Allsops today. Apartments inside the M50 for €70k.
https://liveauctioncentre.allsopireland.ie/live/show/19237?mode=Live&custom=False

do you have the link to these properties, I can't see what selling prices were up to what they are at now. they have the scrolling prices but that is just that last few

Archaeoliz

Kilwick House sold today at Allsops for €410k (Lot 112)... Was bought in 2006 for €1.45m.

Pre PPR but handily noted in the Indo from October 2006 (scroll down to the end) "Kilwick House, on 21ac at Dunlavin in Co Wicklow, was sold for ?1.45m on Wednesday."

http://www.independent.ie/business/farming/ballincor-demense-sold-for-755m-26359267.html

Despite the boom time unrealistic price I still expected that one to make quite a bit more than that.

gaius c

handlemaster wrote: »

do you have the link to these properties, I can't see what selling prices were up to what they are at now. they have the scrolling prices but that is just that last few

I'm using chrome. Just give them a minute and they load as you scroll down the list. The full 180 (as of now) are all there.

Thargor

Jaysus if you were apartment hunting in Waterford you could be a homeowner for a few months wages...

johnp001

Third of properties unsold so far at €60m RDS auction

The_Conductor

johnp001 wrote: »

Third of properties unsold so far at €60m RDS auction

Just looking at the live stream there. Over a third of the properties- withdrawn or unsold- some with no bids? The few highlights are only because they had what appears to be artificially low reserves on them.......... Fecking hell.......
It was always going to be a hard sell this time round- if you took the time to flick through the catalogue- the selection and location of properties wasn't the best- but I honestly thought someone somewhere would buy- given what I thought were the realistic reserves on most of them.

I think the issue with the auction this time round- is the crud thats in it- more so than sentiment or any other reason- and I apologise to anyone I offend by calling a significant majority of the properties crud. The locations of a lot of these properties were only going to be of interest to a select few- come what may.

johnp001

Building and Construction Output increased by 5.5% in 2nd quarter 2015

Increases in Residential Building activity have accelerated significantly in the last quarter. From index of 70 (relative to 2010) at the start of 2014 to 115 now

SarahMollie

So thinking this thread has gotten awfully technical, thought I'd interject with a personal update on my (long) joureny to get on the ladder.

Went sale agreed for the 4th time back in late July. Previous three attempts (Sale agreed is meaningless by the way) had all fallen through at the Vendors end. 2x vendors lender wouldn't approve the sale, and 1 issue regarding title to the land the property was built on. I also suspect in at least one case, that the vendor had no intentions of selling but was going through the motions to satisfy the bank - this cost me dearly in terms of time, legal fees, valuation costs and a survey, but however, hindsight is 20/20.

I was 26 when i started househunting and will turn 30 in Jan, so to say its been a long slog is an understatement.

I'm now at the final stages and expect to complete within 2 weeks, this is by far the furthest I've gotten in any of my attempts.

I did have a notably different experience this time around however. Gone were the days of falling over other people at massive open viewings. I viewed the property twice, once alone and once with one other person in attendance. I ultimately had to add 2k to my own highest bid to get it taken off the market (as vendor was going to withdraw it and rent it again if they couldn't reach a specific number, and since we were so close, and I LOVE the property, I deemed it worthwhile)

Just waiting to hear back on one pre contract query and then I should be good to go - am slightly comforted in knowing that the market has cooled a bit so that my Vendor won't be tempted to think they can get more.

I'm fine if the value fluctuates slightly as I'm buying a home, not an investment. I can afford the mortgage and I'm delighted with the property and its location. I'm confident it will always hold a decent value and its rental potential alone is enough to make me feel secure. Its a 3 Bed Duplex in Stillorgan, South Dublin, 10 minutes walk from Sandyford Industrial Estate and Stillorgan Luas stop.

Wish me luck!

ionapaul

Good luck We only moved in two months ago, was sooooo much effort and back-and-forth, no wonder people only do this a few times in their lives! Will all be worth it when you get your keys I'm sure.

Floodzie

I wonder will this have an effect on house prices?

"Citigroup is sounding the alarm bells for the world economy. In an analysis the New York- based bank’s chief economist, Willem Buiter, said there is a 55 percent chance of some form of global recession in the next couple of years, most likely one of moderate depth and length."

http://www.irishtimes.com/business/economy/citigroup-sounds-alarm-bells-over-world-economy-1.2345490

johnp001

Floodzie wrote: »

I wonder will this have an effect on house prices?

"Citigroup is sounding the alarm bells for the world economy. In an analysis the New York- based bank’s chief economist, Willem Buiter, said there is a 55 percent chance of some form of global recession in the next couple of years, most likely one of moderate depth and length."

http://www.irishtimes.com/business/economy/citigroup-sounds-alarm-bells-over-world-economy-1.2345490

Green Reit to make prudent change of tack

REIT states yesterday that it is exiting the buying market. Other investors very likely to follow suit. Significant in a market that has had such a high proportion of cash buyers recently.

The_Conductor

Floodzie wrote: »

I wonder will this have an effect on house prices?

"Citigroup is sounding the alarm bells for the world economy. In an analysis the New York- based bank’s chief economist, Willem Buiter, said there is a 55 percent chance of some form of global recession in the next couple of years, most likely one of moderate depth and length."

http://www.irishtimes.com/business/economy/citigroup-sounds-alarm-bells-over-world-economy-1.2345490

Its cyclical- going by historic norms there would be a recession due in the next few years- come what may. If Citigroup reckon its to be of moderate depth and length- I'd view that as good news.

The issue at the moment- is wild fluctuations in global markets- and an expectation of an end to the rock bottom interest rates that have been giving unusual supports to the global economy for the last few years. Its been a rollercoaster over the past few weeks- and its not going to get better any time soon.

gaius c

Floodzie wrote: »

I wonder will this have an effect on house prices?

"Citigroup is sounding the alarm bells for the world economy. In an analysis the New York- based bank’s chief economist, Willem Buiter, said there is a 55 percent chance of some form of global recession in the next couple of years, most likely one of moderate depth and length."

http://www.irishtimes.com/business/economy/citigroup-sounds-alarm-bells-over-world-economy-1.2345490

What are they on about? We're still in the depths of the previous recession and chucking loads of QE and ZIRP at it to try and make it go away.

SarahMollie

ionapaul wrote: »

Good luck We only moved in two months ago, was sooooo much effort and back-and-forth, no wonder people only do this a few times in their lives! Will all be worth it when you get your keys I'm sure.

Thanks! I can understand why people say its the most stressful thing ever and I haven't even moved yet! There really needs to be a review of the legal processes to make it easier and quicker for people to buy a home.