Property Market 2015

Rew

6541 wrote: »

Does any of you guys on here except to see the banks move on repossessions ?

Anecdotally I think they are pushing hard on buy to let repos not sure about primary residences.

DublinDilbert

Rew wrote: »

Anecdotally I think they are pushing hard on buy to let repos not sure about primary residences.

Yes pushing very hard on buy to lets, one of the reasons for the accommodation crisis. The thing is no one in the public domain is sure how many houses/apts the banks currently have and are ready to put back onto the market.

I know of one couple last week that went sale agreed on an apartment , they offered the asking (not mad money) and were told they could have their pick of two apartments in the building.

We just don't know when the banks drip feeding of property onto the market will finish.

johnp001

DublinDilbert wrote: »

Yes pushing very hard on buy to lets, one of the reasons for the accommodation crisis. The thing is no one in the public domain is sure how many houses/apts the banks currently have and are ready to put back onto the market.

I know of one couple last week that went sale agreed on an apartment , they offered the asking (not mad money) and were told they could have their pick of two apartments in the building.

We just don't know when the banks drip feeding of property onto the market will finish.

There are figures here:
Residential Mortgage Arrears and Repossessions Statistics: Q2 2015

Legal Proceedings and Repossessions
During the second quarter of 2015 rent receivers were appointed to 891 BTL properties, bringing the stock of accounts with rent receivers appointed to 6,433. There were 653 BTL properties in the banks’ possession at the beginning of Q2 2015. A total of 234 properties were taken into possession by lenders during the quarter, of which 161 were repossessed on foot of a Court Order, while the remaining 73 were voluntarily surrendered or abandoned. During the quarter 211 properties were disposed of. The number of properties in possession at the end of the quarter was also impacted by reclassification issues affecting 8 BTL accounts. These issues mainly reflect the reclassification of BTL accounts as PDH accounts. As a result, lenders were in possession of 668 BTL properties at end-June 2015.

6541

DublinDilbert wrote: »

Yes pushing very hard on buy to lets, one of the reasons for the accommodation crisis. The thing is no one in the public domain is sure how many houses/apts the banks currently have and are ready to put back onto the market.

I know of one couple last week that went sale agreed on an apartment , they offered the asking (not mad money) and were told they could have their pick of two apartments in the building.

We just don't know when the banks drip feeding of property onto the market will finish.

This is what I suspect, the market is very distorted. I am keen to buy a home. I am in no hurry as I can stay in family home for as long as I want. I have been watching this thread and keeping abreast of the news. I would appreciate some responses to the following.

1) I want to buy in Mayo, as far as I can see every second property is up for sale, indeed whole towns have been decimated and property is in effect worthless. There is no way to gauge the true worth of property in Mayo.

2) We are at a very uncertain period in Ireland - What would the market be like after an election, lets say some left leaning parties get in ?

3) There is talk of major problems in the world economy It appears that Low interest rates and QE has not worked and we may be on the cusp of a serious down turn.

So with these three points in mind, would peoples advise not to be hold back and do not enter the property market as it is to erratic at this moment in time ?

Piriz

1) I want to buy in Mayo, as far as I can see every second property is up for sale, indeed whole towns have been decimated and property is in effect worthless. There is no way to gauge the true worth of property in Mayo.

Put a few low offers on properties you like and you'll find out.

2) We are at a very uncertain period in Ireland - What would the market be like after an election, lets say some left leaning parties get in ?

We've been through much more uncertain periods since 2008, we are in a way better place now..

3) There is talk of major problems in the world economy It appears that Low interest rates and QE has not worked and we may be on the cusp of a serious down turn.

Answer 2 is applicable here too..

So with these three points in mind, would peoples advise not to be hold back and do not enter the property market as it is to erratic at this moment in time ?

I think if your not in urgent need to buy, hold off for a year and any improvement in prices will be apparent by then..

Villa05

Piriz wrote:

We've been through much more uncertain periods since 2008, we are in a way better place now..

We r not in a better place now. In 2008 we had significant reserves and had plenty of fat to cut the budgets into line quickly.
Now we have a massive debt mountain and much of the 2008 fallout has not been dealt with (mortgage arrears etc)
Should there be another recession we will be hit hard

handlemaster

http://m.independent.ie/business/personal-finance/property-mortgages/property-prices-still-rising-despite-central-banks-lending-curbs-34151268.html

House prices in Dublin still on the rise

johnp001

Homeowners given chance to test property market for free

“If like many people you are considering selling, but are unsure if current values allow you to move, you can test the market for FREE to determine the highest offers available for your property,” a flyer from the agent says.
Castle is offering those interested in selling a selection of marketing tools provided at its own expense. These include ads on Myhome.ie and Daft.ie, professional photography and “for sale” signage for outside a property. Castle operates a “no sale – no charge” policy.

brownbeard

johnp001 wrote: »

Homeowners given chance to test property market for free

That's going to be really annoying for anyone looking to buy.

johnp001

brownbeard wrote: »

That's going to be really annoying for anyone looking to buy.

Exactly what I was thinking

Buyers shouldn't look at Castle properties so!

Glenbhoy

handlemaster wrote: »

http://m.independent.ie/business/personal-finance/property-mortgages/property-prices-still-rising-despite-central-banks-lending-curbs-34151268.html

House prices in Dublin still on the rise

Interestingly, they have also included an article explaining that these figures may not represent the true state of the market given the various factors discussed here over the past few years.

Of course, this is an attempt to show that the figures don't run in the face of the Sindo's current campaign to have the central bank revisit the lending guidelines.

Glenbhoy

brownbeard wrote: »

That's going to be really annoying for anyone looking to buy.

Is it really any different than what happens at present? Homeowners put their property up for sale and if the price they require/desire isn't achieved, they don't sell.

That's what I was wondering. Do a lot of agents not work on commission? Or are some of them charging for MyHome/Daft ads upfront? If so, is that all Castle's are really offering? Free Daft listing.

billymitchell

Glenbhoy wrote: »

Interestingly, they have also included an article explaining that these figures may not represent the true state of the market given the various factors discussed here over the past few years.

Of course, this is an attempt to show that the figures don't run in the face of the Sindo's current campaign to have the central bank revisit the lending guidelines.

Didnt myhome or Daft release figures only a couple of weeks back saying that prices in Dublin are dropping? I cant remember if this was asking or selling prices, but I definitely remember reading about it on one of the main broadsheets

Edit:
http://www.herald.ie/news/drop-in-city-house-prices-to-continue-into-2016-31569288.html

Asking prices. The only place to get selling prices is the price register but it is very hard to extract like-for-like monthly comparisons. The CSO data are based on mortgage drawdowns so they exclude cash buyers (but, in my opinion, is still the best indicator we've got at the moment).

alastair

billymitchell wrote: »

Didnt myhome or Daft release figures only a couple of weeks back saying that prices in Dublin are dropping? I cant remember if this was asking or selling prices, but I definitely remember reading about it on one of the main broadsheets

Edit:
http://www.herald.ie/news/drop-in-city-house-prices-to-continue-into-2016-31569288.html

That was asking prices, not achieved sales prices.

The_Conductor

billymitchell wrote: »

Didnt myhome or Daft release figures only a couple of weeks back saying that prices in Dublin are dropping? I cant remember if this was asking or selling prices, but I definitely remember reading about it on one of the main broadsheets

Edit:
http://www.herald.ie/news/drop-in-city-house-prices-to-continue-into-2016-31569288.html

Overall prices for houses in Dublin are continuing to rise- albeit at lower and lower rates- while apartments/townhouses are now firmly falling again. Note- this is in incredibly thin market volumes- which means a few good sales in D6/D6W/8 are masking falls in D15/Lucan/D24/D22.......

Anyone trying to call the market- is in for a very rocky ride.

Alter_Ego

http://www.irishtimes.com/business/economy/property-price-inflation-in-dublin-falls-to-lowest-level-in-two-years-1.2408572

Property price inflation in Dublin falls to lowest level in two years

handlemaster

The_Conductor wrote: »

Overall prices for houses in Dublin are continuing to rise- albeit at lower and lower rates- while apartments/townhouses are now firmly falling again. Note- this is in incredibly thin market volumes- which means a few good sales in D6/D6W/8 are masking falls in D15/Lucan/D24/D22.......

Anyone trying to call the market- is in for a very rocky ride.

Are property prices falling in D15 ? I havent seen any falls !

Alter_Ego

handlemaster wrote: »

Are property prices falling in D15 ? I havent seen any falls !

what about these?

http://www.collapso.net/Sale-Property/Price-Changes.php?order=latest&region=Dublin+15

irishguy1983

Cork is a nitemare - never thought I would see rents as high as Dublin yet I am!

Not sure I'll ever to get to move out of home - could be here until my early 40's

funny_head

irishguy1983 wrote: »

Cork is a nitemare - never thought I would see rents as high as Dublin yet I am!

Not sure I'll ever to get to move out of home - could be here until my early 40's

move to limerick , rents are half the price

Shedite27

irishguy1983 wrote: »

Cork is a nitemare - never thought I would see rents as high as Dublin yet I am!

Not sure I'll ever to get to move out of home - could be here until my early 40's

What price are ya looking at in Cork? What size place and area?

irishguy1983

Shedite27 wrote: »

What price are ya looking at in Cork? What size place and area?

Was looking to buy a place - just a 2 bed on the Southside - like maybe Btwon, Douglas, Blacrock, Ballinlough, Ballpheane-basically somewhere within 10/15 minutes of city - most decent 2 beds are now going for 200,000 and above - this is ridiculous for Cork - I was bidding on a 2 bed terrace in Passage West (not exactly a great area but beggars can't be choosers and all that) but it has gone above 200,000 during the week - this is mad for Cork...I am right in the thick of of bidding/looking at any decent 2 bed in Cork and it's crazy....

So I decided to look at renting and I see 2 bed apartments on the Southside going for 1,600,1,700 - that is Dublin type stuff and I know from my time living in Dublin.

irishguy1983

funny_head wrote: »

move to limerick , rents are half the price

Might be a reason they are half price

handlemaster

Alter_Ego wrote: »

what about these?

http://www.collapso.net/Sale-Property/Price-Changes.php?order=latest&region=Dublin+15

More a case of asking price to high than actual prices dropping look at the propertypriceregister.ie

Shedite27

irishguy1983 wrote: »

Was looking to buy a place - just a 2 bed on the Southside ..... going for 200,000 and above

....renting and I see 2 bed apartments on the Southside going for 1,600,1,700

That seems a huge difference alright. In Dublin the mortgage V rent seems fairly similar. Renting 2 bed house would be bout 1700 rent, buying the same house would be a slightly cheaper mortgage.

There's some very good money to be made in being a landlord in Cork it seems!

irishguy1983

Shedite27 wrote: »

That seems a huge difference alright. In Dublin the mortgage V rent seems fairly similar. Renting 2 bed house would be bout 1700 rent, buying the same house would be a slightly cheaper mortgage.

There's some very good money to be made in being a landlord in Cork it seems!

Yeah the thing that is most surprising is is was never like this in Cork but having lived in Dublin for a few years I know it is relatively normally although gone up a bit.....

A bunch of people protested outside a place in Cork yesterday as a crappy 1 bed in the city was going for 1,200 a month!!!! Not sure what good the protest will do but there you go!!!

The whole thing leaves me living at home and frustrated but C'est La Vie

Jaketherake

irishguy1983 wrote: »

Yeah the thing that is most surprising is is was never like this in Cork but having lived in Dublin for a few years I know it is relatively normally although gone up a bit.....

A bunch of people protested outside a place in Cork yesterday as a crappy 1 bed in the city was going for 1,200 a month!!!! Not sure what good the protest will do but there you go!!!

The whole thing leaves me living at home and frustrated but C'est La Vie

Funny thing about the people protesting.
Its very ill conceived.
They are only making things worse. Potential landlords or current landlords see that and they just decide property investment isnt worth the trouble. Therefore less property on the market for rent and rents go up as insurance against this type of carry on.

And imagine letting one of these people into your property - the minute you put up the rent they call their buddies and male your life a nightmare. LLs be studying all the pictures of these sit in protesters and making sure they never make it through their front doors on viewings in future.