Irish Property Market 2020 Part 2

brisan

Timing belt wrote: »

What decisions have they undertaken to ‘put us in a similar place that resulted in the last bust’? I don’t think you know what you are talking about!!!

Well to be fair you are not alone there

brisan

PropQueries wrote: »

Interesting betting odds on Paddy Power. The lowest odds are for the next general election being in 2021.

Is there something stirring I'm not aware of and how will this impact on the property market this year as if there's something stirring, will FF/FG change tack fast to bring in further policies to solve the housing issue this year?

This Government won't fall because if they do they know they will not get in again
They have one shot at fixing the housing crisis.
However I do not think they are capable or willing to fix it because of vested interests

lalababa

WhenPigsCry wrote: »

Because there is a no confidence vote in Varadkar scheduled for this week, which if he lost, would in turn bring down the government. But he is unlikely to lose.

How would a vote of no confidence in LV bring down the Gov.?? He'd just get demoted. ER for taniste.

AssetBacked2

Idbatterim wrote: »

100% agree, they will have the rosary beads out, hoping for some miracle, but I absolutely reckon you are right on this. I do think they would prefer rip off houses and property and would lose power over it, before they would touch it. I was speaking to a mate who hates SF, I said to him, once it is sorted for working people, I dont care who does it, if it takes SF to get in, an economic collapse and that is what it takes, to get the issued addressed by government here, once and for all so be it. you are now asking, how will an economic collapse help the situation. If SF are elected on pretty much housing 100%, or cause a collapse, how could a new government, not actually address, what they (FFG) dont currently want to touch with a barge pole? their only current concern, is giving away as many free houses as possible, paid for by the taxpayer, to keep RTE off their backs

a few years back economy booming and there were none or as good as no income tax cuts, from pro worker FG, during a boom! so forgive me for thinking being robbed hundreds of thousands of extra in property expense over a lifetime, warrants a vote for the only party that MIGHT do something about it or if they dont, it will create enough of an issue, that someone will have to do something about it IMO. The issue will be too big for the money hungry scumbags to ignore...

I wonder how the post-covid recovery will pan out. The narrative to date is that actually the housing market is stable and robust, that lots of people are saving money this year etc. So to then ignore taking extreme measures to fix the housing market due to an alleged economic problem to be fixed post-covid would be very disingenuous. Essentially, the claim to date has been that most things are business as usual, therefore covid is not an excuse to not fix the housing crisis in the next 2--4 years.

almostover

Deleted User wrote: »

the issue for govt is that they cannot and will not countenance any measure that sees house values fall

so massive govt money pours into monthly spend on rental support schemes, and more schemes roll out to entice buyers on the ladder but not under any condition will the govt meet social housing demand by building, which is step one on easing rental pressures and easing second hand property supply problems.

It's ludicrous that we have somehow linked property prices to economic output and prosperity. Property prices going up are a decent indicator that the economy is doing well and people have more wealth but it's not the be all and end all for an economy. Anyway it's all relative, we have the catch 22 situation here where property prices are going up far quicker than wages. Some people can't even begin to consider state intervention to resolve a societal problem lest their precious market be jeopardized in any way.

fliball123

almostover wrote: »

You made a lot of valid points too, not knocking that. Problem is that there is such a shortage right now in supply that it isn't that estate agents don't want to answer questions it's that people are panicked into act know ask questions later type decisions and the estate agents are exploiting that. Want to take a week to ask questions and have a think though a major decision, tough luck pal, all houses in your price range are now reserved.

I agree the array of property up there is appealing. You would have time to ask the questions if you paid the deposit and your guaranteed to get it back if you want to pull the plug. so if your not happy with lack of response or the answers to your questions are not what you like.

Graham

Mod Note

First Time Buyer discussion moved here

cubatahavana

median house price from the PPR

According to this, the median value in 2020 is higher now than any other year before (for the month of October)

Mic 1972

cubatahavana wrote: »

median house price from the PPR

According to this, the median value in 2020 is higher now than any other year before (for the month of October)

This is the evidence that most people are still rejecting.
Prices are still going up, and if they went up during 2020 with all that has happened, what stops them from keep going next year?

enricoh

brisan wrote: »

This Government won't fall because if they do they know they will not get in again
They have one shot at fixing the housing crisis.
However I do not think they are capable or willing to fix it because of vested interests

Is there any fixing of the housing crisis possible? Getting social housing is so attractive now more and more people are looking for it.
Friends of mine bought a 3 bed semi in the summer- roughly 300k in a commuter town. Probably e1500 a month mortgage?
Mates of theirs got a better spec-d one a few doors down off the social for probably e150 a month.
It's nuts, my friends are working out how theyll afford a couple of nippers.

awec

enricoh wrote: »

Is there any fixing of the housing crisis possible? Getting social housing is so attractive now more and more people are looking for it.
Friends of mine bought a 3 bed semi in the summer- roughly 300k in a commuter town. Probably e1500 a month mortgage?
Mates of theirs got a better spec-d one a few doors down off the social for probably e150 a month.
It's nuts, my friends are working out how theyll afford a couple of nippers.

This is likely not true.

Idbatterim

awec wrote: »

This is likely not true.

a good friend of mine has a friend, whom I have met before, getting one of the luxury one bed apartments in dundrum for E50 a month (would just about cover the a typical management fee in an apartment complex) so I doubt E150 is much of a stretch of the imagination. Surprised they arent given hundred euro a week m and s vouchers too!

Idbatterim

AssetBacked2 wrote: »

I wonder how the post-covid recovery will pan out. The narrative to date is that actually the housing market is stable and robust, that lots of people are saving money this year etc. So to then ignore taking extreme measures to fix the housing market due to an alleged economic problem to be fixed post-covid would be very disingenuous. Essentially, the claim to date has been that most things are business as usual, therefore covid is not an excuse to not fix the housing crisis in the next 2--4 years.

they can talk all the waffle they want, supply is nowhere near meeting demand... yes definitely many who are looking to buy, its now way easier to save for deposit due to lack socialising in pubs, no weddings, eating out...

It LOOKS like there may be a vaccine or good enough testing in place, before the insane sums they are borrowing, result in a total financial meltdown. Of course a lot of damage has already been done... Will be interesting to see how it all pans out. Look, everything is rosy, until something changes or people get spooked, then the herd moves from safety and confidence, to panic, who knows when that will happen next, but it will...

Given this scenario, but it is unlikely we will probably face it in our lifetimes again, but a house has risen in stock a lot v an apartment in my opinion. Not that I will ever live in an apartment again...

brisan

awec wrote: »

This is likely not true.

They would have to be earning less than 300 a week to pay that little

https://calculator.tiltaffinity.com/

Graham

Mod Note

friendly reminder, the discussion is "Irish Property Market 2020"

Pelezico

Maybe house prices will rocket now...if they have stayed stable and even increased during covid.

Interest rates will remain low for years to come. The fed has told us this.

What is not to like?

woejus

Pelezico wrote: »

Maybe house prices will rocket now...if they have stayed stable and even increased during covid.

Interest rates will remain low for years to come. The fed has told us this.

What is not to like?

Loathe as I am to provide you with more basic education in macroeconomics, I must point out to you that the Federal Reserve is responsible for setting interest rates in the USA. Here, in this country, the ECB sets interest rates.

Also, is your supposition not in direct contradiction to what you were saying yesterday? Whither your offspring's warchest in this scenario?

Valentin_N

Mic 1972 wrote: »

This is the evidence that most people are still rejecting.
Prices are still going up, and if they went up during 2020 with all that has happened, what stops them from keep going next year?

The reason the median price is going up is because the number of transactions for lower value properties has gone down significantly. With the volume of transactions for more expensive properties mostly unaffected, the median goes up.

Pelezico

woejus wrote: »

Loathe as I am to provide you with more basic education in macroeconomics, I must point out to you that the Federal Reserve is responsible for setting interest rates in the USA. Here, in this country, the ECB sets interest rates.

Also, is your supposition not in direct contradiction to what you were saying yesterday? Whither your offspring's warchest in this scenario?

F

FED and ECB are in tandem. Interest rates at circa 0% look like being here for a long time.

Son has his war chest. He is ready to press button.

combat14

magic vaccine in a couple of weeks .. house prices to the moon & to infinity and beyond!!

its all good news

Pelezico

combat14 wrote: »

magic vaccine in a couple of weeks .. house prices to the moon & to infinity and beyond!!

its all good news

I agree with you. House prices will rocket with the vaccine. My lad has to get on the ladder. Then he can pull the ladder up. It is just so good.

Cyrus

Pelezico wrote: »

I agree with you. House prices will rocket with the vaccine. My lad has to get on the ladder. Then he can pull the ladder up. It is just so good.

But prices have risen ?

Limpy

House prices in my estate are selling 5-10% over asking. People are looking. Many people have lots of cash saved.

The thing is prices haven't changed much considering 2020. If a vaccine is almost ready then confidence will come back. Booms are good, but big house prices are not.

Donald Trump

Limpy wrote: »

House prices in my estate are selling 5-10% over asking. People are looking. Many people have lots of cash saved.

The thing is prices haven't changed much considering 2020. If a vaccine is almost ready then confidence will come back. Booms are good, but big house prices are not.

The vaccine that they have is 90% effective. That means 10% still susceptible even if everyone gets it- which will take a long time.





You don't foresee any effect from Brexit?

fliball123

Donald Trump wrote: »

The vaccine that they have is 90% effective. That means 10% still susceptible even if everyone gets it- which will take a long time.





You don't foresee any effect from Brexit?

Brexit has happened and there will be a lot less severe now that Donaldo is out of the white house Biden will be doing his best to keep the British to their word and Biden and Brois are not on the best of terms spells more trouble for England trying to get a deal

Pelezico

Limpy wrote: »

House prices in my estate are selling 5-10% over asking. People are looking. Many people have lots of cash saved.

The thing is prices haven't changed much considering 2020. If a vaccine is almost ready then confidence will come back. Booms are good, but big house prices are not.

Rocketing house prices are really good. I would love another construction boom I dont know a single person in the construction industry who did not seriously enjoy himself in the celtic years.

I want them.back after my son presses his purchase button

cubatahavana

Valentin_N wrote: »

The reason the median price is going up is because the number of transactions for lower value properties has gone down significantly. With the volume of transactions for more expensive properties mostly unaffected, the median goes up.

So, people are not buying cheaper properties and properties are selling at higher prices

fliball123

Pelezico wrote: »

Rocketing house prices are really good. I would love another construction boom I dont know a single person in the construction industry who did not seriously enjoy himself in the celtic years.

I want them.back after my son presses his purchase button

so is your son going to buy soon you have been saying for months he will be waiting for the drop??

Pelezico

fliball123 wrote: »

so is your son going to buy soon you have been saying for months he will be waiting for the drop??

He cant buy. There is nothing on the market worth buying. He and gf will just keep saving the 3k per month for the foreseeable future.

dor843088

In order for house prices to increase then wages need to increase. The central bank rules have nailed the two together for good reason. There'll be no more rapid house price increases for the most part. This was true before covid and is still the case. This was the sole reason for central bank rules.