Softening house market?

quokula

Anecdotally it feels like prices and demand have risen a lot where I'm looking vs 3 or 4 months ago. We've lost a couple of bidding wars that have gone 100k over asking, and the average asking price of our daft filter feels like it has gone up by around 100k over the last few months ago too. The sticker price for new phases in new estates we'd had our eye on also seem to still be going up. We originally thought we were in the 800k range for the size and location we wanted, now looking more like 900k+ and still rising.

tigger123

https://www.boards.ie/discussion/comment/119546473#Comment_119546473

https://www.boards.ie/discussion/comment/119546658#Comment_119546658

4 new coffee shops opened within walking distance of my house since covid started. And the one that was already established has recently gotten an alcohol licence and has started doing light evening meals.

Business and footfall is being shared now with the suburbs.

Bass Reeves

https://www.boards.ie/discussion/comment/119546832#Comment_119546832

My house is 30+ years old. There are is no problems with the plumbing or the wiring knock on wood. Ya if you decide you dislike the he kitchen or a bathroom that is another issue, if the house is thirty years old the plumbing is more than likely still copper and standard radiators.

As well the house is in the higher tier house section. A lot of these were one off builds and the quality was often monitored by those that bought the original houses..

I imagine the house is something like this

https://www.daft.ie/for-sale/detached-house-foulkstown-outrath-kilkenny-co-kilkenny/3983759

if it is I be thinking long and hard before I walked away from it especially if it was not stretching me financially.

Tow

He (or the wife) also needs to remember that the cash sitting in the bank from selling the Dublin house has lost 10% of its value in the last year.

lintdrummer

https://www.boards.ie/discussion/comment/119547590#Comment_119547590

That is indeed the house in question. It is not stretching us financially, we both have good stable jobs. I am delighted to have had the offer accepted, my wife is just on the fence but I think with some further discussion she will see sense.

https://www.boards.ie/discussion/comment/119547680#Comment_119547680

While that is true, we put the bulk of the cash into prize bonds and it has earned us almost €1000 in interest since December so we are not doing as bad as we would have by putting it in a savings account.

https://www.boards.ie/discussion/comment/119546275#Comment_119546275

Thank you, good post here to put things in perspective. Rent is currently €1300 per month. Mortgage will be fixed at 2.55% for 5 years. We don't have a choice on the provider because my salary is in Sterling.

I hadn't considered the maths of waiting it out with potential rate increases. Worth considering.

https://www.boards.ie/discussion/comment/119546832#Comment_119546832

That is true, these are the risks you take with a second hand property. However this one is well maintained and looks to have been built to a high standard. The boiler was replaced about 5 years ago.

There's another property my wife prefers due to it's location, it's smaller though.

https://www.daft.ie/for-sale/detached-house-8-broguemakers-hill-kilkenny-co-kilkenny/3935464

My problem with this house is that the bedrooms are very small and the layout downstairs is poor. I would be inclined to add an extension to the house, possibly incorporating the garage. Planning should not be an issue as there are examples in the same cul-de-sac of the same thing having been done. But then you are into major expense and renting for another year waiting for the work to be done so I'm not keen on the idea.

Bass Reeves

https://www.boards.ie/discussion/comment/119548342#Comment_119548342

Landscaping around the house would cost 70+k at present it looks like it was professionally landscaped. It's has fairly mature gardens. Decor is quite good if a bit dated.

Good ber rating at C1 but I am surprised it achieved that with four fireplaces. Everything in the house looks to be top quality if a bit dated. Things like electric gates that would cost a couple is thousand to get done. I would doubt if you would need a complete rewire or replumb of that house.

It's a completely different piece of property compared to No8 Broguemakers and there is only 50k in the difference and you have not bid on that one.

Bird in the hand is worth two in the bush.

I know very little about Kilkenny but if it in a nice area it should increase in value o er the next ten years.

Will it cost 100-150k to put an extension on the other house.

If you do not like the oak kitchen get it professionally painted 2ish grand. Install a stove or two, consider woodpellet stoves for ease of use.

Get robotic lawnmowers to do the lawns 3-5k instead of a ride on lawnmower

lintdrummer

https://www.boards.ie/discussion/comment/119548750#Comment_119548750

Yes, you're preaching to the choir! I actually think Husqvarna robot mowers are the first purchase I'd make if we buy. EA told us that fitting stoves will bring the BER rating up to a B.

Painting the kitchen units is a good idea for the short term, full replacement would be quite a big expense.

I think my wife is hung up on the location in Broguemakers Hill. It is very convenient there. The ability to walk on foothpaths to the city centre is very appealing to her. I just don't like the layout of that house as it is.

It's a tough decision. If we go for it and my wife doesn't settle in it, we'll be doing it all again in a couple of years!

Ray Palmer

I would never call a house that can take a grand piano easily modest

lintdrummer

https://www.boards.ie/discussion/comment/119548928#Comment_119548928

Well I didn't say it was modest, I said it's fairly standard. What I mean by that is that while it's big, it doesn't have any huge luxuries like wire in audio, jacuzzi baths, games room or any of that kind of stuff that you see in "executive" houses. But yes, it's big.

awec

The landscaping on the Foulkstown house alone is worth an absolute fortune. The garden has been excellently maintained, and you already have mature trees. The decor is horrendously old fashioned and the kitchen is awful but very easy problems to fix.

It is far better value than the house your wife prefers @lintdrummer .

On a side note, I think that house exterior design must be one of the most copy-paste house designs in Ireland. They are everywhere. My in-laws house looks almost identical from the outside, but they have a different internal layout.

wassie

https://www.boards.ie/discussion/comment/119548809#Comment_119548809

EA told us that fitting stoves will bring the BER rating up to a B.

Unless the EA has been given that advice by the BER assessor, I'd be wary of any such claims. Ask them in an email to confirm this and you'll soon know if they are talking out of their ar$e.

Reason I mention it is that if you acheive a higher energy rating you may be eleigble to access cheaper interest rates for 'green' mortgages in the future.

markodaly

Over 19,000 sites/homes for sale now on Daft

Its been slow in August with many people away but I wonder will there be an uptick in activity now that we are back in the school year.

ticktickboom

https://www.boards.ie/discussion/comment/119548342#Comment_119548342

I faaaaaar prefer the Broguemaker house. The location is better, it's close to amenities in a lovely, leafy, well maintained setting. The other house is kinda in the middle of nowhere, that would be crap for kids making friends and also having to drive everywhere. The Broguemaker house has real personality about it externally and I actually prefer the layout inside to the other one. There's a touch of "Mc Mansion" off the other one. Just my 2c.

Littleredcar

https://www.boards.ie/discussion/comment/119535770#Comment_119535770

I was told the same thing on Saturday by an agent . I viewed a house Thursday and this time 2 months ago I had to battle to get a viewing but I was the only interested party

KilOit

https://www.boards.ie/discussion/comment/119548342#Comment_119548342

House in the town is by far the better house imo. The thought of getting into the car every time I leave the house would be a nightmare for me. Wife is right I'm afraid 😁

lintdrummer

https://www.boards.ie/discussion/comment/119549160#Comment_119549160

Agreed on all points. I think removing wallpaper and painting inside would make a huge difference. The exterior of the house is ok, very same-y like you say. Could eventually go down the road of exterior wall insulation later and refinish the house but I don't think it would bug me that much. The garden masks it.

https://www.boards.ie/discussion/comment/119549349#Comment_119549349

Well he did say he had been told that by the BER assessor, he even wrote it in the ad. He said you'd get the same guy out again and he'd upgrade the rating after doing the necessary work. It wouldn't be a deal breaker for me anyway, more a nice to have. I'd be doing the stoves and a smart heating system regardless so if that's enough to get it to a B then great.

https://www.boards.ie/discussion/comment/119549431#Comment_119549431

Each to their own I suppose! I liked the house in the photos but much less in person. The bedrooms are small with zero storage. The sitting room is long with a kind of sunroom at the end that isn't separated from the sitting room and feels a bit odd. It would make sense to extend the kitchen that direction by breaking through the internal walls and incorporate the sun room. putting a door into the sitting room from it. But there's a downstairs wet room in between them which would leave you with no downstairs bathroom if you get rid of it. Then the upstairs bathroom is small and there are no en-suites. There is no bath in the house which is something that would bother me. There is no room to put a bath in the upstairs bathroom.

For me, it needs a pretty major redesign and probably a significant extension. Yes it's a beautiful looking house in a great area but it's flawed in it's design from my perspective.

The Outrath house is not in the sticks by any means. There is a church about 200m away on the main road. From there, there is a footpath all the way into the city centre. Half hour leisurely stroll to the High St. 10 minute cycle. There are plenty of houses on the road so lot's of neighbours, though admittedly not as convenient for children as living in a housing estate.

Bass Reeves

https://www.boards.ie/discussion/comment/119549431#Comment_119549431

https://www.boards.ie/discussion/comment/119550374#Comment_119550374

I have to disagree. The OP indicated he would need to put on an extension and do a job on the garage as well. I am guessing he is working from home a lot as he is paid in sterling.

The Foulktown house is much more suitable for that. Did he say it was 3km from the center of Kilkenny not exactly out in the sticks.

The issues with decor in the Foulktown houses are easier to resolve than the extension in Broguemaker houses. It's also 50 % larger neither would I want to be painting the outside of it. Foulktown is a much better family home longterm

Shauna677

https://www.boards.ie/discussion/comment/119535780#Comment_119535780

If I were in your shoes I would most definitely have waited, next feb, march and april will tell a very different story.

Bass Reeves

https://www.boards.ie/discussion/comment/119550627#Comment_119550627

And how much do you think houses will fall by???

Shauna677

https://www.boards.ie/discussion/comment/119550668#Comment_119550668

No idea, but i'm around long enough and seen enough recessions to tell you that things never looked as bad in my lifetime as they do now.

thedart

https://www.boards.ie/discussion/comment/119551326#Comment_119551326

Agree, I’ve wore the shirt also.

Bass Reeves

https://www.boards.ie/discussion/comment/119551326#Comment_119551326

https://www.boards.ie/discussion/comment/119551340#Comment_119551340

I am around a long time as well. I think that we were in a worse place going into every other recession. We are not completely out of kilter with every other economy which we were in 2008 and the 1970's

thedart

https://www.boards.ie/discussion/comment/119551380#Comment_119551380

I have more faith in a 30 year old plumbing installation than your opinion there.

Ive wore the shirt.

Shauna677

We can come back here next March and debate the topic further.

Bass Reeves

https://www.boards.ie/discussion/comment/119551405#Comment_119551405

I have wore the shirt too.

Earlier this year on the 2022 property thread I said I saw a price correction towards the end of the year in the 10ish% mark over 12 month time frame. However I cannot see a property price collapse as we do not have a over supply in the market.

If we have continued inflation especially energy related building costs will not come down. Concrete, cement and similar products will not get cheaper if energy is dearer.

This I have a feeling in my water is not an economic analysis

handlemaster

What is the state of the market at the moment regarding prices?

Shauna677

A recent newspaper articlle quoted that house privces

Ozark707

https://www.boards.ie/discussion/comment/119552010#Comment_119552010

The person behind this maintains some interesting (asking) prices here. Looks like Dublin overall is plateauing/slightly down over past six months or so.

Myhome.ie asking price per square foot at 01-Sep-2022 7

Former Former Former

https://www.boards.ie/discussion/comment/119546841#Comment_119546841

It is highly likely that interest rates are going to rise once or maybe twice before the end of the year, and in 2023 who knows? Anyone getting approval in principle now is unlikely to be drawing funds down before the next rate rise.

Banks would be foolish if they weren't factoring in increased loan repayments into affordability calculations. You could go further and say that increases in the general cost of living will make it harder for people to find the repayments. Anyone who's on the edge of their deposit and salary limits might struggle to get a loan.

On the plus side, if interest rates do shoot up, the 3.5x limit should (in theory) shield us from the total disaster that we saw in 2008.

Mr Hindley

https://www.boards.ie/discussion/comment/119552013#Comment_119552013

I always find these stats very useful. It matches what I've been sensing. I think asking prices are plateauing, but I suspect the prices people are achieving are dropping - fewer crazy bidding wars, although still some happening, fewer people viewing and bidding on each property.

I've been keeping an eye on the price changes listed on MyHome after the last couple of months, and there's a trend there. This wouldn't capture any proeprties that are removed and re-listed at a different price, of course.

I'm also seeing price drops starting to show up more in places like Dalkey and Blackrock, which I wouldn't have seen so much of before.