Irish Property Market chat II - *read mod note post #1 before posting*

Theee houses are basically construction costs + fixed fees/vat + 30k profit.

that price increase is solely construction cost increases.

If the EU continues along the big government/ low interest rate path don’t expect any changes.

From my own experience of going SA as a buyer this sort of delay seems to be pretty standard. It just the rotten-to-the-core way conveyancing in Ireland is done and I have no doubt that the buyer is almost as p!ssed off as you.

Eep this could be me you’re talking about! In my case, Haven are taking an age to process my loan offer, as the house needs some modernisation and they wanted quotes for all of it. I’ve kept the agent up to date. I have all the money in my account ready to go. Please bear with me!

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It didn't work for me. It took over a year from agreeing to sell to my solicitor getting the money, that's how long it took the buyer to satisfy the banks and their solicitors. I must say I do regret not putting my property on the market just before Christmas when they pulled out more requirements and delays, but be aware, you need to ask your solicitor to issue the buyers with a completion notice which they have 28 days to asnswer, meaning they either return the contracts and title deeds or hand over the money. Also, if you issue such a notice, you can then demand they pay interest from the time of receiving the notice to paying, if they make the deadline.

if you have signed the contracts, you could put it on the market, but it's meaningless as you can't stop the existing sale process dragging even further, you need to insist your solicitor issues a completion notice to really stop things - or hurry them up. I suspect solicitors don't want you to know too much about the completion notice thing because they just want their cut ASAP. If I knew then, what I know now, I'd definitely have asked my solicitor to issue such a notice as it's far more serious and effective a threat.

I am just so sick of the whole sorry saga of trying to buy in Dublin at the moment. Expected to have tens of thousands to bid over the asking price for a house that will then need a total refurbishment meaning we are broke for years to come while living with our children in a hovel. It's an absolute pox.

I also have no idea how anyone affords to have more than one child these days? Two- absolute max. I'm in my mid 30s and only barely able to afford a place to live now, never mind bring up a family. Surely this is going to cause major issues in the decades to come, as the proportion of elderly to young people swings hugely the other way. The amount of social problems caused by the housing crisis affects every aspect of society and our collective futures.

....this was the overall plan, modern political and economic ideologies are based on continual asset price inflation, no matter what, in particular related to property!

No its not yo, the person has their house sold already so no mortgage, their solicitor firstly had an issue with an extension that was built a long time ago an now thats been sorted he wants to know the use of the room. Its a structurally sound, planning compliant building so no need for this

I cant recall the exact date but being a cash sale there was an optimistic plan to have the deal done before Christmas but that didnt work and not to upset about that because it was very optimistic. All of the problems are being caused by the buyers solicitor querying the most tiny detail which the EA says he has never seen some of the things pulled up on before. Stuff like theres a room called different things of various documents and hes not happy with that

The divergence between existing property and new property is also noteworthy. Given there is a delay between agreeing a price for a new build and actually transacting it, I expect the new build prices being charged now to come into the index in the second half of the year. Shared equity scheme being launched then will serve to fuel this further.

It's simple enough, 2 reasons

1 Central banks flooding the system with cash at the top of the financial system in response to covid

2. The government allowing the benefactor of those funds, investment funds pretty much free reign to compete against ftb"s for scarce resources driving up price. All tax free. No tax and free money competing against citizens all aided and abetted by those voted to represent us

Dublin prices were stable for 18 months prior to covid so the responsibility lies wit Government and the large Central banks

...again, private debt is still our major crux....

Try the world:

"Sydney house prices surge almost $1100 a day, but the market may have peaked" https://www.smh.com.au/property/news/sydney-house-prices-surge-almost-1100-a-day-but-the-market-may-have-peaked-20220125-p59r5p.html

Up 33.1% in a year. The median house price in Sydney is now over €1 million.

Proportionality...... They've really overcooked it

australia has been continually implementing polices that favors, even encourages rising prices, after the 08 crash, the government at the time, implemented a 'first time buyers grant'(sound familiar!), which in turn ratcheted up their property markets, the rest is history!