Softening house market?

Well you get feck all support if your income is in those range. Hence per the government you would be classed as such.

The average salary in Ireland is 50K, and the median income would be even lower at around 30K. So don't be under the impression everyone is earning 100K or more !

What makes you so certain that prices will be dropping?

When is important along with how much. The prices droping and interest rates going up doesn't mean it will be actually cheaper to buy and could be much worse. You certainly can't be sure they will drop as you claim and the calculations of inflation may confuse the issue. The cost of construction may shoot up. The cost of construction may rise permanently so they may seriously effect housing cost,size and quality. You may want cheaper housing but it is no way certain it will happen. The time frame of when/if prices drop is very important

Do not forget the people who were in negative equity and the people who laughed because they "knew" the prices would drop. As time went on those who stuck it out are in the better situation

It all depends on a lot of factors. I cant see them dropping in the short term due to the supply vs demand heavily swaying on the demand side and buying vs renting with it being cheaper to buy than rent. People said they would drop with Brexit, then covid and the Ukraine and guess what it hasn't happened yet in fact they have gone the other way I called it back when Brexit was happening on boards that the supply vs demand doesn't stack up for property price drops and I was ridiculed for it, I repeated this point when Covid hit and once again the "we are in for a 50% property price drop in the next 6 month" brigade ridiculed me again and guess what they went up even further, now we are dealing with a war and the onset effects of covid with supply chain issues, hyper inflation and interest rate rises yet I cant see them dropping under the current position the country finds itself in with regards to the 2 areas I mentioned above. At the end of the day people need somewhere to live you cant get around that fact. Small landlords have more or less ran for the hills so the majority of rentals are from REITS and vultures, the investment properties were fire sold after the 08 crash, people who lived in their homes were more or less protected - there were not many family homes repossessed, this time around we are dealing with corporate landlords in the main will they sell in bulk or will they look at our very favorable, government backed rental returns and think with all this uncertainty better to stay with what we have. I cant speak for them but if I had a rental property I would give it to the government to get the guaranteed rents off them for anywhere up to the next 25 years - as to me its a complete no brainer. By the way any looking to buy or sell dont take mine or anyone elses word for it as no one knows whats going to happen.

The rental ask prices are definitely not sustainable.

I saw a small 1950s 3 bed semi in not such a nice area (not bad either) looking for 3500 a month.

Crazy....

Speak of the devil and he shall appear. I think we know what that something is and it has the body of a golden goose with the head of a lizard. What I am referring to is Big Tech MNCs in Ireland and the "something" that will give will come from hiring freezes as well as job losses.

Meta (Facebook) have now issued an employee warning that growth in headcount will definitely be reduced and job losses are also being anticipated.

Refugees and Indian/South American students won't be flown in to pay €2k+ pm rent to prop up the rental market should we see a stalling in new hires or some job losses of well paid tech workers which will come at a juncture of new BTR developments coming on stream, having been delayed during covid but now all coming along like buses.

"If I had to bet, I'd say this might be one of the worst downturns that we've seen in recent history," Zuckerberg said during a weekly meeting with employees.

A good point about houses that need renovation. I reckon that many of them will fall in price as

1) Building costs go way up

2) New builds start hitting the market in greater numbers

Facebook is losing popularity. he's going to try associate that with world events and not an issue with Facebook itself.

its nothing to do with resistance I just dont see any change going forward as I say we have just gone through 3 really harsh situations with regards to Brexit Covid and Ukraine. The recession is going to be global. I have outlined my reasons and the 2 key areas are supply and demand and our population if either of these shift they will go down but up until now it has not happened.

Changing the brand to Meta is an admission that the business model to date is finished so they are pivoting essentially and there are no guarantees now that they won't collapse entirely.

So many "experts"

So much rubbish.

The actual price is not the most important aspect of buying a house. It is the interest rate that matters most. Then it's the house price

Currently you can fix for 25-30 years with Avant for 2.5-2.95% depending on LTV.

Let's say a 445k house. 90% LTV, 400k mortgage.

On a 30 year fixed this is €1665. If you move house the fixed rate is transferrable.

If you didn't fix, my guess is your average rate over the next 30 years will be 4.5%. Over the term of the mortgage this equates to €130,000 additional payment.

So whilst you can get these low long term fixed rates, take them and give yourself a buffer. Even if prices dropped 20%, you'd be winning and not paying rent.

"The actual price is not the most important aspect of buying a house. It is the interest rate that matters most. Then it's the house price"

While true, I think the most important aspect of buying a house is how much the bank will lend to you !

In your example, the couple should be earning €127K cumulatively, to afford a house of €445K.

So the couple should be on €63K each to afford that house, but here is the thing.. the average income is only about €45K, while the median income is even lower. Sure people have savings, but inflation will slowly eat into that as heating, fuel, food becomes expensive.

So basically housing is out of reach for the average Joe, hence I believe something will have to give eventually.