Softening house market?

These people are sitting on a loss of 15K

Inflation.

Cash is like holding melting snow.

and almost every commodity which has been subject to huge inflation in recent times (?)

Could have been worst, imagine some sod put 150K on crypto and is probably worse off now. everything has risk attached to it.

GPU were being sold for crazy markup, right until the crypto crash and guess the market will be flooded with GPUs in the coming weeks and months. I say buy gold bars and bury it 😎

They probably don't plan on using the full term like most other people. As time goes on many people get salary increases and pay off lump sums reducing their terms down. It is very sensible economic planning. I put extra money into my pension and then the tax return off the mortgage. A bit easier to do as self employed but not difficult to work out and apply.

I work in software and in my space I can tell that there are lots of people (just in my office) with combined salaries of 150k+ and sitting on 100k+ cash just waiting for anything which is a good deal .Specially immigrants look for new homes and also try to use HTB whenever possible

consider dublin for example , if you need a 3 bed house in south dublin (new+ HTB enabled) you will have to go to atleast wicklow town at today's prices . Some still take that deal , some just kept renting hoping prices will drop and they maybe able to afford something decent in city or commutable outskirts

My experience so far has been that older houses in city which usually are available to buy are in very bad conditions and the once that are in better areas or in good turnkey condition still have a bidding war .Also generally the homes that are going for sale in last 2-4 months look more like speculators who believe we have reached the top and tipping point hence in daft today we see 17.5k+ listings

Honestly if you are on €150k+ and have €100k in the bank affordability isn’t an issue.

The idea that someone with that much salary and saving, waiting on a 10%~20% drop to buy something while paying huge rents doesn’t make sense. Plus people in those categories will always have access to cash and chances of any price drops in high end market will only be at the end.

Have been looking for the fast few months and finally saw a house that ticked 90% of the boxs for me and herself last weekend. Put in an offer of asking and looked to arrange second viewing. Got an email that it was already 65k over asking yesterday. Bidding wars on houses in good nick in the D7,D3 and D9 areas have not slowed from what im seeing. Its only places that need tons of work where im noticing some softening.

The fact that borrowers on 6 figure incomes with a 6 figure deposit are eligible for 'Help to Buy' in the first place is just another example of why successive Govts have a housing crisis.

I completely agree that they can pay early but I asked them and they said they did not think about it. Some of them were offered €400k+ mortgage and they got HTB and bought a house for around 450k in Cork just because they were eligible for a higher mortgage and this was in last year when there was some availability in the new build.

Pretty much my thoughts. How much will a 250k property come down in a crash over the next few years vs how much I am paying in rent. At worst, its breakeven, at best, I save on my monthly outgoings on rent and build equity.

Well there can be more factors in play than price tag on the property. A person might not currently be able to afford a house in the area they want to live. They might hope that the difference between buying now and buying in a year might be living where there want to live instead of being stuck 50 miles up the road in a commuter town having bought a house and furnished it and be stuck there for a few years at least

But I think the comment was in reply to a guy who was claiming he had friends who were on 150K salaries and had 100K in the bank, hoping prices will drop below 500K so they could avail of the HTB scheme.

Assuming the person at the moment is renting out a house or an apartment in a decent part of Dublin, paying over €3K~€4K of rent a month and then hoping to save 30K when the price drops is just mental to comprehend.