Softening house market?

If we see a downturn in the multi national workforce inflated salaries and ex pat leaving for different countries the current price of houses will seem a pipe dream. Added to increased borrowing costs.

Spud I would look at what your paying for rent vs the new mortgage, IMO there is a correction coming but I can only see it happening after the war in the Ukraine is gone, we are getting more people in to house than ever before. So I would weigh up how much your paying in rent for the next 12 months compared to the mortgage. I would make the decision based on your own macro situation. As in do you need local access to schools, how far are you from work is their other cost saving benefits for you as in is there good public transport you can use. I would be wary of the Nostradamus like lads on here no one knows what way things are going. I do think there is a correction coming as wages simply can no longer compete with the house prices and I think the auld emigration release valve will kick in but only after the refugee crisis is gone and emigration will start to go in the opposite direction as young people in this country simply cannot afford to live anywhere either in renting or in buying.

The problem is people aren't willing to buy with so much uncertainty due to Ukraine etc.

Maybe its peaked. Hard to know with high demand and little building. It had peaked before COVID but instead of causing a decline it boosted the market.

Once things stabilize with Ukraine people might be more willing to commit. Or things might be worse.

Exact same boat as yourself. Back living at home. Really want to buy. Personally think things are slowing perceptibly. Been looking at Navan in particular and 3/4 bed semis do not seem to be selling, occasional asking price drops, one dropped 21k to 319k this week.

Same story on new builds across Meath, e.g. effernock trim, willows dunshaughlin, availability approx 4 months after going for sale. Selling out in no time this time last year.

Plan is to get mortgage approval in December, maybe 3x. Tentatively see where rates and whatnot stand in Jan, part of me is saying to wait till our rates hit 7% like in the US/UK or the EU indicate slowing rate rises, the risk here is that everyone with a bit of cash is waiting for the same thing. Aiming second hand, only underbidding, no new builds. 'If' the market falls over the couple years after purchase, I could dip my toe into the market again. Personally prefer having a mortgage and keeping my cash on hand.

On the other side of it, It's very unlikely anything close to 08 happens. Plus, there is no gaurantee that the house you are looking at goes on sale in the event of a crash. Very few sell when the market is low.

there is a lot of veiled blame on immigration and the displaced from Ukraine in this thread.

We have an apartment coming empty that we have decided to sell. If prices drop we will just use it as a holiday home or let friends stay in it for a few euro and a few pints under the table. Only worth selling it if you get a good price for it. It will never be rented again though either way

Paschal Donohoe was fairly explicity that the Govt has no such intentions yesterday.

I think it this market if you can afford to buy you must be doing ok.

Unlike during the Celtic Tiger when people could buy way above their means.

Though everyone takes the risk that their finances will be the same or better in the future. Which isn't always true.

I meant mortgage rates, the ECB rate in that scenario would be approx 5% which I don't think is utterly impossible, indication of slowing rates is obviously the more likely of the two.

I see Leo is spouting more doublespeak saying ecb rate rises will help push down prices and help people buy. While he isn't wrong he fails to mention the higher monthly mortgage payments. Good news for you though as you are more or less a cash buyer by the sounds of it. Id be tempted to wait 6 months to see how further rate rises go. You are not renting so no panic.

Do not, I repeat Do not let them into your apartment, you’ll never get them out, when it comes time to sell they’ll have a list of excuses why they can’t go, and there’ll be nothing you can do, be very wary about letting anyone into your property at the moment, obviously if you need rent money to cover the mortgage do, but if not I’d let it sit there until we know where we stand with this eviction ban etc, I’ve had the same around a property I have, not a chance too risky

foreign qualified teachers are more than welcome to come here .. but will they stay in dublin once they discover that there is no where decent or affordable to rent or that they cant afford to buy a house in dublin .. will the new foreign teachers we would gladly accept stay in dublin on current wages after tax or will they too start to wonder why so many irish teachers are fleeing en masse to dubai, canada, australia or down the country and away from dublin as fast as they can..... we have the same problem for other professions too e.g. nurses, gaurds etc. it is not specific only to the teaching profession

Why are people making this point about teachers, its not just teachers there are a whole swarm of low paid workers working in Dublin and not getting enough wage to live there.