Softening house market?

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.

its all the workers that will be let go as a consequence that i would be concerned about .. and the overall knock on effect on the economy, government revenue, expenditure, debt levels and general consumer confidence plus ability of mortgage holders to repay loans rather than individual business owners who may/may not buy a house .....

But this is a thread about the property market no? I get what you're saying but I'm not sure where you're going with it.

If you asked someone who bought in 2007 what they think about someone else buying the same property next door in 2013 for 70% less what do you think they would say?

It shouldn't be this way but thats how it is with this boom bust farce. Its not right. Maybe once anyone buys they should unsub from these threads as the previous poster said. It would only melt your head.

He said He is not paying rent!! So the rent argument is not valid!

Don't do it! You will never get them out of the apartment. You are better off having the apartment free and available for viewings. You don't need some willy nilly fair weather friends to stay in your way of selling the apartment. Also apartments don't sell very quickly so keep it free.

Even in 2015/16 when the government was starting to put in place supports for FTB to encourage builders to start building there was a substantial swell of opinion against it.

The other choice was for government to engage in a large public building of social housing. If they did that at the time there would have redirected a large portion of builders away from any private house building.

Brexit and COVID complicated things. Brexit because it pushed demand in Dublin for commercial buildings ( which we probably have too many of now for WFH due to COVID)

To say that they have mismanaged the economy is not correct, every other country in Europe would love to have the Irish economy. Our problem is we have a low historical housing stock.

Historically our build labour is very mobile and still is. I know 2-3 young lads that are my eldest lads age that are working in the UK and Australia.

Workers from elsewhere in the developed economies in Europe ( Germany, UK, France, the Benelux countries )are not as mobile as they do not have this historical mobility.

Dublin of all the places has exactly the same issue the population that is there 3-4 generations are not as mobile as workers in the rest of the country

House prices are dropping. Fact. They seem to stay on the market for way longer in the last 4 months. You do see drops between 25 and 50 k.

The prices are unsustainable at current moment.

I still wonder who are the buyers who can afford houses around 600k and more that need a lot of work. Even if you can do the improvements yourself, prices of materials are really high.

Definitely houses staying longer on daft around Cork. Just saw once house that’s been up for over six months drop from 440k to 400k, interesting to see does this help shift it. Nothing obviously wrong with it other than being a bit unorthodox in design.

Well it is odd how the Irish market works though. 6 months ago a house in our estate went sale agreed for €560K and 2 months ago got sold. It was a 3 bed room and sold for over 70K the asking price.

Now a 4 bedroom is on the market for the last 3 months at 540K. But house "A" went sale agreed in less than a month and yet house B has hung around. I would also say House "B" is better than house "A", as it is owner occupied vs the other one that was rented out and will need some major refurbishment especially kitchen and toilets. That being said, I am not sure if house "B" has an offer and the owner just wants more than asking price.

But just odd that the market can go from one extreme to m'eh so quickly.