Softening house market?

It'll be interesting to see how it plays out. A lot of those working in "tech" are not actually involved in the tech (i.e. engineering, product development etc) side but rather in stuff like advertising (social media etc), HR, sales and multi lingual sales, "customer success" (whatever that even means), and other fluff.

Some will find jobs in other companies (may or may not be tech) if/when they are **** canned, but many will not as the jobs aren't there, and those that do will likely be taking a considerable pay cut. There's still a huge demand for engineering/design/ux roles, as these are not restricted to "tech" companies. And man, is it hard to find good candidates for those.

It was obvious there was a slowdown on the cards as soon as there was a pandemic, it's difficult to comprehend how this wasn't seen by the companies themselves, but rather infinite growth into the future and thus a massive hiring drive all round. I suppose everyone just drank the cool aid.

It's a bit like the pre crash housing market, only with tech companies.

Hopefully doesn't damage the employment figures and economy too badly, I genuinely don't see it doing so. Particularly as so many of the roles were filled by foreign labour which will either get another job (good luck if you're on a sponsored visa) or head off.

But I do see a small but significant fall in higher paid labour (that needs to be housed) which will no doubt affect housing availability albeit in a limited way.

I entered the working world in an extremely depressed economy, and I struggled for years to find a decent job. I didn't earn good money until I was in my early 30s (I'm 36 now). I didn't travel the world or splurge on gadgets and gizmos. I saved what I could, tried to invest in things I knew a lot about and generally tried to improve my lot. I have received no help from my parents as they don't have a lot to give. Am I typical of my generation? I don't know, but I can assure you that many of us a not soy-latte chugging hipsters who walked into a 100k a year job out of college.

Regarding those who bought at the height of the Celtic Tiger, I actually think that something SHOULD have been done to help such people, but I'm glad that you managed to pull yourself out of debt.

I don't want anything handed to me. All that I want is the opportunity to work hard and lay down roots that I can pass down to my godson. As it is, it seems that for an ever increasing proportion of younger people, the future is perpetually paying rent to prop up someone else's investment fund.

What I can not understand is people renting houses for years and then complaining about the buying prices of a house .Did they all miss the day at school when the teacher told us that 'rent was dead money'

The problem which these people don't realise, is that for the market to crash, they themselves have to be excluded too

^^^^ most of this is wrong or n/a - As an employer, if you no longer need someone in a particular job you may be entitled to make a redundancy. This could be because your organisation is closing or becoming smaller or because you have less work available. You should be able to show that the job in question will no longer exist in order for a redundancy to be genuine.

I agree. However, at this stage it's a choice between one's knowing that they will never own a house or praying for a crash and hoping the one is not among those who face financial ruin. It's not a good place to be.

I believe they are following the proper procedures, just because Musk says something - it doesn't mean that's what is happening behind the scenes

I know a few people in there, a shitshow by all accounts, and it’s pretty much what you think happened, happened.

No consultation period, people locked out of their computers randomly picked people, all the head guys quitting.

no two ways about it he tried the American way here, there’ll be unfair dismissal claims all over the place because the payoff is terrible, gardening leave for three months (a lot of people have three month notice periods anyway this would be pretty standard) and then just two months salary.

a lot will go for unfair dismissals claims, like I say normally a company looks for voluntary redundancy or to go for the ‘package’ because it makes it easier, much harder to argue unfair dismissal if you put up your hand to get the money.

One swallow doesn't make a summer. One thick vendor soesn't make a market. What I notice is that Bidx1 has an enormous number of properties listed as "available". That indicates they properties failed to meet the reserve at auction. I haven't seen anything like this number of "availables" after a Bidx1 auction before. There used to be just a sprinkling, now there seem to be pages.

An aunt of mine has had a ruin of a house in the West on the market for nearly 18 months at this stage. The house needs at least 100k of work to make it livable, but she has it on the market for the price of what a perfectly good house in the same town would sell for. Some people are just delusional as to what they can sell something for.

It all depends on who is selling and why.

If it’s an investor cashing out, they will wait for the right price or just not sell.

I placed a bid on a property about 2 months ago, above asking price. Others submitted bids and a bidding war began.

I kept an eye on the online platform and it went sale agreed. A couple of weeks later the sale agreed price had dropped quite a bit, I imagine the highest bidder pulled out.

Now it’s back up for sale again.

Interesting, whether people are finding they can’t get finance or are backing away to see what the market will do…

Bidding wars are not born from reason. I've seen a few of them start on houses that I've looked at, but I never got involved. The worst that I personally saw came from that benighted entity known as Auctionera. A house across the road from my mother (Dublin 5) went sale agreed at about 150k over its original asking price of 500k. It's now back on the market with another estate agent for 500k again.

I think that these fall through because the "winners" of these particular rat races come off the highs of adrenaline and realise that paying that much over the odds for something is perhaps not the wisest thing to do.

In my opinion, there needs to be some sort of regulation to prevent these bidding wars. If they want bids, an auction is always an option, but just taking "bids" from someone who may not even have the finance to follow up on the offer is simply a despicable way to do business.

I am getting ready to put an offer on a house in tomorrow just like you did and I am prepared to be rejected. But honestly, I know that is what is worth in the current market and won't budge. It won't be this one, another one will come. Plenty of fish in the sea.