Irish Property Market chat II - *read mod note post #1 before posting*

That isnt stopping either.

DLR recently rented an entire new build apartment complex in Blackrock.

All for social.

Its just as likley the council are renting the block as they are buying it.

Difference is that renting is a complete waste of tax payers money, so more likley to be whats happened.

Its funny that for years the government have been refusing to use such houses to solve the housing crisis.

Why?, they know property prices would crash.

They will tell you its because they cant meet safety requirements, safe enough for Ukraine's I guess?

They look like perfect social houses to me. The OPW architect literally recommended them for social housing in the article and said they last 60 years 😂.

Try reading.

LOL, literally no talking to some people.

What do you think happens a 60 year old standard house that a ftb purchases?

Most I've seen have been stripped and modernised often costing more than the build cost of these units.

Perfect for social housing imo

The Irish state is currently signing a large number of 25 year leases for large numbers of social housing units. And thats apparently no problem in timescale duration, massive expense to the state, or dire impact on the private housing market.

Building modular homes fit to use for 60 years for social housing would surely be a lot more reasonable an investment at a time of a national housing crisis in regards to all of those points.

The government deciding to build modular homes within 6 months of the Ukrainian crisis starting, after claiming they were useless for housing anyone during our now years long housing crisis, is entirely a political decision. Its not remotely logical.

Have a friend in Cherrywood. One of the charities bought about 30% of the houses around him. There are a few scum families in there the last couple of years. Breaking into other houses and so on. Even caught red handed and let go by the gardai. Charities when asked to do something about it just say, "GDPR - We have spoken to the tenants". So nothing then. Once a bad element gets embedded ioto an area they are there forever, especially if the house is free.

Hey guys, first time posting.

Is it better waiting in buying a house for now? Seeing all prices statistically going down for the last months.

We were close in buying a new property but both locations had a big number of social tenancies which made us not going forward..

I would be holding off if I were you we are near the top end for interest rates and at some point in the future they will have to come down and prices are and will continue to come down for the rest of the year at least. having said that you I would take heed of what the previous poster said its more a personal decision no one on here knows your personal circumstances as in are you renting, how much are you paying in rent, where are you buying how much your going to spend and a myriad of other factors that are uniquely about your situation. Be careful asking this kind of question as there will be some with an agenda telling you what to do. Good luck what ever you do and come back on and let us know how you got on.

Well anyone clever enough to be able to predict if house prices are going crash or take off etc should be making enough money to have a jet of their own :)

What makes you think interest rates will come down? For the past decade they've been printing more and giving it away for free (near zero interest rates). Couple that with the free cash pumped into the system during COVID in the EU and US. The number of dollars in circulation increased by 50% during COVID. They need to increase interest rates to reduce the velocity of money and take as much money out of the economy. However going back to low interest rate environment will just see this money flood back into circulation and hello inflation once again. We are looking at interest rates being higher than rate of inflation for long time to come. Philip Lane has said as much numerous times.

Just buy when you find something you like and can afford.

Well if we follow the trajectory of what is happening we will be seeing a global recession within the next 12/18 months this is what the interest rate hikes are going to cause as at no time in history has private and public debt globally been this huge and there will be a lot of fire sales and defaults on debt once the new reality of what people owe kick in and when that happens we will see a pivot from the likes of the ECB and the FED, it could be a 2/3 years before we see rate drops but they will happen but it wont come down to zero like before I think the penny has dropped that having such a low rate for such a long time was probably more damaging to the global economy than any rate hike. The idea that they can use interest rates to fix inflation with out damaging the global economy is baffling its like trying to open a peanut on a sheet of glass with a smack from a sledge hammer and expecting the glass to be fine after the smack, yet the thing about the current bout of inflation is wages have not and will not reach up to the new price points most companies are feeling the cost of living pressures and cant afford pay rises in a lot of cases and IMO it will take another decade or so to get wages up to meet the new price point. So IMO prices in the short/medium term will have to come down as businesses will also feel the effect on their cash flow with the new rates. So we are going to see a lot more companies shedding jobs and a further ramping up of companies hitting the wall.

If ever a market can show the effect of what I am talking about its our property market. When you think we have had ravenous demand for 6/7 years, we have had very little supply which has pushed prices up and up, we have also had a lot of interference and manipulation from government within the market and from external players like REITS with both sections hoovering up a very high % of properties that are available on the market and yet with all of this the factor that has trumped them all is access to cheap credit via loans and due to interest rates going up property prices are dropping, Dublin has seen 6 months of price drops. There are a lot of people struggling out there.

Exactly nobody knows what will happen. I person believe we may never see 0% or negative interest rates ever again.

Sure eventually Interest rates will have to fall, but unlike the other poster I don't see we are at the peak yet and I believe they aren't just going to increase rates and then start decreasing it as soon as they stop increasing it.. There will be a period of them leaving it unchanged for a while before they start to lower it - unless there is something drastic in the economy. My guess is also that ECB rates will be at least 1% ~ 1.5% once everything has calmed down and back to normal.

From an Irish context, we lost two major banks. Existing banks were competing for new customers at the start of the year.. But that is slowly changing, and I am worried about the lack of competition long term for lending products.