Fwiw, didsbury is notoriously resilient price wise. Our neighbours who have just sold up told me yesterday that the estate agent told them to hurry the fuck up and get out as the buyers were getting twitchy, and he reckoned prices were down 10% already from three months ago.
It depends upon work as well. If work holds up, it’ll ease back gently, if not, there may be yet another wave of emigration.
My good pal the property developer cc @balbec told me this morning that commercial property always lagged behind the stock market, but traditionally always follows it, and was in for a very rough ride in the medium term.
The caveat i would imagine, is that there hasn’t really been a global pandemic of note in living memory to compare anything to.
One thing you can be fairly sure of is that prices wont go up.
A potential banana skin for Ireland is that it may well be that corporation tax comes under increasing scrutiny as governments need increased income, and loopholes such as the knowledge box are more efficiently stamped upon, or, individual countries insist upon tax being paid in their jurisdictions by Google, Amazon , Facebook etc. This, combined with travel changes may just lead to American founded companies gradually pulling back. Might not do, but all empires fall, and Ireland’s FDI empire will at some point. May well be we are all dead by then. Who knows.
I think if you have the deposit, have the mortgage approval, you like a house and you can afford it then go for it. You’ll be paying it off for the next 20 years or so anyway, don’t be hanging around waiting for prices go dramatically drop
It’s all about luck anyone that says they are some sort of wiz at this are lying through their teeth. When you are buying or selling you weight up the pro’s and con’s and then make you decision on that. I got lucky in that I sold a property last June, I would be fucked now if I had held onto it. I see the person that bought it put it up for sale in February, I doubt they will get the price they paid for it when everything opens back up again.
A lot of things in life are sliding doors moments. Lads congratulate themselves too much when things go well and beat themselves up too much when things go bad. Truth is a lot of it is out of your hands.
If you’re in a chain where you’re selling to buy, better to strike now…we’re nearly there ourselves, sale agreed 3 months, hoping to get it finalised very shortly.
Banks are looking at mortgage approvals where a person has had a salary cut. Some people are in a spot of bother as contracts not subject to finance.
There’s still an incentive for banks to give out money. Heard something on the radio today about them getting a 1% top up from the ECB to keep things going in terms of drawdowns.
Hang the solicitor who allowed that
The solicitor will be in the shit here
Isn’t that clause still open to argument the whole time with vendors pushing back on it?
It’s a negotiated clause. Some sellers won’t allow it.
Bonkers really - the same solicitors arguing for it in one week will push back the next.
The Law Society should just make it part of the standard contract.
You would want you’re head examined to sign a contract without it. Tying yourself to completing a contract where you are reliant on a third party (a notably awkward third party)
My mate also said this. He reckoned anyone who has been furlocked* is at high risk of being unable to secure a decent mortgage down the line.
Property prices are fucking ridiculous in any case.
I think if you drag it back to basics, house prices were already getting towards the upper limits of affordable, hence athy becoming a rent pressure zone. The tourism industry will really take a hit, as will the hospitality trade, even if the mnc’s are unaffected, which will have a knock on effect on a lot of people. Taxes will have to rise at some point (globally). Whatever way you look at it, even if only tourism and hospitality are affected, there will be a rise in unemployment, and a rise in taxes. Slowly, houses and rents will have to soften.
I’m less convinced by this “shortage of supply” argument simply because there was a “shortage of supply” in the UK in 2008, which didn’t stop prices falling 30% or more.
Having said that, we are also pressing on with out plans. If it’s going to be your home, you like it, and can afford it, two or three years of price softening is neither here nor there.
*Phonetic
Can you expand on what you mean by this point?
Genuine congratulations on your move.
I can’t help but feel sorry for the unfortunate buyer. I’d be in a similar situation with neighbours and my son had just bought a house (hopefully not yours). So they’d be two sides to every coin.
Again enjoy!
Given the interest rate they are borrowing at and the interest rates the gougers are charging in comparison, of course they have an incentive
I always find it fascinating how some people take a win from an outcome they really had no control over and then ignore the loss when it runs the other way… Irish folk love been seen as the cute hoor…
Agreed we got the guards to call to her last week as she had 7 or 8 out the back drinking and booming music one of the nice days last week. They were all cautioned. Those sponger scum don’t believe in abiding by the law like the rest of us. We have complained again to the council, as you alluded to we feel a duty of care to our buyer and hopefully he won’t have to put up with the shit we endured.
How does it work with council giving houses? with so many decent hardworking people unable to afford a house, does the council differentiate between them and someone who has no interest in working and just sponging?