Be thankful you’re not moving in next to me. Lawnmower powering up at 7.30am on a Saturday morning and belting out Christmas songs in the garden in April
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I think property prices will come down significantly but it will take some time.
On the demand side peoples ability to secure a mortgage will be curtailed with possibly more capital restrictions and more refusals. People in a good financial situation will be able to take advantage in the short term.
In terms of supply then - Rents were in excess of what people were paying for mortgages on the same property. As unemployment surges there will be less demand for rental properties and more people will be returning home. There should be less competition on the market with property speculators/funds buying stocks of houses to rent and or unloading existing supply to the market.
There will be no demand for AirBNB properties for quite some time. This stock of houses should filter back into supply relatively quickly.
There is a whole host of office real estate that has been proven to be entirely unnecessary. Some of these will probably repurposed into apartment blocks which will increase supply over a period of years.
They signed contracts to buy a house and did not insist that the contract was subject to finance (mortgage being available). Now banks are pulling offer letters so a person has no means to complete the purchase and could lose a deposit or be sued for specific performance.
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I’ve an employee who would be from the welfare economy. 19 hours a week but any excuse and she’s out. Out at the moment due to C-19 though everyone else can make it in. She has three kids, gone from the husband, ex-boyfriend gave her a clip a couple of months ago (not nice I know) so he’s gone after she brought him to Court. Anyhow, albeit up in Knocca, brand new house, just shy of 1,000 sq ft for €74 a week, got the keys last week. And as you said, hard working folks getting rode rickshaw. Hard to box it off sometimes.
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Do you think she Would have as much chance of ending up in a nice estate where council bought one house ahead of a family where both parents work but don’t earn enough to buy their own place? Do the council consider this?
Generally a mortgage contract should be conditional on the bank providing the funds
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Auld boy alert
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And the Green & White bunting…
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The whole thing is open to argument 
House prices can only fall so far. It costs a fixed amount to build a house to the standards that are set now and the standards that buyers expect.
40/50 years ago, a builder delivered four block walls and a roof. You got a bit of plaster thrown on the walls for that and single glazed windows. A base spec jacks and bath. You got bare floors and you painted the interior yourself. There was no fitted kitchen and fitted wardrobes. Houses would be g rated for BER and ventilation was by way of opening a window.
Over time as you accumulated savings or moved up the salary chain and could remortgage you added all the extra bits yourself and it seemed to work grand. There were very prudential mortgage rules in those days too which the banks rigidly adhered to. It was really only for the decade before 2007 that the lid came off the mortgage rules and allowed prices and standards to spiral.
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You’ve started supporting ballyhale?
Jasus Mike, will you take that down.
If OLG play Ballyhale in a County Final you have all bases covered
I’m referring to his house and car numberplates.
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The Gardaí of TFK running those plates through Pulse
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Single mother of 3, only 25. Free house for life and god knows how much a week.
That photo was up the week of the AIF . It is what it is kid
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Id say they do alright. Cork is big though, this girl will be moving from the south side rental/paid for by the council to the Northside.
Didn’t mention that she goes on 2 (two) sun holidays a year without the kids all of whom are under 7…
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“Astra last seen outside Supermacs Obama plaza acting suspiciously. Focus last seen on tinder”