Someone with kids in college trying to save on rent?
Someone who thinks they can get a deal now and gouge on rent next year. One of the 6 foreign language students to a bedroom types.
We are goosed boys . Rush to sell .
Way ahead of ya
Do you think there will be a rush on houses coming on the market now while the prices are holding up some bit? I suggested this to an estate agent recently and he disagreed with me, reckons people would rather sit and wait for two years. If it’s a deep recession though it could take years for things to bounce back to 2019 levels.
No one really knows, anyone telling you here can only speculate in all honesty.
Prices will remain stable for the rest of the year id imagine in new builds and the average priced market due to the reduction in construction etc and the much lauded shortage of property.
After that though its anyones guess, with young professionals not being able to spend their wages, savings will surely increase and that could keep the prices where they’re at well into 2021.
Other side of that is the likes of BOI’s first quarter earnings yesterday, will the retail banks stop lending later in the year or will the likes of McWilliams helicopter money theory come into play. I dont think anyone knows, mate.
1 Like
In terms of people panic selling now to realise profit that they think they’ve made buying a property a few years back - can’t see that happening, people who were selling anyway are, tough market now for auctioneers given potential buyers can’t even view these houses.
I’m obviously a bit younger on here than most
But isn’t the big issue during recessions people being scared to spend money as opposed to not having money?
People are alright mate, those with a lot of cash arent though and can become a lot wealthier.
To be fair, we’re not their yet either. Its too early to call this a recession.
Credit dries up completely which causes a knock on effect on the housing market, car sales etc. Cash becomes king.
2 Likes
Offset obviously of that over the last decade is QE, credit has never been cheaper to loan out, but Covid 19 changes that dynamic potentially, in the way it plays out later this year and into 2021.
1 Like
As I may have mentioned😉 a few times we went sale agreed on buying and selling back in February. Fast forward 3 months through all of this and Friday week is moving day. A few extra hoops over the last few weeks with the Bank as the missus is on the subsidy but is getting topped up to full salary. I am uneffected to date, just working away at home.
Crates arrived today from the removal company today so beginning to feel real now.
19 Likes
The two biggest factors that will determine the depth/length of the incoming recession are unknown imo:
-
How quickly can society revert to some sort of normality be that via new behaviours, vaccine, treatments etc
-
How big and what will be the impact (and side-effects) of a global fiscal and monetary response
3 Likes
Delighted to hear mate, you’ll know more than most that it takes awhile with all the legal stuff especially. We’re in a similar chain and are nearly there.
Ye were lucky that ye got the house up on the market before the lockdown kicked in…very similar to ourselves timewise.
1 Like
There may well be and if folk think prices are going to fall hey god only knows . AirBnB properties will be fascinating . They revenue stream looks goosed for a year and the feeling was is that this sector was going to be targeted anyway
1 Like
Yeah that helped having a good solicitor really makes a difference too. Hardest part of the last few weeks has been getting all the ducks in a row such as house insurance, amending life assurance and other assorted shit they were looking for.
1 Like
Depends on the recession. The last one was caused by people who didn’t have money not being afraid to spend it. This one will be different, but if a lot of people lose their jobs it’s ultimately all the one
1 Like
Painful shite, I let herself deal with most of that tbh…she has more patience! We’re hoping to sign contracts in the next week or so though.
1 Like
Yeah we signed contracts early April
I think and stumped up the 10%. Nothing then until a few weeks ago when we told the bank our projected drawdown date. Then we had to arrange all the bits and bobs and they looked for more payslips, bank statements, letters from employers re impact of COVID 19 and effects of income, employment status etc.