House prices falling?

Johngoose

According to the news house prices are starting to fall in Dublin?

conditioned games

Looks like the dead cat bounce is over. In my opinion I don't think they have bottomed out yet. Like an elastic band when house prices goes so far out of wack from fair value it also has to go out of wack in the opposite direction before house prices bottom out and that still hasn't happened yet.

euroboom13

There is no value in the Irish property market.

Its debt trap. (low rates=high purchase prices/high rates=low purchase price)

Too much brainless borrowers whom believe their right to property ownership is priceless.

Dubh Geannain

Johngoose wrote: »

According to the news house prices are starting to fall in Dublin?

Asking prices. If you're referring to the daft report. But, I'll take any positive news at this stage.

share_bear

Actual traded prices only declined 0.1 % according to the CSO - but I'm thinking of selling my house now...and maybe buying one in Northern Ireland and moving there to avoid the CGT when I later sell.

conditioned games

share_bear wrote: »

Actual traded prices only declined 0.1 % according to the CSO - but I'm thinking of selling my house now...and maybe buying one in Northern Ireland and moving there to avoid the CGT when I later sell.

You'll still be ordinarily resident in the republic for 3 years after leaving and will be liable to CGT even if not living in the south. If you stay away for 3 years but return within 5 then your still liable on return.

share_bear

conditioned games wrote: »

You'll still be ordinarily resident in the republic for 3 years after leaving and will be liable to CGT even if not living in the south. If you stay away for 3 years but return within 5 then your still liable on return.

So its a 6 year move...

Do they have any way of knowing you bought in NI if you don't tell them?

conditioned games

share_bear wrote: »

So its a 6 year move...

Do they have any way of knowing you bought in NI if you don't tell them?

Not liable to Irish tax if buy in NI. Might have to pay stamp duty in NI but local tax laws need to be looked at. If sell a house in NI and make a gain and then it is deposited to an Irish bank account while back living in the south then it is liable to Irish tax. Not sure how revenue would find out but they need to be informed because if they hear about it years later interest arises for each day payment is not made plus penalties as much as 100% of original liability that was due.


When you sell a house in the South the accountant fills out the paper work and submits the CGT return to revenue. They have a legal obligation to notify revenue if this is not done with penalties on their behalf if they fail.

share_bear

conditioned games wrote: »

Not liable to Irish tax if buy in NI. Might have to pay stamp duty in NI but local tax laws need to be looked at. If sell a house in NI and make a gain and then it is deposited to an Irish bank account while back living in the south then it is liable to Irish tax. Not sure how revenue would find out but they need to be informed because if they hear about it years later interest arises for each day payment is not made plus penalties as much as 100% of original liability that was due.


When you sell a house in the South the accountant fills out the paper work and submits the CGT return to revenue. They have a legal obligation to notify revenue if this is not done with penalties on their behalf if they fail.

And if I try to get away from it all by tying a plastic bag around my head they will even yax me for that priviledge - 25 c plastic bag tax and then 33% in inheritance tax!

conditioned games

share_bear wrote: »

And if I try to get away from it all by tying a plastic bag around my head they will even yax me for that priviledge - 25 c plastic bag tax and then 33% in inheritance tax!

Yep guaranteed 2 things in life, tax and death. There is CAT reliefs to avoid some of the inheritance tax depending on how close a relation the person is to the disponer plus don't have to pay CGT or stamp duty by inheritance. So I guess your kinda stuck with us in the south until you pass on the house by inheritance.

share_bear

conditioned games wrote: »

Yep guaranteed 2 things in life, tax and death. There is CAT reliefs to avoid some of the inheritance tax depending on how close a relation the person is to the disponer plus don't have to pay CGT or stamp duty by inheritance. So I guess your kinda stuck with us in the south until you pass on the house by inheritance.

I was talking with an estate agent and discovered house sold across the road for me for 33.8% more than I paid for it in Dec 2013 - and its on the wrong side of the dublin meath border. Apparantly this town is where first time buyer people in dublin who can't afford to buy end up buying (will coninue post new rules) - and gave me some tips on where to find people to take rooms. So now I don't know what to think.

euroboom13

share_bear wrote: »

I was talking with an estate agent and discovered house sold across the road for me for 33.8% more than I paid for it in Dec 2013 - and its on the wrong side of the dublin meath border. Apparantly this town is where first time buyer people in dublin who can't afford to buy end up buying (will coninue post new rules) - and gave me some tips on where to find people to take rooms. So now I don't know what to think.

If you can get 33.8% increase from 2013 in 2015 you should take their arm off, you will have to pay cap gains 33%but if its your soul residence and you hold for 2yrs its cap gain exempt.

But you will have no chance of any gain ,if you wait till dec 2015.

Everything is turning against the average mortgage holder(unfortunately), and it can only worsen.

share_bear

euroboom13 wrote: »

If you can get 33.8% increase from 2013 in 2015 you should take their arm off, you will have to pay cap gains 33%but if its your soul residence and you hold for 2yrs its cap gain exempt.

But you will have no chance of any gain ,if you wait till dec 2015.

Everything is turning against the average mortgage holder(unfortunately), and it can only worsen.

For Dublin, sure.

However, even under the new Central Bank rules a family would have to earn a combined gross of 40K per annum to get a mortgage to the present value of these Houses in Stamullen (on Dub/meath county line), less the 20% deposit of 35k. Your average FTB couple earns 70k combined.

Its a sort of an annomolly of a place, economically speaking. Country bases valuations. Big City appreciation.