Lucan market

willbeuptuesday

Just off the phone with an auctioneer in Lucan, I am thinking of selling my house in the Griffeen area. He told me that interest is still very strong in houses in the area and reminded me that, in this area with the new rules people can still get mortgages easily because on
Average 87% of their deposit is at 10% and the remaining 3% is at 15%. So in essence people can get starter homes in Lucan with a deposit of between 11-13%. Have people any clues that this is correct or is this just a sales person doing their job. My reading of the market for what it is worth is that, places like Lucan, Clonee etc.. Will experience a higher demand as places like most of South Dublin are unaffordable for the vast majority of 1st time buyers due to the deposits required to buy there. Anyone have an opinion on this or am I way off. Should I sell now or hold off ?

Mr.McLovin

My input for what its worth...

A lot of people are only required to provide 10% (some as low as 8%) deposit and can acquire 4 or even 5 times their income if their approval has been to the under writers before 11/02/15. Some banks have been giving up 10 months on this approval so there are a lot of people that this wont effect for at least the Q1 and Q2 of this year. They'll be pretty desperate to buy before their purchasing power is diminished if they haven't bought and have to seek approval with the tighter measures.

Also if you use your logic that nobody will be able to afford to buy in South Dublin, who is going to buy those houses? What do you think happens to properties that cant be sold, they usually drop in price eventually.

Just something else to consider really.

Everyone wants to maximise a sale but I think bulls and bears are singing off the same hymn sheet when they say the double digit growth or decline is resigned to the past for the foreseeable barring any major international factors.

I would reckon now is as good a time to sell as any.

Good luck