Slow down

trobbin

Anyone notice a big slowdown on property sales? Sister been trying to sell a solid house in Dublin north great area and location but seems to have very little interest. I think it might be priced to high and its freightening people off.

Guy I know selling a house in less desirable area in Donagemeade, having a few offers but all well below what he wants.

What are you lot experiencing

handlemaster

trobbin wrote: »

Anyone notice a big slowdown on property sales? Sister been trying to sell a solid house in Dublin north great area and location but seems to have very little interest. I think it might be priced to high and its freightening people off.

Guy I know selling a house in less desirable area in Donagemeade, having a few offers but all well below what he wants.

What are you lot experiencing

Lower the price you will have the answer pretty quickly.

trobbin

handlemaster wrote: »

Lower the price you will have the answer pretty quickly.

Look I said that to her, but ya know it's not mine to be doing. I was talking generally though, just using that as an example.

Thanks for reply

Franz Von Peppercorn

Yes there’s a definite slow down. Place next to mine on the market for months.

Sleeper12

trobbin wrote:

Look I said that to her, but ya know it's not mine to be doing. I was talking generally though, just using that as an example.

The last few DAFT reports have shown Dublin price increase rate slowing. With Brexit so close I wouldn't be surprised if there is zero increase in the next report.

I have noticed a slow down since last summer, I was overseas & watching Properties online.
I'm now home & I'm going to see them. There not going anywhere!
Went to an open viewing today, very good location, solid family house.
Two viewers only!

mp3guy

Hard to tell in Winter surely? Honestly I wouldn't say it's a slowdown, more a realisation that the faux-hype brought on by EAs was exactly that. I've been watching the market over a year and it has been stagnant the whole time, at least from my perspective.

EriT

New build vs second hand seems to be moving at different paces in Dublin . Went to a final release today in Dublin and within an hour it looked like 80% had deposits down.

awec

HTB + growing availability of new builds is probably going to have an effect on the second hand market.

Thargor

Bray secondhand market where Im looking definitely starting to slip a bit, 300k will get you a decent 3 bed now, hasnt been like that for a couple of years, 250k even if you dont mind a bit of work. Theres a place Im damn tempted to go for actually and I thought I was still a couple of years off making any offers.

zl1whqvjs75cdy

Think a slow down is not really surprising. Dublin prices seem to have stalled with outer commuter regions still growing strongly. You'd expect Dublin viewings to be much slower, and outer regions to be brisk. The market has reached a peak in Dublin and ordinary Joe soap has given up trying

NIMAN

It had got crazy, it had to slow down eventually.

But I'd agree that Brexit is having a major effect.
I'm sure some people are worried our economy will have a major shock after Brexit, could perhaps go into recession again, and we all know where that could end up.

bluelamp

donkeyoaty0099 wrote: »

ordinary Joe soap has given up trying

I think this is the main reason for the slowdown tbh. I know lending is still restrictive, but people just don't see value out there at the moment.

It's very clear we are at, or are very close to the peak of this market cycle. People don't want to buy at the very top.

trobbin

Seems like it's real so. Not one person on here thinks it's a good time to buy, added to what I know and what I'm observing, is this a crash coming?

Sarn

It really depends on the area. In our estate in Dublin, selling prices as of December were up 10-20% on the start of 2018 and they were going sale agreed in two to four weeks. January and February last year were very quiet as well. I do agree that we are around the limits of what some people can afford.

awec

Out of curiosity OP, what is the asking price for your sister's property that she's struggling to sell? Is it over or under ~500k?

ongarite

New builds (with good energy ratings) are still selling well in my area and south Meath.
2nd hand houses with poorer ratings are selling slower and will have to drop in price.

awec

ongarite wrote: »

New builds (with good energy ratings) are still selling well in my area and south Meath.
2nd hand houses with poorer ratings are selling slower and will have to drop in price.

So long as the help-to-buy is in place 2nd hand homes, particularly those under 500k, will be unattractive to first time buyers unless they have a great location. Especially if they have crappy ratings and require work.

LollipopJimmy

Two houses on my street in Dublin attracted 50+ people to open viewings in the last couple of weeks.

trobbin

awec wrote: »

Out of curiosity OP, what is the asking price for your sister's property that she's struggling to sell? Is it over or under ~500k?

495k

zl1whqvjs75cdy

trobbin wrote: »

Seems like it's real so. Not one person on here thinks it's a good time to buy, added to what I know and what I'm observing, is this a crash coming?

Seems to be sporadic to be fair. A slow down doesn't mean a crash. Annual price growth of 2-3 % is normal and is the next logical step of this market. A 20 % plus drop is just not there at the moment in my opinion. People have to live somewhere and rent is extortionate. There's no drive for a crash this time around.

Sofa King Great

The banks only had a limited number of exceptions which anecdotally ran out before the end of the year. That impacted people's ability to buy at higher prices - new exceptions will take time to work through in new year.

Combine that with HTB, increased new builds and it being January and you probably have part of your answer.

That or it is priced too high

Brego888

Nobody wants 2nd hand homes when there is a heap of new A rated homes available to buy in similar locations

zl1whqvjs75cdy

Brego888 wrote: »

Nobody wants 2nd hand homes when there is a heap of new A rated homes available to buy in similar locations

Depends on how hideously over priced the new builds are

hmmm

Can't see a crash, there isn't the same mania and over-borrowing thanks to the CBI rules. There might be a small stall or drop in prices, but there is still plenty of demand considering rents are so high. No builder is going to build houses if they can't make a return, supply will drop if the demand does too.

Hopefully it means a bit of stability and a more normal market with less of the mad prices increases (and decreases).

bri007

Can’t see a crash either, demand for accommodation is huge in Ireland, last time in the crash there was an over supply and building in the back arse of anywhere resulting in developers unable to sell them.

Currently we aren’t building enough houses, demand is at all time high, I can see some prices decreasing but nowhere near as in the past recession.

Mainly it will be at the top end of the prices, but nothing huge!

If lots of properties came on the market tomorrow say 5,000-10,000 of course that would factor into the prices and cause a drop but u there isn’t enough being build and demand is high so won’t happen

Aka Ishur

Depends where you are. Just sold our place and we were 3 weeks from going up on daft to signing contracts. Had 14 viewings first week and sold for 14.5k more than the asking. East cork area.

mkdon

novemeber dublin prices fell by -0.5 ... decembers will be released mid feb ...

i feel defo a slow down from watching market closely...


houses that were on sale in august still on sale ..

EAs are getting more and more frustrated and refusing to drop prices but with the uncertainty around brexit and global economy i think they will come down .. we shall see when figures are released in coming months if a tend is showing...

Thargor

Big projects like Cherrywood nearly ready now aswell, will be interesting to see if they have any effect in Dublin.

Pussyhands

donkeyoaty0099 wrote: »

Seems to be sporadic to be fair. A slow down doesn't mean a crash. Annual price growth of 2-3 % is normal and is the next logical step of this market. A 20 % plus drop is just not there at the moment in my opinion. People have to live somewhere and rent is extortionate. There's no drive for a crash this time around.

The prices today are a result of a lack of houses for years. Short supply won't last forever.

House prices are a function of salaries which are rocketing due to the labour shortage. Again, this won't last forever, meaning salaries level out and mortgages can not go higher.

Pussyhands

bri007 wrote: »

Can’t see a crash either, demand for accommodation is huge in Ireland, last time in the crash there was an over supply and building in the back arse of anywhere resulting in developers unable to sell them.

Currently we aren’t building enough houses, demand is at all time high, I can see some prices decreasing but nowhere near as in the past recession.

Mainly it will be at the top end of the prices, but nothing huge!

If lots of properties came on the market tomorrow say 5,000-10,000 of course that would factor into the prices and cause a drop but u there isn’t enough being build and demand is high so won’t happen

https://www.google.com/search?rlz=1C1GCEA_en__819__820&biw=1280&bih=579&tbm=nws&ei=4MtOXMzOKraC1fAPlsKtwA8&q=global+economic+slowdown&oq=global+economic+slowdown&gs_l=psy-ab.3..0l2.14355.18223.0.18512.24.12.0.12.12.0.117.697.10j2.12.0....0...1c.1.64.psy-ab..0.24.724....0.m10v7g-TJIE

IMF warning of global economic slowdown.

Similar to the stock market, where there is a bull run, people said "the stock market shows no signs of correcting, companies are continuing to post great figures, it's only going to go up".

Yet before Christmas prices corrected by near 20%, and although have recovered a bit are not firing ahead like they were.