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    #32
    Doop
    Registered Users Posts: 1,465 ✭✭✭Doop


    Our experience from the buyer side of the table has been quite different to what people are saying here. We were looking Sept/Oct/Nov/Dec first time buyers end of market 250-300k most viewings there was at least 3-4 sets of people. We bid on and lost out on 5 properties. Went sale agreed at start of Dec 15k over asking. Still waiting on a closing date. But we are happy with it and it certainly didn't feel like a stagnant market, we feel we've done well for the money. I would hazard a guess that the higher end might be stagnating around the 500k mark.


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    #33
    Flyingfast
    Registered Users Posts: 21 ✭Flyingfast


    Doop wrote: »
    Our experience from the buyer side of the table has been quite different to what people are saying here. We were looking Sept/Oct/Nov/Dec first time buyers end of market 250-300k most viewings there was at least 3-4 sets of people. We bid on and lost out on 5 properties. Went sale agreed at start of Dec 15k over asking. Still waiting on a closing date. But we are happy with it and it certainly didn't feel like a stagnant market, we feel we've done well for the money. I would hazard a guess that the higher end might be stagnating around the 500k mark.

    Totally agree Doop, we have had a similar experience. Have liked and bid on 3 houses in the similar price bracket, placed more than one offer on each house and still couldn't secure either.

    Possibly in other areas we would have been able to purchase without as much trouble, but not in the locations we are looking. One house sold for 50k over 'guide' price.

    Good luck


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    #34
    zl1whqvjs75cdy
    Closed Accounts Posts: 4,042 ✭✭✭zl1whqvjs75cdy


    Wow it really seems to be all over the place. Depending on location and price. I suppose with the average wage being 45 k, by 2 is 90 k, by 3.5 would give 315 plus a 10 % deposit would put pressure on the 350 to 400 bracket. Above that things may be slower as there are less buyers. Pure speculation of course on my part.


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    #35
    jimmycrackcorm
    Registered Users Posts: 14,329 ✭✭✭✭jimmycrackcorm


    Ex is starting to look to buy and lots of houses now showing price drops on daft.


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    #36
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


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

    Agreed


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    #37
    simpson80
    Registered Users Posts: 42 ✭simpson80


    Living in Ballymahon in Longford. I know not the capital! But my god things are hectic here. Had an auctioneer out valuing our place A couple of weeks ago. She said that a neighbors place was just about to go up. It was up on Friday and sold the following Thursday!! Afraid to sell now in case there isn’t a suitable trade up in the area! Center Parcs workers and investors apparently!


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    #38
    Interested Observer
    Registered Users Posts: 13,007 ✭✭✭✭Interested Observer


    I've been house-hunting in the north city for the last 12 months or so and seeing some huge differences depending on the property/location. Some getting huge interest but some are being priced as if the market is just rising and rising (which it isn't anymore) and hence are not attracting buyers. Overall I would say there's a definite slow-down compared to this time last year.

    Places like Shadon in Phibsborough seem to always go above asking for example, while a lot of the places in between Glasnevin and Drumcondra (like off Whitworth Rd for example) are struggling a bit more. Purely anecdotal, haven't looked at any figures.


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    #39
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Is it me or looking at posters does it appear that those who don't own a home are predicting a slowdown and those that do aren't.

    Could be wrong of course.


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    #40
    awec
    Administrators Posts: 53,372 Admin ✭✭✭✭✭awec


    Ashley Spicy Sunrise wrote: »
    Is it me or looking at posters does it appear that those who don't own a home are predicting a slowdown and those that do aren't.

    Could be wrong of course.
    I think everyone is prediciting a slowdown, that is inevitable.

    There are a few who are predicting a crash, like they're going to be buying prime houses in prime locations for half the price they are today.


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    #41
    Q&A
    Registered Users Posts: 554 ✭✭✭Q&A


    "slowdown" means different things to different people in here. A slowing in price growth makes perfect sense. The CBI rules are starting to bind, bargains are few and far between bit people are constrained by price. Average prices to grow by the rate of earnings growth seems reasonable. In other words employment outlook.

    Plenty of boardsies experience are based on the last boom/bust. In 2007 a slowdown was what happened before the crash so can see why some say it might happen again. However, fundamentals seem much sounder.

    Like anything you want a quick sale the buyer whether has to over bid or seller under price.

    Country is at full employment which will likely put pressure on wage growth. Clouds on the horizon are Brexit but ask yourself how many people do you know will lose their jobs over it? If anything Dublin might get a boost it doesn't need. Other parts of the country with more links to the north will be negative.

    Think on balance all a slowdown is showing is a maturing market kept in line by prudent mortgage rules.


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    #42
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Apologies I agree on a slowdown, I was thinking a fall in prices. Price growth has already slowed.


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    #43
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,723 Mod ✭✭✭✭L1011


    I had noticed prices for second hands locally stagnating some time ago - very substantial number of new builds with HTB and modern BER ratings were scooping up FTBs and switchers alike. Those are setting up briefly - there's a many months to year long gap before the next big development comes on - so I do wonder if there'll be more attention on the existing stock then

    Town is over priced and overrated for what you get though


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    #44
    Cuddlesworth
    Registered Users Posts: 13,980 ✭✭✭✭Cuddlesworth


    Ashley Spicy Sunrise wrote: »
    Is it me or looking at posters does it appear that those who don't own a home are predicting a slowdown and those that do aren't.

    Could be wrong of course.

    Different markets, different rates of affordability, different rates of change. You can have a 2-3 million Euro mansion selling within 500 meters of council flats, 80's private estates and dense new housing.


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    #45
    dave 27
    Registered Users Posts: 1,203 ✭✭✭dave 27


    My take on this "slowdown" is that we are seeing the affects of good banking.

    In the past people could borrow money that had no influence to their income, now that that is stringent enough once people cant afford the 3.5 time salary rate the market will level off.

    I think this is a good sign rather than a bad one, house prices should maybe slow as this wave of people can no longer met the higher bracket of houses.

    I think this is what is happening in Dublin, the cities outside of Dublin still probably have a bit of catch up to do so it probably wont affect the markets in them for another while


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    #46
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Some new house prices are shocking. Who is buying these?

    https://www.daft.ie/kildare/houses-for-sale/maynooth/no-119-carton-wood-carton-wood-maynooth-kildare-2025497/

    https://www.daft.ie/dublin/new-homes-for-sale/tandy-court-tandys-lane-lucan-village-lucan-dublin-104738/


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    #47
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    dave 27 wrote: »
    My take on this "slowdown" is that we are seeing the affects of good banking.....

    Good banking????? It was bad banking that causes this entire mess. It took the Central Bank 20yrs to grow a pair and do the job it was meant to do. The rules are set by the Central Bank, not Banks.

    The rules you see now banks used to have themselves 20yrs ago, and they stopped following their own rules back then.

    The market is hopefully realising that the market is dysfunctional. Pity the Govt seems to lack any awareness of whats going on.


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    #48
    dave 27
    Registered Users Posts: 1,203 ✭✭✭dave 27


    beauf wrote: »
    Good banking????? It was bad banking that causes this entire mess. It took the Central Bank 20yrs to grow a pair and do the job it was meant to do. The rules are set by the Central Bank, not Banks.

    The rules you see now banks used to have themselves 20yrs ago, and they stopped following their own rules back then.

    The market is hopefully realising that the market is dysfunctional. Pity the Govt seems to lack any awareness of whats going on.

    Maybe I worded it incorrectly, but the more stringent measures for taking out mortgages now i believe is playing a big role in the slowing down of house prices if there is one


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    #49
    mariaalice
    Registered Users Posts: 12,365 ✭✭✭✭mariaalice


    Pussyhands wrote: »
    Some new house prices are shocking. Who is buying these?

    https://www.daft.ie/kildare/houses-for-sale/maynooth/no-119-carton-wood-carton-wood-maynooth-kildare-2025497/

    https://www.daft.ie/dublin/new-homes-for-sale/tandy-court-tandys-lane-lucan-village-lucan-dublin-104738/

    Who would buy those the one in Lucan is over 3 floors and does not have a separate sitting room, they both have an extremely unattractive finish on the outside.

    This is nice and much better value with a traditional layout https://www.daft.ie/meath/houses-for-sale/bettystown/dun-eimear-bettystown-meath-1695635/ 270k


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    #50
    Brussels Sprout
    Registered Users Posts: 6,529 ✭✭✭Brussels Sprout


    Let's do a simplistic back of the envelope calculation:

    A couple earning €45k each so combined income of €90k. Let's say they have €30k saved for a deposit.

    Applying the 2 central bank rules (assuming they are first-time buyers):

    Loan to Income: They are restricted to 3.5 x 90 = €315k
    Loan to Value: They are restricted to 10 x 30 = €300k

    Assuming that the bank does not apply any exceptions to this couple they are maxxed out at the lower of the above so €300k.


    Now obviously there will be higher wages than this, higher deposits than this and exceptions applied by banks. Not to mention pure cash transactions that don't need mortgages at all. However the above puts a massive dampener on the acceleration of prices and this is a very good thing. Those rules are saving people from themselves.


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    #51
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Pussyhands wrote: »
    Some new house prices are shocking. Who is buying these?

    https://www.daft.ie/kildare/houses-for-sale/maynooth/no-119-carton-wood-carton-wood-maynooth-kildare-2025497/

    https://www.daft.ie/dublin/new-homes-for-sale/tandy-court-tandys-lane-lucan-village-lucan-dublin-104738/

    Friends bought a semi in the top development. Fine houses to be honest but yes strong money.


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    #52
    LuckyLloyd
    Registered Users Posts: 36,134 ✭✭✭✭LuckyLloyd


    If the Central Bank rules didn't exist presently, people would be getting themselves into the same problems they did during 2005 - 2008. We are back to similar conditions in terms of employment levels and earnings and people want to buy. If they were offered a 100% mortgage at 6 times their combined salary they would definitely take it.


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    #53
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    LuckyLloyd wrote: »
    If the Central Bank rules didn't exist presently, people would be getting themselves into the same problems they did during 2005 - 2008. We are back to similar conditions in terms of employment levels and earnings and people want to buy. If they were offered a 100% mortgage at 6 times their combined salary they would definitely take it.

    Which implies the CB sitting on its hands was a big factor the previous times.


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    #54
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    The other side to this the largest buyer of houses are cash buyers.

    With the prices so high, (perhaps at near peak) its getting hard to see a return on investment in a decent time frame.


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    #55
    klaaaz
    Registered Users Posts: 1,628 ✭✭✭klaaaz


    A refurbished house near to me in Dublin has dropped price with hardly any viewings. From watching the prices of both houses and apartments on the property websites, there seems to be more price drops appearing now than maybe 5 years ago.

    As for cash buyers, why would they buy when they see price drops? Wait until it's cheaper! :)


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    #56
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    LuckyLloyd wrote: »
    If the Central Bank rules didn't exist presently, people would be getting themselves into the same problems they did during 2005 - 2008. We are back to similar conditions in terms of employment levels and earnings and people want to buy. If they were offered a 100% mortgage at 6 times their combined salary they would definitely take it.

    The problem is the middle properties that are affordable for the 50k earners etc. have been pushed up to way above what they are really worth because of the shortage.


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    #57
    Moonjet
    Registered Users Posts: 236 ✭✭Moonjet


    Ashley Spicy Sunrise wrote: »
    Friends bought a semi in the top development. Fine houses to be honest but yes strong money.


    They're also adjacent to a halting site.


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    #58
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,723 Mod ✭✭✭✭L1011


    Moonjet wrote: »
    They're also adjacent to a halting site. Should not be commanding prices of 500k+.

    Halting site causes zero issues, never has.

    More importantly is that Maynooth has awful traffic issues, the M4 is at capacity, the trains and buses are at capacity. It is a miserable commute and getting worse so unless you work in the town or Intel and cycle, you should look elsewhere.


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    #59
    Franz Von Peppercorn
    Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    beauf wrote: »
    The other side to this the largest buyer of houses are cash buyers.

    With the prices so high, (perhaps at near peak) its getting hard to see a return on investment in a decent time frame.

    Is that still true?


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    #60
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Moonjet wrote: »
    They're also adjacent to a halting site. Should not be commanding prices of 500k+.

    That may be so but they are nearly sold out.


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    #61
    zl1whqvjs75cdy
    Closed Accounts Posts: 4,042 ✭✭✭zl1whqvjs75cdy


    Pussyhands wrote: »
    Some new house prices are shocking. Who is buying these?

    https://www.daft.ie/kildare/houses-for-sale/maynooth/no-119-carton-wood-carton-wood-maynooth-kildare-2025497/

    https://www.daft.ie/dublin/new-homes-for-sale/tandy-court-tandys-lane-lucan-village-lucan-dublin-104738/

    That second one is literally a stones throw from the n4 too. The noise would be ridiculous with trucks flying up and down there all day and night.


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