Property Market 2020

awec

FernandoTorres wrote: »

Was the article written by a property company? It's a pretty simplistic view to say that people will just sit on their property. If things get really bad, companies start to fold, people lose jobs and people are forced to sell. That's before looking at the virus which targets the elderly, the biggest owners of property in Ireland. Not saying any of this is a given but certainly a lot more realistic than it looked last month.

People who lose their jobs are not going to be selling their homes.

Mad_maxx

awec wrote: »

People who lose their jobs are not going to be selling their homes.

There will be no fire sales emerging from this, anything that smells of profiteering from the misfortune of others will be prevented from happening

Mad_maxx

Assetbacked wrote: »

They are not just getting sold, they are getting dumped at this rate!

Tomato /tomatoe

nerrad01

awec wrote: »

People who lose their jobs are not going to be selling their homes.

people who lose their jobs wont be buying houses either! This is all going to have a major economic impact and the housing market wont be spared

ZX7R

FernandoTorres wrote: »

Was the article written by a property company? It's a pretty simplistic view to say that people will just sit on their property. If things get really bad, companies start to fold, people lose jobs and people are forced to sell. That's before looking at the virus which targets the elderly, the biggest owners of property in Ireland. Not saying any of this is a given but certainly a lot more realistic than it looked last month.

It was written by an supposedly us economist

OttoPilot

Mad_maxx wrote: »

There will be no fire sales emerging from this, anything that smells of profiteering from the misfortune of others will be prevented from happening

Yes, thank god we have fine gael to prevent profiteering off misery.

awec

nerrad01 wrote: »

people who lose their jobs wont be buying houses either! This is all going to have a major economic impact and the housing market wont be spared

The overwhelming majority won't be buying houses, whether or not they lose their jobs.

LeineGlas

OttoPilot wrote: »

Italy is suspending mortgage payments. If it goes that way here, do you really think renters will continue to pay? Why would they, you cant evict them all.

Landlords can reduce or suspend rents.

Claw Hammer

LeineGlas wrote: »

Landlords can reduce or suspend rents.

How are landlords supposed to live if they do that?

Mic 1972

Mad_maxx wrote: »

There will be no fire sales emerging from this, anything that smells of profiteering from the misfortune of others will be prevented from happening

Those who want/need to sell will find a significant less amount of buyers, thus will drop the price

Mic 1972

LeineGlas wrote: »

Landlords can reduce or suspend rents.

It's a possibility, that will contribute to property devaluation
if return profit is lower, than investment value is lower

LeineGlas

Claw Hammer wrote: »

How are landlords supposed to live if they do that?

Work.

Adjust their lifestyle.

Sell assets.

Mic 1972

awec wrote: »

The overwhelming majority won't be buying houses, whether or not they lose their jobs.

Agreed

LeineGlas

Mic 1972 wrote: »

It's a possibility, that will contribute to property devaluation
if return profit is lower, than investment value is lower

And even then, the less well-off will still suffer most as the supply issue still remains.

Claw Hammer

LeineGlas wrote: »

Work.

Adjust their lifestyle.

Sell assets.

So landlords are supposed to have a car boot sale and sell their dearest possessions so their tenants can live rent free?

Mic 1972

nerrad01 wrote: »

conversely it may be a good time to buy, demand will drop off while buyers are spooked due to the uncertainty and as long as your job is secure and plan on buying a long term home, the process may be more straight forward. Although supply willbe limited with people not putting places on the market due to the infinitely more worrying issues going on

LOL nice try
it's very definitely not a good time to invest money in anything right now, at least wait until prices come down

ZX7R

LeineGlas wrote: »

Landlords can reduce or suspend rents.

Mortgage repayments are not suspended they are being deferred and will still have to be payed,more likely over the lifetime of the mortgage.
Part of the emergency legislation been rushed through this week in Ireland at the moment includes helping people who rent there home's possible rises in relief payments.
People will be able to pay there rent's it's in the best interest of the government

Mic 1972

LeineGlas wrote: »

And even then, the less well-off will still suffer most as the supply issue still remains.

Poor people won't be able to access credit so yes they won't be able to buy
If the state is willing to loosen up on the rent restrictions LLs will probably be willing to reduce rents otherwise i can see a lot property remaining vacant

LeineGlas

Claw Hammer wrote: »

So landlords are supposed to have a car boot sale and sell their dearest possessions so their tenants can live rent free?

We're talking about a situation where people will not be able to afford current rents. The choices will be:
-reduce rents
-suspend rents
-evict

If you can't "live" without rental income, then this will be the reality.

OttoPilot

Claw Hammer wrote: »

So landlords are supposed to have a car boot sale and sell their dearest possessions so their tenants can live rent free?

Investing in property is risky. Nobody forced them to become landlords.

LeineGlas

Mic 1972 wrote: »

Poor people won't be able to access credit so yes they won't be able to buy
If the state is willing to loosen up on the rent restrictions LLs will probably be willing to reduce rents otherwise i can see a lot property remaining vacant

If a landlord can afford to keep a property vacant, they can afford to lower rents.

Mic 1972

LeineGlas wrote: »

If a landlord can afford to keep a property vacant, they can afford to lower rents.

But if they lower rents they won't be able to increase it again other than 4% per year. Some LLS may prefer to take a break and put the property back on the market when rents are high again

Mic 1972

OttoPilot wrote: »

Investing in property is risky. Nobody forced them to become landlords.

Nonsense. Tenants are also no supposed to occupy a property without paying

Mic 1972

Also, on a side note, I have given 30 days notice to both my lodgers as I'm not going to take risks sharing with other people. I wonder how many people are going to lose their room accommodation due to the virus emergency

markjbloggs

Mic 1972 wrote: »

Also, on a side note, I have given 30 days notice to both my lodgers as I'm not going to take risks sharing with other people. I wonder how many people are going to lose their room accommodation due to the virus emergency

What a thoroughly nice person you are !

OttoPilot

Mic 1972 wrote: »

Nonsense. Tenants are also no supposed to occupy a property without paying

Doesn't change the fact that anyone relying solely on a rental property to survive is taking a big risk.

Bargain_Hound

Sheeps wrote: »

Finally went sale agreed on my first home after 10 years of saving. Couldn't care less about the highly likely probability that I will be in negative equity. It's probably not a home for life, but it's certainly a home for the next 10 to 15 years.

Similar situation here. We went SA yesterday. Not worried about future value but more worried finance dries up and mortgage offer revokes!

Mic 1972

OttoPilot wrote: »

Doesn't change the fact that anyone relying solely on a rental property to survive is taking a big risk.

It doesn't mean they are expected to sell assets just because tenants are going suspend payments
LL will protect their income like we all do

lastusername

Mic 1972 wrote: »

Also, on a side note, I have given 30 days notice to both my lodgers as I'm not going to take risks sharing with other people. I wonder how many people are going to lose their room accommodation due to the virus emergency

I doubt many will, as I imagine the vast majority don't do this kind of thing.

Mic 1972

markjbloggs wrote: »

What a thoroughly nice person you are !

Would you risk your health for 600 euro per month?
People going out at night, using public transports. I'm not taking chances