ELM327 wrote: » That is exactly the definition of a recession. I am not the only one, research yield curve inversion and how it is one of the first precursors of recession. Service industry decline(another initial precursor) is anecdotally happening since Q1 2019 too, although some attribute this to the VAT changes. A house I was watching had its price dropped today, I went to view it 2 months ago and there were no takers. A change from the queues I experienced at viewings 12-24 months ago. The market is changing, and it is not positive change we are seeing. I don't think we will see a recession like the sub prime mortgage one of 10 years ago, the same factors are not there, but it is shown in the data that we will see a slowdown, and perhaps a recession globally. 18-24 months, possibly sooner depending on what the brits do. Yes it is, you can apply for the ltv exemption, and given you are borrowing less than 3.5 may be more likely to get it !
Bbborris wrote: » What banks facilitate this? I recently talked to a mortgage advisor and was informed this deposit exception does not exist?
voluntary wrote: » Sure, you need to be cash rich to make money in recession. Going into a recession with debt is never good.
Nikki Sixx wrote: » There is a news article this morning saying Dublin has reached its peak, houses are now 9 times the average salary in the “big smoke.”
kippy wrote: » To be fair being cash rich at any time is a great position to be in at any time. Debt isn't always bad either. Even in a recession.
Amirani wrote: » Implies that the average house is 4.5x the average salary of 2 people. It's definitely on the high side, but not outrageous, and certainly more reasonable than things were during the mid to late 2000s. Rental costs versus average salary shows a much worse picture though.
voluntary wrote: » Well, the house prices went ahead of themselves. People got blind once again bidding against each other like mad horses. This was pure FOMO. Vulture funds helped here withholding large numbers of stock from use. There are large apartment blocks around Dublin which are only now dripping slowly to the market being withheld for years lying empty. Vulture funds could afford doing this because they were driving their own agenda, to limit the supply as much as possible and drive prices up before cashing out. Prices have been falling for the 4 consecutive months now, so I guess buyers made some reality check or indeed the affordability has been stretched to the limits and people cannot secure any higher mortgages (or maybe a bit of both).
Nikki Sixx wrote: » Plus the banks will throw more money around the first two months of the year especially. They are willing to exceed borrowing limits in the early new year.
Amirani wrote: » Rental costs versus average salary shows a much worse picture though.
sacamano wrote: » I'm being lazy here but have you any links to recent reports/articles expanding on this?
sacamano wrote: » I have a picture of what it's like now but am curious to know what it was like 5/10 years ago for a comparison.
bri007 wrote: Rental costs are costing 60% of total income for 1/10 renters;
Nikki Sixx wrote: » https://www.irishtimes.com/business/economy/dublin-house-prices-more-than-nine-times-the-average-salary-1.3858878?mode=amp
bri007 wrote: » Rental costs are costing 60% of total income for 1/10 renters;https://www.irishtimes.com/news/social-affairs/one-in-10-households-pay-over-60-of-income-on-rent-1.3844914?mode=amp
voluntary wrote: Not sure why they don't apply for social housing, maybe they are not eligible or are just unfamiliar with the generous Irish social housing system. Anyway, the trend to share houses by multiple families seems increasing. Nearly like in the boom times before the big crash when the big wave of new eu members migration came.
Wanderer78 wrote: » Fairly typical outcome of neoliberal/neoclassical policies
snotboogie wrote: » Grim enough:https://twitter.com/alanhealy/status/1116833542451941376?s=21
el Fenomeno wrote: » Never been to Cork, is Ballinacollig a particularly in demand area or something? What would be it's Dublin equivalent?
Tigerandahalf wrote: It is definitely something that is costing the average person a lot. There needs to be a discussion on the price of housing/land and a constitutional right to a home.
Tigerandahalf wrote: It is surprising that no political movement has emerged on this yet.
cunnifferous wrote: » Interesting article in the Irish Times. Certainly points to the fact that we've reached the peak of the market again, in terms of what people can afford to pay.https://www.irishtimes.com/business/economy/dublin-house-prices-more-than-nine-times-the-average-salary-1.3858878?mode=amp
