ted1 wrote: » If you are taking a hair cut, the property you are buying has taking one too.
Heres Johnny wrote: » As a property owner I hope prices do not fall but if they do any house I might want to trade up to will surely fall as well so cost to change will not widen......although I am not in the market for trading up or down at the moment ..........so I, possibly selfishly, hope they dont fall as all my siblings and close friends own property and nobody is in the market I know. Anyone else I am not close enough with to wish a fall so they can buy. But as a property buyer after the last crash in 08 (I bought in 2010) it gives a great opportunity for those to buy if there is a crash but there will probably be a credit crunch again then so catch 22 Only way for property prices to fall is in a reduction in demand, either by many either dying or emigrating and taking pressure off and letting supply catch up with or exceed demand On the flipside, housing output may contract as a result of this virus and crisis which will put upward pressure on prices One might cancel the other out, who knows? My suggestion is no, property prices will not fall significantly unless there is a massive and prolonged recession which I doubt, possibly a bad year for economy in 2020 but expect a bounce back very soon
beggars_bush wrote: » If you are gone sale agreed, what would you suggest?
wirelessdude01 wrote: » We are waiting to drawdown. Solicitors and bank not returning emails over the past 3 days has kinda spooked us as to what is coming. We fully expect the bank to stall everything now to see what happens worldwide and locally within Ireland. If and when the lockdown in Ireland it put in place then all bets are off.
TravelTiger wrote: » So if I'm reading some of the replies here right (and they look like well thought out ones too); there's going to be no 2008 style fall in prices? A global recession (and it's a thousand percent coming) can't even get the crazily inflated Irish housing market down
beauf wrote: » So you usually get instant response from them? Even normally it's can take few days even a couple of weeks to get response. Would you not expect some delay as people and businesses set themselves up to deal with how to operate under these conditions. I would expect after a short delay business will proceed as normal unless you are in an industry directly effected.
wirelessdude01 wrote: » Yes, generally good for responses. This isn't how they have been conducting business so far so it makes me wonder. On a separate note, I've heard something else about the bank's but won't be posting it online unless it becomes more public knowledge
wirelessdude01 wrote: » Yes, generally good for responses. This isn't how they have been conducting business so far so it makes me wonder. ...
stinger31 wrote: » Ah you cant do that hahaha..... is it about all the people who are cleaning out their accounts to hold cash under the mattress? I've heard this a lot today already
Statutory Ape wrote: » We are sale agreed on our own but havnt found anywhere. Starting to feel a bit twitchy about the whole thing. The consequences are going to get an awful lot worse before it gets better. There will be substantial job losses I think in the hospitality sector, I know someone very senior in a large hotel group and they have had huge drops in revenue. Lower end staff like kitchen porters have been let go. Manufacturing will take a hit if the supply chain drys up. Worrying times.
ittakestwo wrote: » If I was sale agreed on my place I would be praying the buyer does not pull out. I might expect the buyer even to try and negotiate a lower price if we had gone sale agreed over 2 weeks ago given what has happened since then.
Minister Murphy and the Department of Housing, Planning and Local Government have been focused on ensuring critical service areas under the department’s remit including water, homeless services and fire and emergency services are prepared to deal with the Covid-19 crisis. “The minister understands that some tenants living in rental accommodation may be concerned about their ability to pay rent in the coming weeks if their income is reduced. A range of income supports are available from the Department of Employment Affairs and Social Protection, and the minister would ask that landlords demonstrate forebearance. “The minister is working with Government Departments, industry stakeholders and regulatory bodies to identify further actions that can be taken to protect tenants who may be impacted either through a requirement for self-isolation, a confirmed medical diagnosis or a reduction in working hours.”
Slydice wrote: » Statement: Minister Murphy on Tenants impacted by Covid-19 crisis Published on Friday, 13 Mar 2020https://www.housing.gov.ie/housing/private-rented-housing/statement-minister-murphy-tenants-impacted-covid-19-crisis
Claw Hammer wrote: » This is a classic case of the chickens coming home to roost. Landlords who were trapped under the rent cap for years, now have an opportunity to get rid of tenants. It is hard to see how any landlord trapped with an artificially low rent can now be asked to show forbearance. Had landlords been treated fairly and equitably up to now there might be some logic to the Minister's request.
LuckyLloyd wrote: » Are you reading the same text as me? The government will suspend rent / evictions for those affected by the virus. It's coming. Everyone has to take a hit. This is about a collective national effort.
https://komonews.com/news/coronavirus/seattle-to-issue-emergency-moratorium-on-evictions-due-to-covid-19
Claw Hammer wrote: » The Dail would have to be recalled to debate legislation for that to happen. It won't. What will simply happen is that sittings of the RTB will be stopped and applications to the courts for possession orders will be stopped. Rent Allowance or something similar will be introduced to enable tenants pay their rent. There is no question of landlords simply having their rent confiscated nor being allowed to terminate the tenancy is of nonpayers.
