ELM327 wrote: » You should not have more than 100k on deposit in the same bank.
PommieBast wrote: » I know, but Ireland only has a few banks
[Deleted User] wrote: » Jobs are on the up when they were expecting 8 million redundancies. Hence the positivity. People rioting and protesting is not something that will dent the markets long/medium term. Life and the economy goes on for the vast majority of people. They dont have strict lockdown restrictions like we do.
missmed wrote: » The property market is reopening this coming Monday, back to physical viewings. There is a lack to supply and pent up demand according to EA’s. Based on this can we expect bidding wars on houses currently on market? or will people hold off and wait for more/new houses to launch to market or possible future price drops?
Julissa Bitter Jeep wrote: » Have been talking to a friend who is an EA and they also reckon we won't see the impact of all this for a few months, supply is incredibly low in their area and there is bidding wars now on properties that nobody had an interest in 6 months ago before Covid.
missmed wrote: » Thank you bluelamp and instaste for your opinions/views. Instaste you mentioned that there are bidding wars going on. This raises another question, are people going much over the asking price? I would have imagined covid affecting buyers mortgage approval/drawdown and therefore ability to buy/bid.
Julissa Bitter Jeep wrote: » No he was still in the region of the asking price, but what he was saying that was most unusual was that these few properties have been on the market quite a while with little to no interest until now. They don't fully open until next week too.
errlloyd wrote: » Out of curiosity can you say what region it is? I'm trying to buy an apartment adjacent to Dublin cc. Regardless of the economy etc, I think the biggest effect on value might be a decease in the number of professionals working in the city if companies change to allow more work from home. (nice suburban apartments will go up, city centre ones will drop as people choose quality of enviornment over quality of commute.)
bluelamp wrote: » I would imagine the next few weeks will be extremely busy after a couple of months of nothing happening. Estate agents are always going to talk up the market, buyers will always talk it down. The truth is always somewhere in the middle. Personally I dont think it will be clear how covid 19 has impacted the market until October / November or so.
Hubertj wrote: » I think it might take longer than that. People who were on wage subsidy will have to reapply for mortgage if/when they return to work. I presume that means they have 6 months to wait. It wont be until then will it be clear what demand remains. Added to that supply will have been reduced/delayed as construction stopped for so long. And the banks will need to get a handle on the mortgage arrears once the payment holidays stop.
GocRh wrote: » Could it be a combination of desirable properties going sale agreed quickly earlier in the year, and no new stock being added to the market since March, leaving only properties that attracted little interest a few months ago ?
missmed wrote: » The property market is reopening this coming Monday, back to physical viewings. There is a lack to supply and pent up demand according to EA’s.
Based on this can we expect bidding wars on houses currently on market? or will people hold off and wait for more houses to come to market or possible future price drops?
errlloyd wrote: » I'm trying to buy an apartment adjacent to Dublin cc. Regardless of the economy etc, I think the biggest effect on value might be a decease in the number of professionals working in the city if companies change to allow more work from home. (nice suburban apartments will go up, city centre ones will drop as people choose quality of enviornment over quality of commute.)
PommieBast wrote: » They would say the same thing had a meteor just hit the planet. I suspect things will be subdued, as the majority of people will have taken some sort of financial hit.
wassie wrote: » I suspect a lot of 'interest' is also people who have been stuck at home over the last two months entertaining themselves on the interwebs....
Brianmwalker wrote: » https://m.independent.ie/irish-news/politics/pension-funds-proposal-for-first-time-buyers-and-reopening-of-hairdressers-coalition-talks-down-to-wire-as-lockdown-lifts-39265825.html Any thoughts on how the pension fund proposal will impact the market before it comes in to force (if it does at all)? To me looks like damage will drop a little with many waiting for it. Longer term the government are just propping up the market. If prices fell it would become more affordable for first time buyers
combat14 wrote: » looks like an overt measure to prop up the housing market (maintain high prices) while at the same time ticking a box that the new government did "somerhjng" for housing ... while in reality housing is again dropping way down the govt agenda behind.. - lowering green emissions (more taxes) - cutting the national herd / agriculture (more taxes) - cutting transport (more walking and cycling everywhere) etc. way more is needed from the new govt. on housing (and expected by young voters - anyone under 45) than just emptying already very sparse looking pension pots ...
Hubertj wrote: » The article is behind a paywall so can’t read it in full. Does it go into any detail on how it would work or is it just a headline?
Reversal wrote: » Am I the only one who cannot understand how the “saving a bomb during lockdown” effect will exert any real upward pressure on prices. It’s not like would be buyers had 15k euro luxury holidays planned that they’ve cancelled. Say a couple have been saving 3500 pm instead of 2000, maybe some have benefited more, but you have imagine for the majority the difference is probably less. So an extra 1500 pm for 4 month, 6K. So that’s a buying power increase of 1~2%, not exactly earth shattering against a backdrop of less approvals, lower earnings and job losses. Anyone who had enough disposable to benefit from the lockdown savings effect by the magnitude stated above probably would have qualified for an exemption. Which is now gone, decreasing their buying power by 25%. So overall their buying power is down 23~24% in the example above. That’s before we even get into, wage cuts, no bonuses, postponed salary increases. With so many cuts to people’s buying power, and a lot of buyers taken out of the market all together, I just don’t see how a small bit of cash in some peoples pockets will fight the tide. It might feel like a lot, but when you do the maths the argument does not stack up.
Experience_day wrote: » empowering a class of people that have never bothered to save.......
accensi0n wrote: » Hope so, but seems a bit optimistic. I think it's more likely that people who are now saving accidentally and who were historically sh*te at saving, will revert and maybe even make up for it a bit by splashing out.
Experience_day wrote: » See now this is particularly interesting to myself as well. Will people have weaned themselves off the likes of Mcdonalds, Starbucks etc. Fundamentally useless **** that keeps them poor or will they go straight back to it? Personally I've always been a big fan of the pub. But after a few months without it now, will I simply revert back to how I was before? I know I shouldn't.........but will I? I do think there must be at least a reasonable percentage that have gotten themselves away from toxic behaviors and habits and that might translate into more savings for houses? I think the biggest percentage though will be the likes of the "low middle class" eg the ones working at the FAANG companies, financial services etc. They have secure employment greatly reduced costs and for people in a relationship must surely have them close to a deposit for somewhere in the 300-350k category? A 325k place is only 4k a month each for 4 months for a couple...
