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Property Market 2020

Bigmac1euro

Maybe an article for “Property Market 2020”
Anyhow looks like developers are going to start strangling supply in order to keep prices in check.

Worth a read anyway.

https://www.independent.ie/business/personal-finance/property-mortgages/developers-now-fear-flooding-market-as-house-prices-in-decline-38820967.html

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beauf

Assetbacked wrote: »

I ....It's amusing that the most destructive parties to the housing market are joining together and somehow think they will fix it.

They have never tried to fix it.... From what I can see...

Assetbacked

beauf wrote: »

They have never tried to fix it.... From what I can see...

True, I guess!

Villa05

Hubertj wrote:

Definite merit in the affordable housing model. My only concern would be the ability to scale this model within a reasonable time frame. That needs to be professionally done and not made a balls of by public servants.

The housing associations look after all aspects of the projects. All The public servants have to do is either say yes or fudge and do nothing
It would appear that the latter seems to be the more popular option

cnocbui wrote:

That's from 2017. Did the government ever do anything to reverse this admitted stupidity? Did they hell.

I wonder is he walking in to the same error with electric cars. If they are taken up on mass like diesel cars, there won't be enough renewable electricity generated to fuel them and as a result there carbon footprint may be higher than petrol/diesel

I'm sure that all those people pushed out of Dublin because of over priced accommodation will not be too happy about being heavily taxed again to partake in that long commute to work

Villa05

With regard to housing
Reduced HAP to be replaced with cheaper build to rent

Use it or loose it with regard to planning permission

PommieBast

Brianmwalker wrote: »

Wow that's a serious tax!

There's a thread Green Party wish list over in Politics which has turned into a complete flame pit over the proposals. Get the marshmallows out

combat14

The_Conductor wrote: »

We already have carbon tax- it increased by €6 from €20 per tonne to €26 per tonne on the 1st of May. The proposal is to increase carbon tax by a further €20 per tonne - to €46 per tonne (immediately) with subsequent increases in future years (to punish carbon users- or in Green Party talk- incentivise users to use alternate energy sources)

In terms of petrol the €20 per tonne increase will lead to the cost of the carbon tax component of a 60 litre fill of petrol increasing from €4.42 to €7.90 (ish), and for diesel from €5.11 to approx €9.20 (thats just the carbon tax aspect- in short its another 7c on a litre of petrol or diesel)

In addition it will add approx €110 to the annual carbon tax bill for someone who heats their house with gas.

It will also add €2.40 to a 40KG bag of coal, €0.55 to a 12.5KG bale of briquettes and €52 to a 900 litre fill of kerosene home heating oil.

For now there is no carbon tax on electricity- where we have a Public Service Levy (PSO Levy) instead- though they also want to change this...........

one has.to love the greens .. house buyers will need to factor the new green and additional taxes into their budget

brisan

TheSheriff wrote: »

Perhaps people just looking to sell? Is it more than previously ?

A lot more than recently
There is even a nice one on the Howth road near Killester
Needs work but for a Guide price of 550k its a steal

brisan

guyfawkes5 wrote: »

Maybe someone was desperate for steady income in the depths of the last recession and signed a very long lease.

I thought you could issue a notice to quit if you are selling the property

https://onestopshop.rtb.ie/ending-a-tenancy/sample-notices-of-termination/

guyfawkes5

I would be surprised at that, as it would completely remove the core value proposition of a fixed term tenancy if the landlord can elect to end it.

It says here that a landlord can't break a fixed term tenancy unless the tenant has broken the lease or there is a break clause included in the contract: https://ipoa.ie/landlord-query-of-the-week-can-a-landlord-terminate-a-fixed-term-tenancy/

brisan

guyfawkes5 wrote: »

I would be surprised at that, as it would completely remove the core value proposition of a fixed term tenancy if the landlord can elect to end it.

It says here that a landlord can't break a fixed term tenancy unless the tenant has broken the lease or there is a break clause included in the contract: https://ipoa.ie/landlord-query-of-the-week-can-a-landlord-terminate-a-fixed-term-tenancy/

from the same website

https://ipoa.ie/tenancy-terminations-correct-notices/

guyfawkes5

Fair enough. If that's the case, does it logically follow that there's never a reason for a tenant to sign a fixed term lease after six months as it offers no additional protection?

Cuddlesworth

guyfawkes5 wrote: »

I would be surprised at that, as it would completely remove the core value proposition of a fixed term tenancy if the landlord can elect to end it.

It says here that a landlord can't break a fixed term tenancy unless the tenant has broken the lease or there is a break clause included in the contract: https://ipoa.ie/landlord-query-of-the-week-can-a-landlord-terminate-a-fixed-term-tenancy/

Yeah, you can even break RAS leases by selling up.

The reality is probably just a previous landlord who was really bad with money. Assuming a 20 year lease, 1200 a month was a little bit on the low end for rent in the area in 2014 but not the huge discrepancy we see now due to the rental market contracting significantly since then.

Cuddlesworth

guyfawkes5 wrote: »

Fair enough. If that's the case, does it logically follow that there's never a reason for a tenant to sign a fixed term lease after six months as it offers no additional protection?

There is a difference between a lease and a tenancy.

Shelga

Two properties in north Dublin I have enquired about- a 2 bed apartment advertised at €285k, current offer is €275k.

A 3 bed house that needs complete renovation- advertised at €285k, current offer is €230k, which has been rejected by the seller.

It's not much, but combined with the price changes section of myhome.ie showing far more price decreases than increases, as pointed out by another poster, I am trying to be hopeful that prices are falling a bit already.

People like myself just do not have access to the money that they are asking for.

TheSheriff

Shelga wrote: »

Two properties in north Dublin I have enquired about- a 2 bed apartment advertised at €285k, current offer is €275k.

A 3 bed house that needs complete renovation- advertised at €285k, current offer is €230k, which has been rejected by the seller.

It's not much, but combined with the price changes section of myhome.ie showing far more price decreases than increases, as pointed out by another poster, I am trying to be hopeful that prices are falling a bit already.

People like myself just do not have access to the money that they are asking for.

I think its easy to be anecdotal without hard data.

We have our eyes on a few properties; all currently have offers over asking.

Shelga

TheSheriff wrote: »

I think its easy to be anecdotal without hard data.

We have our eyes on a few properties; all currently have offers over asking.

Haha, oh definitely- I'm just clinging wildly onto hope wherever I can find it!

The_Conductor

Brianmwalker wrote: »

Wow that's a serious tax!

Thats just bringing it up to €26 per tonne, their intention is to increase it to €100 per tonne in the lifetime of this government- which would equate to roughly €32 on a 60 litre fill of petrol, or €37 on a 60 litre fill of diesel.........

There is going to be a world of hurt in here- for anyone who has to drive anywhere, heat their home, or is not in a position to use public transport..........

An Ri rua

Assetbacked wrote: »

I mean, that is a complaint in respect of the environment.

However, to make a complaint about a political party relevant for a property market thread; FF and the Greens oversaw a catastrophic property market crash and FG in power has lead to arguably the worst housing crisis in living memory. It's amusing that the most destructive parties to the housing market are joining together and somehow think they will fix it.

None of those parties above have the political power to fix that problem. They draw their votes from primarily middle-class people or rent takers for want of a better word. The protected tranches of society. NAMA was created in order to save that general class of property owners from market realities. Thus, debts were pushed forward on to a younger generation, assets were forced on an upwards value trajectory and the hopes and dreams of two generations of property owners were saved, at the expense of rent payers, be they business owners renting properties or home renters.

Of course, FG continued the pain created by FF by continuing to fail to direct build social housing and, instead, actually fuelled pricing frenzy by outbuying the so-called institutional landlords (REITs) in the residential new homes market.

Like everywhere else, we have free market lions when things are going their way who are only too happy to drop their sham idealism when it comes to state intervention (be they NAMA, COVID dole, wage subsidy schemes) but readily bash those who found themselves unfortunately on UB or UA (We have a tranche who really get the full menu but that's for another day).

Of course, none of the parties opposing them have the power to fix the problems either as, in bleating populist nonsense without ingraining hard work and shouldered responsibilities into their Narnia, they ensure that the swing voters will never vote to kill the economy for a few short years of handouts for all.

Depressing. We're stuck with our vicious property cycles for the foreseeable.

Mad_maxx

guyfawkes5 wrote: »

Fair enough. If that's the case, does it logically follow that there's never a reason for a tenant to sign a fixed term lease after six months as it offers no additional protection?

whatever extra protections fixed term leases might offer tenants over the standard automatic part 4 tenancy rights , they offer absolutely none to landlords

Wompa1

Just bought a 5 bedroom in Kinvara, Galway for 380k. Asking was 410k. Not sure if it's true or not but the estate agent said they had one offer of 410k but the people trying to buy couldn't get the financing.

Neighbors told us less than 18 months ago, the asking price was 450k. A house just down the road that's not as modern or big is currently listed for 475k and has been for some time.

On the flip side of that, I put an offer on a house in Oranmore (not near the town though..pretty far from it) that is about the same size. The asking price was 390k. Last I heard the current offer was 470k so I noped right out of that.

Looked at a place out in Kiltullagh, the asking price was 360k and the only offer received was 320k.

cnocbui

The_Conductor wrote: »

Thats just bringing it up to €26 per tonne, their intention is to increase it to €100 per tonne in the lifetime of this government- which would equate to roughly €32 on a 60 litre fill of petrol, or €37 on a 60 litre fill of diesel.........

There is going to be a world of hurt in here- for anyone who has to drive anywhere, heat their home, or is not in a position to use public transport..........

My intention is to offload my properties and get the hell out of this country ASAP. The prime motivator being the high handed taxation regime that the populace never seems to make even a squeak about.

Markitron

Recently seen a new house in a small development listed for 340k, PPR list the 3 identical houses next to it as being sold in February/march for 260-270k.

Am I missing something obvious here? The houses are literally identical, same features inside, all have south facing gardens etc. Not in Dublin FWIW.

Cyrus

Markitron wrote: »

Recently seen a new house in a small development listed for 340k, PPR list the 3 identical houses next to it as being sold in February/march for 260-270k.

Am I missing something obvious here? The houses are literally identical, same features inside, all have south facing gardens etc. Not in Dublin FWIW.

are you accounting for the vat?

Markitron

Cyrus wrote: »

are you accounting for the vat?

Is the Vat really going to be as much as 80k-ish?

Cyrus

Markitron wrote: »

Is the Vat really going to be as much as 80k-ish?

no but itll account for more than half the difference between 270 and 340.

JimmyVik

cnocbui wrote: »

My intention is to offload my properties and get the hell out of this country ASAP. The prime motivator being the high handed taxation regime that the populace never seems to make even a squeak about.

I dont have properties to offload, but I have been actively looking at some way to retire early and GTF of this high tax country. Its just one tax after another.
I already refuse overtime and side jobs because the tax that would be taken from the pay makes it just not worth my time and effort.

Markitron

Cyrus wrote: »

no but itll account for more than half the difference between 270 and 340.

So you think they actually sold for about 300-ish?

titan18

Anyone else assume that the extra 10% of affordable housing in new builds is just going to make the other 80% more expensive and drive prices up again?

The_Conductor

titan18 wrote: »

Anyone else assume that the extra 10% of affordable housing in new builds is just going to make the other 80% more expensive and drive prices up again?

Stand to reason that the other 80% would make up the difference to keep builders margins at a commensurate level (currently 14-15%)

Its hard to expect anything other than this to happen.........

titan18

The_Conductor wrote: »

Stand to reason that the other 80% would make up the difference to keep builders margins at a commensurate level (currently 14-15%)

Its hard to expect anything other than this to happen.........

Ya, most likely. Guess i'll still live with my parents then. Earn too much to be poor, but don't earn enough to be able to afford a house in a decent location as a single person.