kippy wrote: » You'd want to be an eejit not to think there are extremely hard times ahead for many. It is unfortunately a given. In relation to increased prices and questionable ability of people to pay. The state have to step in an fix the clusterfcuks that are the insurance industry and in general the costs to do business in the country.
IsErik wrote: » This. The global economy is going to fall off a cliff, there is not a chance the Irish property market will not be impacted to some extent, the only stumbling block i see preventing a drop of 20% or more is lack of supply. I think 15% is reasonable and no recovery to begin until atleast late 2023.
neutral guy wrote: » In my country we dont have any bids on property price.The price on estate agency website is solid and that how much property cost.If I see the property for 100K that how much property cost I leave deposit to property owner and in number of days we go to solicitor were sale/ownership of the property take couple days on cash sale basis when in Ireland this take months ! If property owner got better offer before sale he must pay me my deposit back with same amount on top depends on contract of pre sale he signed on .There is no jocks like sorry but price is higher than you see.I heard one story from guy ( from Eastern Europe ) who bought house in Ireland when he been told that property at 160 000 actually cost 175 000.He simply left his phone nr to agency and told them he offering them 160 000 and they has 2 weeks for thinking.He bought this house for 160 000 and sale / ownership took 8 months ! Which he spent in property renting when he bought a house already ! The guy in Finland bought house trough the bank / mortgage and he was a house owner in 2 days ! How I gonna buy house in Ireland ? I gonna make offer and give agency couple weeks for thinking before I did not find another I not gonna play any bids.
cnocbui wrote: » The Irish property market is dysfunctional because the legal system is dysfunctional. This is probably deliberate as it increases costs and pays for a lot of solicitors bread and butter.
cnocbui wrote: » Interesting times; two markets are not collapsing and experts desperately hoping to take advantage of those markets when they are distressed are loudly proclaiming that both are behaving irrationally and not as they think they should. Hedge fund billionaires hoping to make a killing are trying to talk the share market down with dire warnings and slightly less wealthy property experts are doing the same.
Mic 1972 wrote: » Personally I think there will be no drop. The market was declining in Q4 last year but it has already recovered regardless of Covid, job loss and general uncertainly. The next two years will be business as usual
Iceman29 wrote: » HAHA its already recovered?? what planet do you live on?
cnocbui wrote: » Here's a link to the currently buying/selling thread: https://www.boards.ie/vbulletin/showthread.php?t=2058047890 Go read it and then tell me what evidence you find in it that indicates the market hasn't recovered.
Padre_Pio wrote: » Half a million unemployed, the highest ever. Banks agreed a 3 month payment break for people and businesses affected by COVID. Our economy is propped up with a COVID payment and a bank freeze. These will be ending within the next month. Check back then and we'll see how the market stands.
Hubertj wrote: » I think govt will phase out the Covid payment instead of a dead stop. Then we have to consider what type of economic package they come up with. They will monitor economic activity under restrictions over the coming months and make adjustments if economic reality requires. I think it will be q1 2021 before we get proper view of how economy is performing.
IsErik wrote: » They could be saving a hefty deposit simultaneously, if prices do in fact drop and they have a big deposit they will not have to borrow as much and likely capitalize in the drop in interest rates, it is expected that some mortgage rates in Ireland may drop to 1.6-1.8% to combat the recession. 1300 is a crazy high mortgage imo.
GocRh wrote: » I reckon the Government will stop or drastically reduce covid unemployment benefits and will only directly support businesses to maintain and restore employment levels. Those on PUP will transition to the standard job seekers allowance (if eligible).
Top Dog wrote: » BOI (And possibly others) are giving up to 6 months break, so it could be another few months yet before we see the proper outlook.
Padre_Pio wrote: » Do you keep accruing interest on the 6 months?
Top Dog wrote: » You can be sure of it. Banks aren't that kind hearted at all.
Hubertj wrote: » Some EU countries pas legislation Along the line that the banks can’t accrue additional interest on the payment holidays. I think the SF animals are drafting similar as a political points scoring exercise.
Top Dog wrote: » Given that we bailed them out, it'd hardly be asking too much of them. And I say that as someone who isn't availing of any payment breaks.
Arthur Daley wrote: » Bank of Ireland paid back any support they got from the Irish govt. When are we going to stop using this excuse. Will peopld still trot out this line in 2120.
kippy wrote: » Let's be straight about this BOI nor any bank will take a long time to repay the help they got from the state. People need to remember this. The state directly injected monies into the bank in return for a share in the bank. That was one form of support. The second form, which many seem to have forgotten at this point was through NAMA..NAMA took over massive amounts of bad debt that was on the banks books. The banks would not have survived without the indirect support from NAMA. Coupled with the fact the banks can write off any corpo tax for years against their 'losses' in those times. Right now and for the next 12 to 18 months many people will require assistance with paying various bills. Whether the banks help people may depend on more temporary state support either directly to the individual or more easily by the banks playing ball.
combat14 wrote: » looks like more rent freezes and eviction bans till at least the end of October start of November.. they will hardly allow landlords throw people out prior to Xmas .. wonder will this roll into next year.....https://m.independent.ie/irish-news/politics/the-big-read-rents-will-be-frozen-and-evictions-banned-as-parties-in-final-play-for-power-39302355.html
kippy wrote: » Let's be straight about this BOI nor any bank will take a long time to repay the help they got from the state. People need to remember this.
kippy wrote: » The state directly injected monies into the bank in return for a share in the bank. That was one form of support.
kippy wrote: » The second form, which many seem to have forgotten at this point was through NAMA..NAMA took over massive amounts of bad debt that was on the banks books. The banks would not have survived without the indirect support from NAMA.
kippy wrote: » Coupled with the fact the banks can write off any corpo tax for years against their 'losses' in those times.
kippy wrote: » Right now and for the next 12 to 18 months many people will require assistance with paying various bills. Whether the banks help people may depend on more temporary state support either directly to the individual or more easily by the banks playing ball.
