Claw Hammer wrote: » What about those in secure employment who might have decided that the time to move is when there is uncertainty and the chance of a bargain?
TheSheriff wrote: » Yes, this is the golden goose of our generation for pharma shareholders. Whichever pharma company gets there first will generate massive profits for many years to come - there is considerable resources being put into this as mentioned. Not to delve into my worklife too much, but there are already supply chains in place for some of the bigger companies. Money has changed hands, contracts locked in - there is anticipation of positive efficacy outcomes will be there soon. It'll be a big pay day for whomever gets there first. Europe approved Remdesevir today (Note; not a vaccine), while not news in itself, whats important here is the speed at which this was recommended for approval, it noted in the article submission occurred on the 5th of June, so approx 20 days to approve a drug. As I said, considerable resources....... (Can't post the link but its on the European Medicines Agency website). A vaccine could be with us sooner than we think, but I would argue that the mere notion of a vaccine being available (with positive clinical outcomes) will have a far greater impact on the property market than physically being immunized.
WeeCuppaCha wrote: » Because given the financial uncertainty many are facing, one would imagine seeking mortgages would be way down the list of priorities? .
Iceman29 wrote: » Why would you have thought that it would be more? you dont have to leave your house to apply for a mortgage and all the banks were working from home.... there was no barrier
Hubertj wrote: » I would have thought the mortgage applications/approvals would have been worse than this given what is going on. What would be more insightful is the number of applications vs approvals and % decrease (or increase ðŸ˜)
tom_murphy112 wrote: I think when folks start posting their predication, be it doom and gloom or everything is awesome. Your really need to include your own self interest, as in Home Owner, Home owner with multiple rental property, On the market to buy property etc. Having been lurking in this thread for a while and it is amazing how much bias there is, on both side !
PokeHerKing wrote: » There's nothing normal about 2 hour queues to do a bit of shopping or 90 minute max table reservations in bars and restaurants. You want it now now now. It'll take time for the rot to set in and filter through the whole economy. Patience young grasshopper.
Mic 1972 wrote: » The decline started in 2008 tho, while now nothing is happening When are we expected to see signs of a trend change? it's July, most European countries are moving back to normal
guyfawkes5 wrote: » Negative equity only effects you if you are selling or taking on a new mortgage rate. If you have a fixed term of four years I would say even in the pessimistic scenarios of estimates you shouldn't see your LTV go above 90% at the end of that.
Mike3287 wrote: » It takes time Prices took till 2012/13 to hit lowest from 08
1sttimebuyer20 wrote: » I think my deposit will safeguard against negative equity, I do fully expect a slight drop in prices next year, my guess is circa 5% (don’t ask me for quotes from anywhere, I’m simply guesstimating) but I’m happy to take that on the chin.
richard D wrote: » Hi I think the undersupply argument has been over used, in Ireland in 2007 there was a massive oversupply of houses but mainly houses not in key city areas. i.e Dublin, Cork. In 2005-2007 where house building was 70k+ a year house prices were increasing about 10%+ year on year leading to a hudge bubble. Why with all the oversupply where houses increasing. Take the UK, London, Bristol, Reading, there has been a chronic under supply of house in England for the last 20+ years. However during the peak of the GFC, house prices in London, Bristol, Reading, dropped about 35-40% from the peak. The truth is that in all major urban cities where people want to live there is always an chronic under supply. If we were projected to build 22k house this year and we only build 15k, thats a 7k difference in housing output, in the large scheme of things this is a drop in the ocean. it has been estimated that we need 30-35k house a year to keep up with population growth. The key items that drives house prices, is a) Confidence b) Lending Credit c) Economy Due to Covid 19 all three have taken a hit. The most interesting thing is, well know the true extent of the damage done to the economy in 6 months time. There will be an element of emotional scarring on the irish economy. Will house prices go down? More than likely. By how much? Prob 5%-15% My guess is subjective and meaningless like a fart in the wind.
Augeo wrote: » Time will tell.
Deleted User wrote: » What percent of the 10% aren't homeowners already?
cnocbui wrote: » Enough.
Augeo wrote: » What % of those aren't homeowners already?
Graham wrote: » I'd assume the other 90%
Billythekid19 wrote: » I dont see where demand in the general housing market will come from when there is 10% + unemployment
brisan wrote: » [PHP][/PHP] That is correct and since this is going to be a global recession the likes of which the world has never seen before we have no idea how it will play out Every major financial institution the world over is predicting a major recession and as such we cannot expect house prices and rents to buck the trend and stay buoyant People who buy now will more than likely end up in the same situation as those who bought in 2007 ie in negative equity for years This is not an issue if its a forever home and you can continue to pay your mortgage but job losses may have a adverse effect on that ability
Marius34 wrote: » True, but the start of crisis itself shows that it's very different crisis in regards to Property market. Thus 2008 crisis taking 5 years for property market to hit bottom is not indicator for current crisis. Each Crisis behaves differently when it comes to the Prices.
brisan wrote: » Yes but it took 4-5 years to hit bottom
Villa05 wrote: » Did John say where he was expecting people to spend it during a lock Down?
Marius34 wrote: » It didn't take time last time, property prices was falling with the first signs of economical downturn.
Mic 1972 wrote: » Even without a vaccine the market doesn't seem too bothered with Covid Yes less sales, less stock bla bla, but prices are still high with absolutely no signs of trend changes
Viscount Aggro wrote: » Why am I reading about john Fitzgerald... Did he not retire from esri years ago?
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