Bass Reeves wrote: » The fall in price between 2008 and 2009 was about 10% mainly as builders held there prices. 10% would have been about it if I remember right. But the issue was banks stopped lending so nobody could get a loan and lending multiples tightened and interest rates mainly trackers increased, as it continued into 2010 jobs disappeared and lending criteria tightened again. I have a nephew that bought in 2006/7 he got the last of the 0.75% EU trackers. While he suffered a bit from 2009-2012 now he paying less than 0 75% interest on his loan. The difference between that rate and 2.9% on a 250k loan over 25years is over 200/month at present. As he says he suffered from 2009-12 but since that he has outperformed the fixed and variable rates. Since 2016 the savings have been substantial At the end of the day he thinks he be not much better or worse off buying in 2006/7 compared to buying in 2011. By 2011 he and his wife were expecting there third child.
JimmyVik wrote: » whooosh tbh if I knew what you knew Id have bought 5 houses in 2009 and have sold them all last January.
alias no.9 wrote: » I think that's their whole point, when the goal is to buy a home, even when you time the market as badly as you possibly can, doing nothing can sometimes be even worse. All a person can do is deal with their own circumstances, look dispassionately at what they can buy and how they can finance it over a reasonably long outlook, once the contract is signed, its all about the monthly payments. The apparent prescience of people who appear to have timed the market correctly does not reveal itself until after the fact, so it's not prescience at all, it's just luck, despite what they might try and tell you. The only thing that marks the people who apparently get the market timing right from the rest of the world is that they probably weren't trying to time the market because the bottom can only be determined by looking back and even in 2013/14 people were still talking about dead cat bounces so the smartest guys timing the market were still holding off.
Smouse156 wrote: » An even bigger benefit Jimmy, you’d have left this forum over a decade ago and got on with your life ����
wassie wrote: » Laughed out loud when I read the last paragraph of that article: The price cuts will have little long term effect on house building firms, which have enjoyed phenomenal profit margins in recent years. They view the present uncertainty as merely a blip which they will get over in due course.
wassie wrote: They view the present uncertainty as merely a blip which they will get over in due course.
Smouse156 wrote: An even bigger benefit Jimmy, you’d have left this forum over a decade ago and got on with your life 😂😂
mariaalice wrote: » https://www.independent.ie/regionals/wicklowpeople/news/residents-outraged-by-huge-house-price-drop-27756577.html I found this one as well if the purchasers were getting mortgages with an interest rater of less than 1% they won't have done too badly despite what happened.
mariaalice wrote: » https://www.irishtimes.com/life-and-style/homes-and-property/more-price-cuts-certain-1.960175 This was Thu, Sep 6, 2007. I don't see this happening again but its interesting anyway.
cubatahavana wrote: » Would anyone back out of a sale agreed of a house if they discover that planning permission for an apartment block has been granted in front?
guyfawkes5 wrote: » Planning permission discovery is usually done after sale agreed and before closing.
brisan wrote: » But surely you would do a bit of research before bidding . We always didhttp://www.dublincity.ie/swiftlg/apas/run/wphappcriteria.display
schmittel wrote: » I get that solicitors do a supposedly thorough trawl, but does anybody actually make an offer on a property without checking local council websites for details on any planning decisions or applications that might have an impact?
brisan wrote: » Definitely. Did you or your solicitor not check Planning applications in the area before going sale agreed
bubblypop wrote: » I was in the process of putting a deposit on a house when I found out about a four storey apartment block was going to be built right behind it. South facing back garden useless in that case!
guyfawkes5 wrote: » Absolute nightmare scenario. Overlooked in the best case, and overlooked and the sun blocked in the worst. Do you think the seller was trying to pull a fast one?
cubatahavana wrote: Well, we did. We are both not Irish and are not very used to the system here. Good that we can back off now.
guyfawkes5 wrote: » Do you need an excuse for withdrawing a deposit for a new build?
brisan wrote: » Definitely. I know of one apartment complex in Howth where properties had not come on to the market for quite a long time . Suddenly 2 or 3 appeared at the same time . Reason , PP for block of apartments and houses across the road Did you or your solicitor not check Planning applications in the area before going sale agreed
ebayissues wrote: » Hang on - Is your solicitor meant to do this?? Why will a solicitore check this?
guyfawkes5 wrote: » No one will know for sure. If prices fall enormously, but you are living and plan to live in the property for the long term, can afford the repayments, and your employment is not threatened by Covid-19, then it won't affect you. Negative equity will only effect you if you wish to resell and move on in a shorter timeframe (maybe 5 or 10 years), or wish to remortgage your house.
![Photo of [Deleted User]](https://w1.vanillicon.com/v2/19a7a778b727ad07a3bbcea8101c61b3.svg)
![Photo of [Deleted User]](https://w6.vanillicon.com/v2/6b0748b4741870baaad828fe92174b3c.svg)
![Photo of [Deleted User]](https://w6.vanillicon.com/v2/6a99578a57ca70fa7ae9c7e1e9fbf00b.svg)