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Irish Property Market 2020 Part 2

Graham

Continued from here:

https://www.boards.ie/vbulletin/showthread.php?t=2058041687

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brisan

BEdS_83 wrote: »

cache from google
https://drive.google.com/file/d/1X1V66hC-8fIddTmxLTGHl_UGV0Wut-li/view?usp=sharing

new price
https://drive.google.com/file/d/1r35GTAHGzA8Y2T2MdWDtOq0Ep_TJtOea/view?usp=sharing

was wondering why the new price but I guess the extra 10k would explain that..

Sarn wrote: »

I’m sure some of them got wind of what was coming. Otherwise it seems strange, and coincidental, for prices on new builds to increase at the moment.

That would suggest that builders are friendly with FF TDs
Builders tents in Galway anyone

Hubertj

This is mad stuff altogether. The developers need to be pulled up on this. They will probably give excuses like increased costs due to COVID? Also if prices do increase will it not price more people out of purchasing at FTB?

Browney7

It would be sad if it wasn't so predictable. Construction lobby gets its way again and the taxpayer pays for it. Aided and abetted of course by a government only too willing to do it's best to keep pumping up the market.

No doubt the spin will be "help first time buyers get on the ladder"...."some buyers had to use their savings to get through the crisis and this government has taken decisive action to address this" and other such utterances.

hometruths

Smouse156 wrote: »

Confidence in an area perhaps if it is accompanied by infrastructural improvements. Is sounds from what you are saying your house (you believe) is well out of the FTB sub 500k range and therefore not competing with new builds? But generally speaking at all levels new builds depress similar existing stock in all areas unless they bring serious infrastructure

Yes I believe my house is "well out of the FTB sub 500k range."

From what I hear most of the new builds round here are out of reach of "the FTB sub 500k range" too. This new policy will just move those that aren't closer to the threshold.

Of course, none of this is bad news for me personally, but it is an utterly witless policy to introduce as part of a covid stimulus programme.

OwlsZat

schmittel wrote: »

Yes I believe my house is "well out of the FTB sub It is an utterly witless policy to introduce as part of a covid stimulus programme.

The UK abolishes stamp duty up to a value of to 500k. The Irish give 10k free money that developers obviously won't add to the cost of the house...

Cyrus

Akesh wrote: »

What about a couple renting with 1 child. Would you think a one bed apartment is feasible there? Probably can't save enough for a deposit with rent as it is.

A better strategy would be to build affordable houses rather than just handing money over to developers, driving up the prices of new builds but some people just don't have the capacity to think long term.

The obsession with concrete is a another disaster.

No a one bed apartment won’t suit in that situation but they will also only have one salary now or most of the second one will be gone with childcare. In that case they are reliant on state support.

You say some people don’t have the capacity to think long term.

What’s your suggested solution ?

GreeBo

Akesh wrote: »

What about a couple renting with 1 child. Would you think a one bed apartment is feasible there? Probably can't save enough for a deposit with rent as it is.

A better strategy would be to build affordable houses rather than just handing money over to developers, driving up the prices of new builds but some people just don't have the capacity to think long term.

The obsession with concrete is a another disaster.

Clearly living in the capital with only 60k isn't feasible. Why do you think it should be?
If 60k is feasible, what about 50k or 40k? Ah what point do you accept that you can't afford to live in Dublin?
You are basically arguing that BMWs are too expensive because everyone can't afford one. There are other options in both scenarios.

BEdS_83

GreeBo wrote: »

Clearly living in the capital with only 60k isn't feasible. Why do you think it should be?
If 60k is feasible, what about 50k or 40k? Ah what point do you accept that you can't afford to live in Dublin?
You are basically arguing that BMWs are too expensive because everyone can't afford one. There are other options in both scenarios.

but that is not the average salary for a family in Dublin according to the last census?
genuine question, because I keep reading that the avg salary in Dublin is around 44k/year not considering highest pay from Facebook or google, just the real thing, so would not that mean the avg joe can't live here?!

smurgen

The FTB increase would indicate to me that a drop in houses is expected.looking for the FTB myself took a few screenshots of properties I've been watching so will be monitoring any increase in price. Will low ball still where possible. Have cheapish rent and just got the mortgage approval.

Assetbacked

Cyrus wrote: »

And they can buy one

One bed apartment is that not a home ?

It's completely shafting them. We can't claim to be a country of home owners yet lock so many young people out of the market but then shaft them with crazy rents at the same time. It's a house of cards the whole thing as the cost of keeping property prices at the levels they are at comes at the expense of those on more modest salaries. It really feels like the whole thing is being artificially propped up. SF must be sharpening their knives with what seems to be a fairly muted FF, FG and Greens effort, with good reason and I fully understand why they will continue to increase their support if the current measures are an indication of the direction of travel. I would hold off buying until after the next election and try to sell before the next election.

Hubertj

Interesting article about planning - author believes we are building the wrong types of housing in the wrong places - too dense in suburban areas etc. I never considered it like this and just blamed objections on NIMBYs.

https://www.irishtimes.com/life-and-style/homes-and-property/we-are-about-to-build-the-wrong-homes-in-the-wrong-places-at-the-wrong-price-1.4307052

[Deleted User]

BEdS_83 wrote: »

but that is not the average salary for a family in Dublin according to the last census?
genuine question, because I keep reading that the avg salary in Dublin is around 44k/year not considering highest pay from Facebook or google, just the real thing, so would not that mean the avg joe can't live here?!

https://www.gov.uk/affordable-home-ownership-schemes/shared-ownership-scheme#:~:text=to%20Buy%20ISA-,Buying%20through%20shared%20ownership,pay%20rent%20on%20the%20rest.

This is a good idea for low-income families and there should be something like this here.

Wanderer78

Hubertj wrote: »

Interesting article about planning - author believes we are building the wrong types of housing in the wrong places - too dense in suburban areas etc. I never considered it like this and just blamed objections on NIMBYs.

https://www.irishtimes.com/life-and-style/homes-and-property/we-are-about-to-build-the-wrong-homes-in-the-wrong-places-at-the-wrong-price-1.4307052

Respected economists have been talking about this for years, we have a severe shortage of good quality apartments in some of our major cities, the nuclear family idea has long gone, we need less houses and more apartments, but we do still need some houses

JimmyVik

Dylan94 wrote: »

It says on myhome.ie that it hasn't been updated since the 20th. Kinda strange.

It sounds like you think the builders werent involved in this

JimmyVik

Wanderer78 wrote: »

Respected economists have been talking about this for years, we have a severe shortage of good quality apartments in some of our major cities, the nuclear family idea has long gone, we need less houses and more apartments, but we do still need some houses

Only REITs will buy apartments.

Wanderer78

JimmyVik wrote: »

Only REITs will buy apartments.

thats a good point, we probably need to increase public ownership in apartments and housing

[Deleted User]

Backing away from the conspiracy theories a bit, to me this sort of house and area is the difinication of perfect, not too big not too small very hand location, lovely house, nicely done up noting too mad, nice size gardens. It say sale agreed so not sure of the price 750k maybe considering the location.

https://www.myhome.ie/residential/brochure/88-bird-avenue-clonskeagh-dublin-14/4431838

Diarmuid

Hubertj wrote: »

This is mad stuff altogether. The developers need to be pulled up on this. They will probably give excuses like increased costs due to COVID?

Why?

Builders aren't the ones setting the policy. They are just one of the beneficiaries

If you want to blame anyone, look at the politicians implementing this scheme. Which ultimately is the fault of the electorate.

brisan

mariaalice wrote: »

Backing away from the conspiracy theories a bit, to me this sort of house and area is the difinication of perfect, not too big not too small very hand location, lovely house, nicely done up noting too mad, nice size gardens. It say sale agreed so not sure of the price 750k maybe considering the location.

https://www.myhome.ie/residential/brochure/88-bird-avenue-clonskeagh-dublin-14/4431838

Lovely house but the lack of a downstairs WC is a drawback
I’d convert the utility room to a WC if possible

SozBbz

mariaalice wrote: »

Backing away from the conspiracy theories a bit, to me this sort of house and area is the difinication of perfect, not too big not too small very hand location, lovely house, nicely done up noting too mad, nice size gardens. It say sale agreed so not sure of the price 750k maybe considering the location.

https://www.myhome.ie/residential/brochure/88-bird-avenue-clonskeagh-dublin-14/4431838

Sorry but just to clarify, is €750k just a guess?

I'd say that went for more. Clonskeagh is very competitive.

Cyrus

SozBbz wrote: »

Sorry but just to clarify, is €750k just a guess?

I'd say that went for more. Clonskeagh is very competitive.

750k is strong money for 1370 sq feet 3 bed with a poor BER imo.

Its an attractive looking house but bird avenue isnt my favourite road either.

its a no for me :P

SozBbz

Cyrus wrote: »

750k is strong money for 1370 sq feet 3 bed with a poor BER imo.

Its an attractive looking house but bird avenue isnt my favourite road either.

its a no for me :P

The point I'm making is that I was asking the poster if they've any reason for that number or it was plucked out of thin air.

Cyrus

SozBbz wrote: »

The point I'm making is that I was asking the poster if they've any reason for that number or it was plucked out of thin air.

asking was 745k

[Deleted User]

Cyrus wrote: »

asking was 745k

It was just a guess.

SozBbz

mariaalice wrote: »

It was just a guess.

Good guess so.

Its a nice house and lovely area - quite convenient for a lot of things, good schools etc.

Weird that they've so few pictures up but perhaps there were more before it went Sale Agreed.

Villa05

Plenty of land in and around Dublin also there are enough areas in central Dublin to go high rise where appropriate

Not really it masks the issue that housing is just too expensive. The clue is in the limits. Affordable housing for households on 90k sterling

Yes some blame has to go to the electorate, but I think in the last election, they voted for change especially on housing.
It's not their fault if politicians have ignored that

Bass Reeves

Wanderer78 wrote: »

thats a good point, we probably need to increase public ownership in apartments and housing

Have you ever seen or been into apartment blocks that in public ownership for longer than 10 years

Assetbacked

https://www.irishtimes.com/business/personal-finance/expanded-help-to-buy-scheme-makes-little-sense-and-may-fuel-house-price-rises-1.4312728

An IT opinion piece criticising the extension of the HTB scheme for the reasons being that it only lasts until December which is a very short window, that there has been a shock to the new home supply this year resulting in fewer completed new builds and it could keep house prices high.

brisan

Assetbacked wrote: »

https://www.irishtimes.com/business/personal-finance/expanded-help-to-buy-scheme-makes-little-sense-and-may-fuel-house-price-rises-1.4312728

An IT opinion piece criticising the extension of the HTB scheme for the reasons being that it only lasts until December which is a very short window, that there has been a shock to the new home supply this year resulting in fewer completed new builds and it could keep house prices high.

My issue is that a record low of Mortgage approvals in April and May and likely to continue that trend considering banks will not lend to those on PUP and TWSS or grant exemptions it will be the builders who will take this and pocket it .
A lot of FTB will be excluded because of a lack of approval re their mortgage

Cyrus

brisan wrote: »

My issue is that a record low of Mortgage approvals in April and May and likely to continue that trend considering banks will not lend to those on PUP and TWSS or grant exemptions it will be the builders who will take this and pocket it .
A lot of FTB will be excluded because of a lack of approval re their mortgage

amount of people on the the state support has dropped massively

https://www.rte.ie/news/business/2020/0720/1154384-numbers-on-pup-fall-by-almost-50-since-peak/