edjkdkjdhjkd wrote: » Sheer desperation, most likely a couple who fear they will lose their jobs in the next year and don't want to keep renting. Which is insane in itself, make the biggest purchase of your life before losing your job but country is insane in fairness. That or a cash buyer with more money than brains.
edjkdkjdhjkd wrote: » A lot of people my partner knows in the tech industry seem to have been told to expect pay cuts or freezes at best. No concrete confirmation but Leadership seems to have made it clear, curious if anyone has heard the same?
Bass Reeves wrote: » In the last 6 months savings in Ireland have grown by 10billion. Just to put it in context that is 33k houses at 300k a pop. Now I am not saying everybody with savings will go out and buy a house. However this is a vast amount to add to savings. It will mean there is more deposit money out there. As well people will be upgrading there own houses, extensions, sunrooms, revamping kitchens, bedrooms , bathrooms and living rooms. A good few paddies when they have a few point will spend a bit of it on there homes. It likely over the next 6-12 months that another 10billion will be added to that savings. If even 10% of it goes on home improvements labour costs in building will stay stable or increase, if 10% of it is used on deposits it will see a demand for 40k houses in the short to medium terms. Economics is fairly simple but that 10-20 billions in savings will effect the property market in different ways
PropQueries wrote: » Where did you get that figure? The Irish Times published an article on the 24th August 2020 titled: "Savings by Irish households double to €14bn between 2014 and 2019" Link to Irish Time article here: https://www.irishtimes.com/business/economy/savings-by-irish-households-double-to-14bn-between-2014-and-2019-1.4337433 One major source for the increase may be public sector pensioners who weren't hit in the last ten years, so they may have being doing most of the savings instead of potential first time buyers.
Bass Reeves wrote: » In the last 6 months savings in Ireland have grown by 10billion...................... It likely over the next 6-12 months that another 10billion will be added to that savings................. Economics is fairly simple but that 10-20 billions in savings will effect the property market in different ways
Hubertj wrote: » Article says €5.3bn increase in q2 2020 alone?
PropQueries wrote: » It says "Recent Central Bank figures show bank deposits here jumped to €5.3 billion in the second quarter of 2020 which coincided with the coronavirus lockdown." "Jumped to" not "increased"
edjkdkjdhjkd wrote: » People are interpreting these statistics completely wrong. What truth behind these figures is most likely that already wealthy individuals have been selling certain asset class vehicles i.e cashing out and placing the funds into savings deposits, for what i do not know but if was to hazard a guess it is to pick up property cheap when it crashes soon or maybe it is people getting out of risky vehicles and are keeping cash ready until the economic picture becomes clearer These figures DO NOT represent the average Joe, the lockdown has made it easier to save for sure, but you will find the most the average couple may have saved was around 10-12k MAX. Most couples still need to pay rent/mortgages and all the other bills that come with it, cutting down on nights out, restaurants, hobbies etc will only save so much. Put it this way, the savings the average couple would have accumulated during the past 6 months would be nowhere near enough dry powder make an impact on the property game and would not be the type of money that would influence a persons decision to go from not buying a property to suddenly being able to jump into the market. These figures do not represent the average joe FTB can we please stop these posts claiming that suddenly all these people across Ireland will have money ready to go and are just waiting to unleash on the property market.
Hubertj wrote: » I read that as deposits increased by €5.3bn in q2 2020 compared to €2bn for q2 in 2019. Other wise deposits reduced from €14.4bn to €5.3bn?
PropQueries wrote: » They didn't increase by that amount. Here's the article from the Irish Times 2 weeks ago stating "Savings by Irish households double to €14bn between 2014 and 2019": https://www.irishtimes.com/business/...2019-1.4337433
PropQueries wrote: » Bank deposits are only one type of savings. I would assume by bank deposits they mean money someone can take out with their ATM card. This would make sense since many people couldn't spend their monthly paycheck. If the PUP payments fall back to €203 for many people, this will most likely be reversed over the next six months as people dip into these "savings" to make up the shortfall.
edjkdkjdhjkd wrote: » By what amount? I didn't mention any amount besides what i guess would be the high end of what the average couple could have saved during lockdown. Highly unlikely that the increase in savings is due to FTB getting ready to run wild in the property market.
awec wrote: » You have literally invented this. Total spoofing.
PropQueries wrote: » Bank deposits are only one type of savings I would assume by bank deposits they mean money someone can take out with their ATM card...........
edjkdkjdhjkd wrote: » https://www.wsj.com/articles/cisco-to-pursue-deep-cost-cuts-in-corporate-tech-spending-slowdown-11597268494 Cisco most likely the bellwether. Don't know the specifics of the industry but i know it's been talked about in Facebook, Twitter and few other Multi nationals.
Augeo wrote: » Bank deposits would also include the cash portion of pension funds etc IMO .......... Dear Client, As you may be aware, the ECB is now charging EU banks/credit institutions to holdmoney on deposit with them rather than paying interest which has traditionally been thecase. When you hold cash in your account, Davy holds these cash balances with Bank of Ireland on your behalf. Bank of Ireland has given Davy notice of its intention tocommence charging a negative interest rate of -0.65% variable per annum on certain euro cash balances from 1st October 2020. This applies to your account as referenced in the subject line.
The U.S. housing market heated up even more during the four-week period ending August 23 with strong sales and price growth unfazed by seasonality, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. The seasonally adjusted Redfin Homebuyer Demand Index was up 29% from pre-pandemic levels in January and February. The biggest change from recent weeks is the number of new listings, which were up 4.1% from a year earlier—the strongest gain since March. However, the number of homes actively listed for sale during the period was still way down (28%) from the same period a year ago. Active listings have been down 20% or more from a year earlier since the four-week period ending May 31.
UK Property: House sales in July hit highest peak for over a decade despite recession IN ANOTHER boost for the resurgent UK housing market, July 2020 has now been officially recorded as having seen the highest number of sales agreed in a month since records began, according to figures released today.
MacronvFrugals wrote: » Cisco sell hardware when everything is moving to the cloud which Covid accelerated.
Graham wrote: » 'The Cloud' is just somebody else's hardware. A chunk of which is manufactured by Cisco.
edjkdkjdhjkd wrote: » People are interpreting these statistics completely wrong. The truth behind these figures is most likely that already wealthy individuals have been selling certain asset class vehicles i.e cashing out and placing the funds into savings deposits, for what i do not know but if was to hazard a guess it is to pick up property cheap when it crashes soon or maybe it is people getting out of risky vehicles and are keeping cash ready until the economic picture becomes clearer These figures DO NOT represent the average Joe, the lockdown has made it easier to save for sure, but you will find the most the average couple may have saved was around 10-12k MAX. Most couples still need to pay rent/mortgages and all the other bills that come with it, cutting down on nights out, restaurants, hobbies etc will only save so much. Put it this way, the savings the average couple would have accumulated during the past 6 months would be nowhere near enough dry powder make an impact on the property game and would not be the type of money that would influence a persons decision to go from not buying a property to suddenly being able to jump into the market. These figures do not represent the average joe FTB can we please stop these posts claiming that suddenly all these people across Ireland will have money ready to go and are just waiting to unleash on the property market.
TheSheriff wrote: » Your wrong here, I've several friends who have saved 15k plus ( couples) during lockdown, all were renting before, all are now looking to buy, all have been approved since lockdown. Granted this is a small sample size, but your general arguments to suit your narrative are not true. Property will fall no doubt. But people have more money and a stronger desire to own. What impact this will have remains to be seen.
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