2021 Irish Property Market chat - mod warnings post 1

hometruths · 24-02-2021 3:39pm

Cyrus wrote: »

there will always be properties like this, so as to whether they will become part of current supply or not, on the basis of the current framework of taxes and legislation i dont see any reason that will change.

And do you think the current framework of taxes and legislation might change?

Cyrus · 24-02-2021 3:40pm

schmittel wrote: »

And do you think the current framework of taxes and legislation might change?

it might, and it might not. certainly not before the end of 2021.

hometruths · 24-02-2021 3:44pm

Cyrus wrote: »

it might, and it might not. certainly not before the end of 2021.

:rolleyes:

Hubertj · 24-02-2021 3:45pm

schmittel wrote: »

That's hideous. Even if I had over 2m to drop on a holiday home I'd buy the one you linked yesterday in preference to that.

I agree. Like I said it is the setting I like. I’m just day dreaming about a home in Kerry. Hopefully be down there in august and will do some tyre kicking.

Cyrus · 24-02-2021 3:56pm

schmittel wrote: »

:rolleyes:

whats with the roll eyes? use your words.

hometruths · 24-02-2021 4:00pm

Cyrus wrote: »

whats with the roll eyes? use your words.

I think the regular "not going to happen 2021, so its irrelevant" comments are a bit tedious.

Villa05 · 24-02-2021 4:05pm

fliball123 wrote:

It was a one sided, out dated program that has absolutely no relevance to 2021 property market, too many things have changed, such as WFH, Increased global competition with REITS/hedgefunds and local competition with the lefties leaning on government to buy now instead of been building. Add in the 2 events brexit and covid which have not brought down prices., McWilliams whole premise looking back at it now does not add up and looking at it in hindsight he is like the rest of us he doesn't know his ass from his elbow when it comes to the property market.

fliball123 wrote:

It was a one sided, out dated program that has absolutely no relevance to 2021 property market, too many things have changed, such as WFH, Increased global competition with REITS/hedgefunds and local competition.

How was it one sided
He had a developer, mortgage broker renters, owners etc
What relevant party was missing

Of course there is more competition, we are the country that keeps on giving to private business so much so that less than a 1/3 of new builds were made available for sale to the general public.
The general public can't compete against an entity that pays no tax and has access to free money and also government who are buying with taxes raised from workers priced out of the market

You might point me to a "leftie" politician that supports current housing policy
Even FG councillors are opposing shared equity
Buying existing housing in premium estates for social affordable is loose loose for everyone except developers
Taxpayer as the cost is far greater
Public as 4 to 5 houses could be provided for what the state is paying
The recipient as they are distanced from their support groups and often isolated from their neighbours

MacronvFrugals · 24-02-2021 4:08pm

Hubertj wrote: »

Following on from yesterday. I like the setting and location a lot more than the gaff. Stayed in parknasilla a few times and think I’ve seen this pace from a boat

https://www.myhome.ie/residential/brochure/long-lake-house-tahilla-sneem-co-kerry-v93-v8w3/4235982

The scenery is out of this world, the house reminds me of the hotel from The Shining

Graham · 24-02-2021 4:11pm

MacronvFrugals wrote: »

The scenery is out of this world, the house reminds me of the hotel from The Shining

Reminds me of a 80s style low rise apartment block. I wouldn't have believed you could fit that many UPVC double glazing units into one building.

Reins · 24-02-2021 4:14pm

optogirl wrote: »

Currently bidding on a house I've never been in (My Dad is rolling in his grave!) - has gone from 290-320 in 24 hours.

Not singling you out but can you not rekonize that your'e part of the problem and this is why we are where we are..

Graham · 24-02-2021 4:16pm

Reins wrote: »

Not singling you out but can you not rekonize that your'e part of the problem and this is why we are where we are..

Following that logic, anybody bidding on a property ever is 'part of the problem'.

MacronvFrugals · 24-02-2021 4:18pm

Graham wrote: »

Reminds me of a 80s style low rise apartment block. I wouldn't have believed you could fit that many UPVC double glazing units into one building.

I wonder when it was built

optogirl · 24-02-2021 4:18pm

Reins wrote: »

Not singling you out but can you not rekonize that your'e part of the problem and this is why we are where we are..

Absolutely - we are constantly talking about how we are part of the panic bubble but fact remains we are paying high rent, in our 40s, with 2 kids. We have approval at the moment and want to buy

AdamD · 24-02-2021 4:20pm

That's some bond villain stuff

Nice views though

MacronvFrugals · 24-02-2021 4:20pm

Today's Examiner - Government urged to scrap new affordable housing Scheme

The Government has been called on to scrap its new affordable housing scheme.

The call comes after Dublin City Council's Fine Gael councillors wrote to the housing minister, urging him to scrap the shared equity scheme in the Government’s affordable housing plan

Even FG councilors want it scrapped!

https://www.irishexaminer.com/news/politics/arid-40232786.html

Reins · 24-02-2021 4:23pm

Graham wrote: »

Following that logic, anybody bidding on a property ever is 'part of the problem'.

Agree. Should have worded it better and not said "Your'e".

People are just frantically bidding just to get first refusal making it twice as hard for anyone to secure a home.

24-02-2021 4:24pm

Reins wrote: »

Agree. Should have worded it better and not said "Your'e".

People are just frantically bidding just to get first refusal making it twice as hard for anyone to secure a home.

Whats yr solution for an individual among many chasing their own home

Reins · 24-02-2021 4:27pm

optogirl wrote: »

Absolutely - we are constantly talking about how we are part of the panic bubble but fact remains we are paying high rent, in our 40s, with 2 kids. We have approval at the moment and want to buy

I hear you. I'm in the exact same boat.
Renting with 2 kids. I also want to buy but refuse to add to the maddness.
I may regret it!..

optogirl · 24-02-2021 4:28pm

Reins wrote: »

Agree. Should have worded it better and not said "Your'e".

People are just frantically bidding just to get first refusal making it twice as hard for anyone to secure a home.

How does my bidding on a house that I want to buy make it twice as hard for anyone to secure a home? First and foremost I am interested in securing myself a home.

Reins · 24-02-2021 4:33pm

optogirl wrote: »

How does my bidding on a house that I want to buy make it twice as hard for anyone to secure a home? First and foremost I am interested in securing myself a home.

This online bidding without viewing a property is sending prices through the roof making it bad for you me and any future purchaser. That's the issue. It wouldn't be as bad as it is if it was back at viewings.

Villa05 · 24-02-2021 4:34pm

MacronvFrugals wrote:

Even FG councilors want it scrapped!

You really do wonder how we are governed. Do they not even talk to each other
We are a monty phyton movie

MacronvFrugals · 24-02-2021 4:40pm

Villa05 wrote: »

You really do wonder how we are governed. Do they not even talk to each other
We are a monty phyton movie

So literally everyone bar FF and the FG PP is against this

Officials from the Department of Public Expenditure and Reform, the Economic and Social Research Institute, and the Central Bank have all warned against the scheme, which they believe will push up house prices.

A scheme designed by lobbyists and will be pure banana republic stuff if implemented!

If it goes ahead there will be two breaches of the CBs 3.5/1 LTV ratio -

1) Rebuilding Ireland 5/1 LTV
2) Shared Equity 5/1 LTV

genericgoon · 24-02-2021 4:45pm

MacronvFrugals wrote: »

Today's Examiner - Government urged to scrap new affordable housing Scheme

Even FG councilors want it scrapped!

https://www.irishexaminer.com/news/politics/arid-40232786.html

And their big plan is to divert the money to a VAT cut (or perhaps FG's flagship Help-to-Buy scheme) which would mostly create higher developer profits for developments that would happen anyway.

Ironically, it feels like shared equity would be a more FG-type policy but FG having already done HTB, FF feel the need their own demand-side/"free money" policy they could claim as their own and this was the best they could come up with

Graham · 24-02-2021 4:49pm

Mod Note

some posts moved from Currently Buying thread.

Graham · 24-02-2021 4:50pm

Reins wrote: »

This online bidding without viewing a property is sending prices through the roof making it bad for you me and any future purchaser. That's the issue. It wouldn't be as bad as it is if it was back at viewings.

Do you think people are bidding more than they would have otherwise bid?

DataDude · 24-02-2021 4:55pm

Graham wrote: »

Do you think people are bidding more than they would have otherwise bid?

Interesting psychological experiment. Similar to cash vs card arguments.

Does the process of driving to location, viewing house, speaking with agent at site, follow-up call from estate agent, second viewing etc. cause people to be a little more cautious/inclined to find fault versus viewing a video online and clicking "bid" or making a call etc? No idea, but maybe the EA's have accidentally struck gold with this new way of doing things.

From a personal standpoint I know getting my approval on paper & driving to my first viewing was a much more nauseating experience than I expected it to be. Hard to say if it's impacted my psyche going forward.

Reins · 24-02-2021 4:59pm

Graham wrote: »

Do you think people are bidding more than they would have otherwise bid?

Yes I do.

I feel people are throwing any amount at a property to secure being the successful bidder just so they can view the property and change their minds later.

Meanwhile the property has reached an inflated price it wouldn't have achieved if viewings were in operation.

hometruths · 24-02-2021 5:00pm

DataDude wrote: »

Interesting psychological experiment. Similar to cash vs card arguments.

Does the process of driving to location, viewing house, speaking with agent at site, follow-up call from estate agent, second viewing etc. cause people to be a little more cautious/inclined to find fault versus viewing a video online and clicking "bid" or making a call etc? No idea, but maybe the EA's have accidentally struck gold with this new way of doing things.

From a personal standpoint I know getting my approval on paper & driving to my first viewing was a much more nauseating experience than I expected it to be. Hard to say if it's impacted my psyche going forward.

I suspect it might be causing increased bidding - value and volume - because people view it as less binding. i.e they know they can go sale agreed and pull out when they see the house if they spot something they don't like.

Even though people have always been able to pull out after going sale agreed, i think the bids are likely to be firmer after physical viewings.

Graham · 24-02-2021 5:02pm

Reins wrote: »

Yes I do.

Only time will tell I guess.

Even if property prices have gone up during Level 5 restrictions would it be down to a psychological thing or your garden variety supply/demand economics? Maybe an element of both.

optogirl · 24-02-2021 5:03pm

schmittel wrote: »

I suspect it might be causing increased bidding - value and volume - because people view it as less binding. i.e they know they can go sale agreed and pull out when they see the house if they spot something they don't like.

Even though people have always been able to pull out after going sale agreed, i think the bids are likely to be firmer after physical viewings.

Yeah I agree. We have a maximum bid that we will not be going over (which probably means we wont be buying a house)

2021 Irish Property Market chat - *mod warnings post 1*

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2021 Irish Property Market chat - mod warnings post 1