DubLad69 wrote: » I think that everyone has seen that the price of 2nd hand homes are rising quickly. But I have noticed that new builds are not increasing in price by anywhere near as much. Is that because the builders are fearful that the prices are going to fall by a lot, so if they put their price up then they would have people pulling out by the time the house is complete. Or are new builds generally less reactive to price changes?
JimmyVik wrote: » Dont worry. Any new starts from now on will reflect the higher prices, plus any grants or schemes going.
DubLad69 wrote: » The new build estate that I purchased in started their first round of sales in October. The 2nd phase came in March, with no price increase at all. Then they have just announced their price for the next phase, and they have only put the price up by 3% and all the houses in this new phase have a south west garden which usually costs more anyway. It just seems strange that they wouldn't take advantage of the higher prices.
combat14 wrote: It means that the buying and selling of homes is on a par with the level before the property market collapsed more than a decade ago.
DubLad69 wrote: I think that everyone has seen that the price of 2nd hand homes are rising quickly. But I have noticed that new builds are not increasing in price by anywhere near as much.
Cyrus wrote: » Why do you think there are so few banks offering mortgages in Ireland and why do you think we pay higher margins than similar countries ?
Cyrus wrote: » Do you think people who don’t pay their mortgages should be allowed remain indefinitely?
Cyrus wrote: » Do you not thing non recourse loans (benefit to the consumer ) and swift repossessions (benefit to the lender ) would make more sense than what we have now ?
schmittel wrote: » Interestingly there were two separate items on Newstalk today (PK & Hard Shoulder) talking about whether or not we should be getting tougher on repossessions. It seems to have been prompted by bonkers.ie research suggesting 46% are strongly in favour of a tougher stance Is the penny finally starting to drop that we need to get on top of this problem?
fliball123 wrote: » The thing about this is that if 46% are in agreement then 54% are not the penny may be still well and truly in hand if 54% think no repossessions.
The research, which surveyed a nationally representative sample of just over 1,000 adults (+18) in the Republic of Ireland during March, shows that 45% of people say they are strongly in favour of a tougher stance being taken on borrowers who are in arrears if it led to lower mortgage rates. A further 25% say they are somewhat in favour. This compares to 23% who are strongly against. Just 7% said they were unsure.
SmokyMo wrote: » All banks operating here whether Irish or not require to hold higher capital per lending unit compare to the rest. Due to 08. This is wrong because why should KBC follow that rule since it wasnt bailed out? But yet if you want to operate here you need to follow. This is was pushed on purpose by Irish banks to squeese competitions, since they have gapping wholes to fill. So foreign banks would rather deploy that capital else where to generate higher returns. Essentially it is an ability to use higher leverage. Ask mortgage brokers, people in fin sector who deal with credit lending, they will state the same. This has nothing to do with repossessions. No that's silly. Of course, but I fail to see if that would have any impact on housing market or house pricing. As I said there are no numbers that I am aware of that back that up. As of Dec 2020 only 38,785 accounts were in arrears more than 90 days. Which is around 5% of the total. Small numbers that do nothing but set you against your neighbor. Because it easier to hate Joe Soap not paying his mortgage while you at 9-5 than decades of failed government that did absolutely nothing for Irish people.
timmyntc wrote: » 46% 'strongly in favour' doesnt mean 54% strongly opposed. Likely there is strongly in favour, in favour, neutral/undecided, opposed, strongly opposed.
Country|Average interest rate*|Monthly Repayment |Enforcement success**|Length of judicial process Ireland |2.79%|€1,026|11%|3.7 years Netherlands |1.70%|€887|>85%|<1 year Spain|1.52%|€865|>65%|<3 years France|1.18%|€825|>45%|<1.5 years Germany|1.15%|€821|>70%|<2 years Austria|1.13%|€819|>65%|>3.5 years Portugal |0.75%|€776|>70%|>3.5 years Finland |0.67%|€767|>50%|<1.5 years Denmark|0.00%|€694|>80%|<1 year
Villa05 wrote: » Mortgage drawdowns at peak levels plus state and reits buying up new builds for social affordable plus looming shared ownership. We are close to the peak of the bubble. Where are you seeing this the latest daft report stated the opposite
RichardAnd wrote: » That's not too surprising. I think virtually everyone known at least one case of someone being fast and loose with mortgage payments whilst remaining in the house. I personally have a family member who has been under paying/not paying a mortgage for over a decade yet remains the owner of the house to which this applies. Family or not, that's not exactly proper order. I have sympathy for people who fall on hard times, and I could well be in such a position myself someday. I wouldn't want to see a situation where one missed mortgage payment means you're out on the street, but if someone genuinely cannot or will not pay a mortgage, then the house should be repossessed and returned to the market. On the flip side, the ability to repossess houses more readily should also mean lower interest rate and better deals for those who do keep up their side of the contract. These things go both ways.
fliball123 wrote: » Whats the bets the tail will yet again wag the dog. There will bleeding heart after bleeding heart if repossessions are ramped up even if the majority think this is the right way to go about it.
flexcon wrote: » My biggest fear would be people borrowing their max rate - at a time when the interest rates are low-is. (historically low) If interest rates doubled in the next ten years - Wow. What a situation we could have on our hands then?
Cyrus wrote: » I still don’t know where you stand , repossession is not desirable or it is? If it’s just silly that someone in arrears is allowed stay indefinitely what period is sensible?
Cyrus wrote: » I disagree with you I think if we had swift repossession and non recourse loans that you would see lower price inflation and lower priced mortgages .
Cyrus wrote: » And if you read any analysis on why mortgage rates here are high they will point to , repossessions, lack of competition and capital requirements, to say it’s not an issue and not considered an issue is disingenuous.
PropQueries wrote: » While repossessions are of course right. However, the timing of this debate seems to be spot on now that the funds have purchased many of the non-performing mortgages from the banks.
munstergirl wrote: » House in limerick sells in 23 minutes on daft, 30k over asking price.https://www.limerickleader.ie/news/home/628662/quick-sale-limerick-home-sells-in-just-23-minutes.html
SmokyMo wrote: » Are there numbers or some study done that shows lack of repossessions is causing high interests being charged on Irish consumer + banks leaving? Because from CB stats number of mortgage areas keeps falling year on year.
The number of principal dwelling house (PDH) accounts in arrears fell by 462 accounts in the fourth quarter of the year (Table 1). This was driven by a decline in longer-term arrears. Accounts in arrears over 2 years fell by 790 accounts over the last quarter, and by 2,104 accounts since December 2019.
There were 4,203 new restructure arrangements agreed during the fourth quarter of 2020.
Cyrus wrote: I still don’t know where you stand , repossession is not desirable or it is?
Hubertj wrote: I think it’s great that loads of people were able to purchase a home or move to a home more suitable to their requirements.
Hubertj wrote: Is the daft report not just using asking price? Would the CSO provide a better indication if prices for 2nd hand houses are rising or falling?
SmokyMo wrote: » Repossession should happen, but its an issue that is last on the list as it has negligent impact on problem we trying to solve. Disagree all you want but there is no evidence to show what you suggest will happen. What are you even basing this on? Point me to any analysis on above? There are no reports from Banks or financials institutions that I aware off that point to repossessions as a primary cause for higher interest rates. None. As I said, reach out to your fin advisor or even mortgage broker if you have one, and ask them about leading factors. I think you fail to understand those problems have different weights, and different order. Lack of competition is due to capital requirements, first of all.
PropQueries wrote: While repossessions are of course right. However, the timing of this debate seems to be spot on now that the funds have purchased many of the non-performing mortgages from the banks.
PropQueries wrote: » Interesting story but all depends on who the purchaser is and if they're planning on entering a 25 year lease agreement with the council. Is the local council in Limerick as active as DCC are in Dublin?
Cyrus wrote: » Are you outing schmittel as a vulture fund overlord ?
