Property price drops

a thread with sale prices 20% above asking price would be 200 pages long by this stage

Agreed, wishful thinking I'm afraid, not that I blame anyone for hoping prices will reduce.

This one just dropped 30k (7.5%) - I've been watching the Shankill market for a while and prices for apartments seem to have hit a ceiling of ~350K. Anything priced higher than that is stalling, and a couple that were priced at 395 have now dropped back down.

This one dropped from 395 to 375 a few weeks' back:

Ah, it's starting to happen. But it will be slow. I'd better put on my body armour now and be ready for all sorts flying at me😊

The cost of redoing an old house now is prohibited by material and labour costs. There is a reason that there are big sites shut down temporarily in every major town and city. I think the bump in the road is here until inflation is curbed and supply lines get more normalised. Ordinary Joe is the one who will be so tightly squeezed that he will feel it the most, and there are alot of us ordinary Joe's out there! I think our spending will reduce considerably this summer/winter. Then again there are still alot of people doing well, but we are all interconnected through capitalism, so it will be interesting times ahead. My biggest worry is this government doing something so stupid that it puts the working middle classes in big bother, and boy ó boy are these clowns capable of it.

Builders are already stopping! You can get lads to do work but they want huge money and materials just adds to that. I think the demand will ease over the coming months as people just won't be willing to pay the high costs of getting work done. We've seen it before. It's not an ever lasting upwardly spiral, eventually prices just become too high and people can't or won't pay. There will always be a few with money but for the vast majority of first time buyers, funding and finance has a ceiling. People just won't be willing/able to fork out money to meet high costs. The old saying will ring true again that nothing cures high prices like high prices and I think and this is based purely on what I see around me and talking to people (not that I know anything) that we are around that stage now. It's not the same as the last time but certain things are similar.

That's true, and everyone's ceiling is different but this time our wages include úsc, our inflation rate is big and interest rates are only going one way it would seem, add to that the enormous cost of energy and fuel. The actual value of peoples money is being eroded and that will feed into assets. I don't expect a crash but I do think the massive percentage rises in housing gained over the last two years will drop back over the next year or two. Just an opinion.

Lots of prices drops in Dublin 9.

We sold up 5 months ago and had lost bidding wars on two properties which suited us but recently had the EAs contact us re both properties. Lots of people must be getting cold feet!

The problem is the cheapest a new house can be is the cost of building, the site cost, taxes and profit for the builder. In my view we might see a pause for a while but can’t see a major fall

Your post reminds me of a time I went to a breakers yard many years ago and we were trying to come to an agreement on the price of a starter motor. The owner wanted 120, I said I'd give him 80 for it. His reply was "the price is the price" and with that I heel turned and walked out to the gate, as I was getting into the car, a shout came over the wall of "100 even". I'll go 90 i said, came the reply "fair enough". The price was indeed the price........ Until it wasn't! Sometimes we over complicate things too. If people walk away, even from new builds, I would be of the opinion that prices would normalise much quicker. But as you say, the cost is the cost. As I've already said, prices come down, it's not a never ascending spiral up.