Irish Property Market chat II - *read mod note post #1 before posting*

Question on this. Given that Pepper don't own the mortgage in this particular case should it not be assumed that it would be profitable for them irrespective of the rate on the mortgage? Is their profit not driven by the fee they receive to service the mortgage?

I wonder what leeway Pepper had in the court case to reveal the funding costs. Maybe they couldn't since they don't own the mortgage. The fund that owns the mortgage may not have given them permission to provide that information leaving Pepper with their half baked "its unfair" defense without anything to back it up.

I wonder since funding costs appeared to be the focus of the case if this was a deliberate tactic by the PIP.

Interesting to note that Pepper were willing to offer 3% variable.

Do you mind me asking why it’s taking so long to close? Seems to be a common theme but I can never understand why it takes so long.

Seems to be mostly down to solicitors being a joke, constantly going on annual leave, ignoring emails, random periods where they just stop working on your case for weeks and only start again after you ring them to ask what is going on etc. The sellers one sounds just as bad.

Irish Times up to their old tricks again this morning. Headline "Irish house prices rise 8.9% in first three months of 2023".

When you get into it, it's actually an 8.9% increase in the median house price between Q1 2022 and Q1 2023. The rest of the article is pretty much an ad for some new property tech company.

If the IT frames it as a rise in 3 months when in reality its an 8% year on year rise, it is very misleading

My own two cents is that the slowdown, such as it is, will not last. The ballooning of prices in the last few years was caused by the state's reaction to the 'rona. I.e., shutting things down and flooding the country with funny money. Naturally, things cooled off when "normal" market conditions returned, and likely rate hikes and uncertainly played a role also.

However, the demand for housing here has not changed, and there is still plenty of money floating about. I would love to see a crash as we badly need one, but I just cannot see where it's coming from.

Of course you can measure it. if prices are dropping they are dropping for a reason. We have an under supply of properties and had ravenous demand up until last year that is a fact and yet with more and more increases in our population and no increase in supply we are now seeing prices dropping so why is that, the demand is still there, the only parameter that has changed is the access to cheap credit which was there 12 months ago and this access to cheap credit is no longer available to anyone getting a new mortgage and this has quelled demand this is a fact. We are facing at least 2 more interest hikes before July. Look proof is in the pudding lets see if current month on month decreases we are seeing continue for the rest of the year. So this basically boils down to affordability its not just the price of the property that people and banks have to factor in they now have to factor in the repayments and the good auld stress tests.

Is this Misinformation, malinformation, disinformation or fake news - Its a bollox story used by the mainstream to push narratives and agendas.

Imagine the Ditch or some 'disruptive' news outlets stated something so misleading - Politicians and the mainstream would have a field day attacking them and portraying them as 'fake news'

Been watching houses for 3 years now through some crazy times, but this with multiple bidders up to €1.23m after a few weeks on market might be the new record for craziness that I’ve seen.

https://huntersestateagent.ie/properties/17-anglesea-park-killiney-co-dublin/

Ok so if prices are so affordable and we have a record number of people looking to get on the property market and a near all time low stock of supply what does that tell you about affordability and why have we seen 5 month on month drops in the county that is the most desirable place to live in??. Price in simple economic terms is supply vs demand so its not garbage to come to the conclusion that if access to cheap credit has gone this has greatly increased the amount of people who would have been in a category of looking to buy a house to the category of those who can no longer afford to buy a house. (its not just the head line property price, its the repayments and the stress tests that banks have to do for every one before giving out a mortgage) Demand is being seriously diminished by interest rates otherwise prices would of continued going up and the proof is 5 month on month drops in the face of our ravenous demand vs p1ss poor supply paradigm. The proof of the point I am making is staring you in the face with those price drops.

Ha I saw that go up a few weeks ago, immediately thought it was very underpriced and would go for well over a million. They wouldn't give us a suitable viewing time so we said we'd leave it for a few weeks, might as well let somebody else go first and see what the actual price is going to be. It was €1.13m when we enquired at the start of the week 😱

I'm bidding on something else and am the only bidder thus far after nearly a month on the market, it needs work though so maybe the decent quality stuff is still in high demand. That Angelsea Park house is hardly in turn key condition either though.

The CSO have stated 5 month on month drops. In dublin its over 2% of a drop in the months from Oct 2022 to Feb 2023. Let me flip your argument on its head we have a near record level of low supply so if demand was not being diminished we would be seeing property price continue to rise as it was up until around Q3 of last year ye know just before interest rates started jacking upwards.