coronavirus and the property effect

OttoPilot wrote: »

Many people said that about Irish banks in 2008. How many evictions did we see in the end? One? Landlords won't have a leg to stand on because as you have noted the system wont help them. It will grind to a halt.

Ardillaun wrote: »

I’ve seen Covid’s effect on the economy discussed in Canada but not property prices, a particular Irish preoccupation.

The Government is very conscious of the additional pressures facing both landlords and tenants in relation to the Covid-19 crisis. Measures to combat the spread of Covid-19 may result in some workers being impacted either through a requirement for self-isolation, a confirmed medical diagnosis or a reduction in working hours. This may lead to some having a difficulty in paying their rent.

This morning the Minister for Housing, Planning and Local Government Eoghan Murphy TD spoke with landlord representative groups the Irish Property Owners Association, Residential Landlords Association of Ireland and Irish Institutional Property. He is also engaging with tenant groups and this will continue over the coming days.

“This morning, we discussed potential issues around the safety and security of tenancies and the challenges facing both landlords and tenants. We know that the majority of landlord-tenant relationships work well. Where there is open and early engagement and communication, issues such as those related to rental payments can be resolved,” Minister Murphy said.

“Tenants encountering difficulty with rent payments as a result of the crisis should in the first instance engage as soon as possible with their landlord. I would ask all parties to residential tenancies to exercise forbearance in this time of national crisis, particularly for those affected by Covid-19. I will continue my engagement with the sector in the coming days, in order to ensure that landlords and tenants are both protected during this difficult period. The situation will be kept under constant review.”

The Department of Housing, Planning and Local Government is working with other Government departments preparing guidance on supports available for landlords and tenants.

The Government has urged all employers to support national public health objectives by continuing, as a minimum, to pay employees who cannot attend work due to Covid-19 illness or self-isolation the difference between the enhanced Illness Benefit rate and their normal wages.

But there is also an economic impact arising from the present unprecedented circumstances. Where an employer due to a reduction in business has made their employees redundant then the Department of Employment Affairs and Social Protection provides the normal range of income supports for people who have lost employment or have had their hours reduced. These include the following:

• If the employee has been temporarily laid off due to a reduction in business they may claim a Jobseeker’s payment and they can apply online at www.mywelfare.ie;
• Where the employer and employee arrange for the employee to work on a short-time basis e.g. 3 days on and 2 days off the employees can claim Short Time Working payment for the days they are not working (up to a maximum of three days per week);
• If the employee works a minimum of 19 hours per week they may be able to avail of the Working Family Payment which provides income support to certain parents with children;
• Where an employee does not qualify for any of these payments and has an income need they can apply for Supplementary Welfare Allowance, which is means-assessed.

Minister Murphy added that services were available for tenants and landlords in difficulty through the Residential Tenancies Board and national housing charity, Threshold, which operates the Tenancy Protection Service.

The Residential Tenancies (Amendment) Act 2019 also provides a number of key measures to provide greater security of tenure for tenants and underpin the operation of the Rent Pressure Zones (RPZs) which have been designated until the end of 2021. Over two thirds of all tenancies registered with the Residential Tenancies Board are now covered by Rent Pressure Zones.

Claw Hammer wrote: »

The Dail would have to be recalled to debate legislation for that to happen. It won't. What will simply happen is that sittings of the RTB will be stopped and applications to the courts for possession orders will be stopped. Rent Allowance or something similar will be introduced to enable tenants pay their rent. There is no question of landlords simply having their rent confiscated nor being allowed to terminate the tenancy is of nonpayers.

Zenify wrote: »

I cant see the banks allowing mortgage drawdowns right now...? Anyone have any facts about the banks approving and releasing mortgages in the current climate.

Coming from someone with mortgage approval but I'm now unemployed.

randoplh134 wrote: »

Bingo, expect at least a 20% drop in prices by the end of the year.