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

Louis Friend wrote: »

I think that prices will increase by 5% or thereabouts.

The less spoken truth is that the people who’ve really suffered during Covid were never likely to buy houses in the first place.

Sigh. We are back on this bull****.

Almost a year after the effects of Covid began to be felt, shouldn’t that huge price drop people were so sure would happen be happening by now? With agreement having been reached on a Brexit deal, vaccine roll out having begun and new property supply being stunted, makes me wonder why people are so sure about prices diving.

Guys......how will all of this impact property prices?

My three offspring have saved 80k among them this year. This level of saving staggers me.

bubblypop wrote: »

Thats only 26,000 each. Not that difficult if you live rent free and off your parents!

Under normal circumstances, it would not be a surprise. It isn’t unusual for someone to do this when saving to buy a house. What is different about this is that we are supposed to be in a recession and the percentage of people wfh means a huge part of our population now have either wages/Covid payments sitting in their bank account unspent. That could be a hell of a lot of people with deposits for properties and providing their jobs are stable, with increased buying power.

HotDudeLife wrote: »

Happy new year to all, best wishes to you and your families.



My prediction for 2021:


- Mother of all recessions will cripple the world.



- Flood of property will hit the market once the vaccine is rolled out as it appears large segments of the population are fearful of putting properties up for viewing at the moment. This along with new builds will add to supply.



- Despite the beating the global the global economy will suffer, it will likely take some time for it to trickle down into the property market, for this reason i only predict a 10 -15% drop in Dublin.



Going against the herd here but the record high of savings deposits will not make much of an impact on the FTB section of the property market imo. Many of the people who have increased savings by any considerable amount are most likely already property owners, those who are not and who have increased savings due to lock down will not have increased them by enough to make an impact. E.g someone who is on 60-70k per year with no intention of buying or substantial savings, starts saving due to lockdown, even if very frugally, they would only put away at best around 18k (30ish if it's a couple) since March.



I may be wrong as i often am but in short i predict a 10-15% drop in Dublin.

Are you a prospective first time buyer?

CorkRed93 wrote: »

Sigh. We are back on this bull****.

Care to elaborate ?

So....

Here's an interesting property/evidence of the vendor asking too much?.

141 Delwood Close, Blanchardstown, originally listed by Flynn EA for €520k last year. Its a four bed semi.

The house originally has a garage attached, this was knocked and planning permission sought for the side site for a new build house. We know the area well and were looking in this park at the time. Our guess was, (as many do in this area), is that the owners would build the new build on the side site, move into it and subsequently sell the original house to clear the costs.

I noticed today the property is back up on the market with DNG at €485k -->https://www.dng.ie/residential/brochure/lot-2-141-delwood-close-castleknock-dublin-15/4475257

The site can now be bought separately for 225 --> https://www.dng.ie/residential/brochure/lot-3-141-delwood-close-castleknock-dublin-15/4475256

The images of the site are somewhat misleading, as I understand, it is the smaller tar mac'd portion next to the house, not the walled/gated area.

Or both the house and site can be purchased for 695k --> https://www.dng.ie/residential/brochure/lot-1-141-delwood-close-plus-site-castleknock-dublin-15/4475258

Have to wonder what is going on with the vendor here, have they decided this is no longer worth the hassle and are just going to get out.

You could argue, this would have sold better for circa 600k if the garage had been left in situ and the side site retained as part of the original property. Splitting it up like this has devalued it in my opinion.

Who would spend 500k on the main house, not knowing who or what will be build on the site next to it (subject to future planning of course).

TheSheriff wrote: »

So....

Here's an interesting property/evidence of the vendor asking too much?.

141 Delwood Close, Blanchardstown, originally listed by Flynn EA for €520k last year. Its a four bed semi.

The house originally has a garage attached, this was knocked and planning permission sought for the side site for a new build house. We know the area well and were looking in this park at the time. Our guess was, (as many do in this area), is that the owners would build the new build on the side site, move into it and subsequently sell the original house to clear the costs.

I noticed today the property is back up on the market with DNG at €485k -->https://www.dng.ie/residential/brochure/lot-2-141-delwood-close-castleknock-dublin-15/4475257

The site can now be bought separately for 225 --> https://www.dng.ie/residential/brochure/lot-3-141-delwood-close-castleknock-dublin-15/4475256

The images of the site are somewhat misleading, as I understand, it is the smaller tar mac'd portion next to the house, not the walled/gated area.

Or both the house and site can be purchased for 695k --> https://www.dng.ie/residential/brochure/lot-1-141-delwood-close-plus-site-castleknock-dublin-15/4475258

Have to wonder what is going on with the vendor here, have they decided this is no longer worth the hassle and are just going to get out.

You could argue, this would have sold better for circa 600k if the garage had been left in situ and the side site retained as part of the original property. Splitting it up like this has devalued it in my opinion.

Who would spend 500k on the main house, not knowing who or what will be build on the site next to it (subject to future planning of course).

images are misleading compared to the Blueprint

HotDudeLife wrote: »

Happy new year to all, best wishes to you and your families.


My prediction for 2021:


- Mother of all recessions will cripple the world.


I may be wrong as i often am but in short i predict a 10-15% drop in Dublin.

Another severe recession, following the very bad 2020 recession?

They would still qualify as a FTB provided they left the home and no longer had a financial interest in it.

https://www.lawsociety.ie/globalasse...-notes/ftb.pdf

I checked that link and it seems to be out of date as its from 2005
From the gov.ie website

If you are buying or self-building the property with someone else, they must also be a first-time buyer. You will not qualify if you have previously bought or built a property, either individually or jointly with anyone else, even if you are now separated or divorced from that person.

https://www.gov.ie/en/service/bc9df-help-to-buy-htb-scheme/#:~:text=The%20Help%20to%20Buy%20(HTB)%20scheme%20helps%20first%2Dtime,%2Doff%20self%2Dbuild%20homes.&text=The%20Help%20to%20Buy%20scheme,the%20previous%204%20tax%20years.

So people who are divorced or separated are not eligible for HTB

Villa05 wrote: »

Very little

Most will be priced out at current levels. Price is being set by government buying social and investment funds hovering up rentals

So if you want a house in this country have 5+ kids and quit your job or set up an investment fund and dodge any tax government assisted or get a mortgage and default after drawdown

Working is for fools and horses in this country

So are you give up working or are you going to default on your mortgage?

Bubbaclaus wrote: »

Interesting piece on the Irish Times which basically summarises a point I had made on the property thread a few months back.

"Those who bore the brunt of the Covid hit, those who lost their jobs and livelihoods in such large numbers, were in relatively low-paying service jobs and were not part of the home-buying market in the first place."

https://www.irishtimes.com/business/economy/economists-predicted-a-covid-property-collapse-it-hasn-t-happened-1.4449261?mode=amp

yup, younger generations getting screwed again, and we ll probably do nothing to truly help their property needs either

For what it is work and it's just an opinion, a fair amount of purchasers are saving a considerable deposit they are able to do this for a variety of reasons that is what is bridging the affordability gap for those on average or less than average. There are a lot of new developments, prices on new developments in the lower and middle market have gone as high as they will go.

Shelga wrote: »

I'm a FTB, really really hoping to buy in the first quarter of this year, but I'm not overly optimistic.

Supply is atrocious. If I see somewhere I think is half decent, I'm going to try buy it. I dithered too much last year, when we all thought prices might drop. I really don't think that's going to happen now.

The highlights I'm looking forward to:

-Showing up to viewings as a single person, with 456 couples present;
-Reading many many articles about the latest scheme government is throwing taxpayers' money at to "help FTBs get a home" (:rolleyes:) then reaching the bottom of the article and seeing it only applies to new builds, as usual.

Cannot wait!

Why cant you buy a new build?

mariaalice wrote: »

Why cant you buy a new build?

I don't think there are any new builds under €300k in Dublin.