Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all,
Vanilla are planning an update to the site on April 24th (next Wednesday). It is a major PHP8 update which is expected to boost performance across the site. The site will be down from 7pm and it is expected to take about an hour to complete. We appreciate your patience during the update.
Thanks all.

coronavirus and the property effect

12467…10

Comments

  • #92
    OttoPilot
    Registered Users Posts: 540 ✭✭✭OttoPilot


    Augeo wrote: »
    It fell 12% today.
    Today COB it's 30% off Feb peak.... Daily falls aren't measured off peaks from weeks ago.

    I know but the point you made was that a 10% fall from a few days ago wasnt the same point impact as the 10% fall I mentioned a few hours ago. But then it fell to 12% so it turned out to be a similar point fall.


  • #93
    farmerval
    Registered Users Posts: 643 ✭✭✭farmerval


    lalababa wrote: »
    Reply
    All your points are valid but I don't think they have much weight.
    1) why not?? nothing wrong with -meet EA for viewing....meet solicitor...meet bank manager...sign contract. Probably don't have to meet solicitor initially these days...actually can contract be posted emailed and signed at home or do you need solicitors witness?
    2)New builds would be set up to go and delaying them would just cost money, builders and most workers don't like sitting on their thumbs.
    3)open houses can open just not very open
    4)You want to sell house you put it on market....market hasn't fallen ....yet
    5)yes there is a bit of uncertainty...but so what
    6)hmmmm I don't know 'bout that
    7)hmmmm the same

    Specifically on point 6 above. There are social houses being built. Respond in the South East have 4 sites between just completed and in construction. The NTMA I think or the National Pensions board is funding a framework of social housing that is currently underway. The first round of six sites of 60-70 units each in the greater Dublin area are on site and the second tranche of six sites around the country of similar size are gone to site just now.
    These are all being funded on 25 or 30 year finance.


  • #94
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    lalababa wrote: »
    1) why not?? nothing wrong with -meet EA for viewing....meet solicitor...meet bank manager...sign contract. Probably don't have to meet solicitor initially these days...actually can contract be posted emailed and signed at home or do you need solicitors witness?
    It's definitely more awkward but house viewings are still happening. Estate agents' approaches have been ranged in severity from refusing handshakes while showing you in to leaving the property's door open and parking their car across the road with the window open, shouting 'look around yourself, I'm out here for questions!'.


  • #95
    Slydice
    Registered Users Posts: 10,501 ✭✭✭✭Slydice


    Sounds like something is holding something up on them

    Short update to Saturday’s Statement on the issues affecting the rental sector in relation to Covid-19
    Published on Monday, 16 Mar 2020
    https://www.housing.gov.ie/housing/private-rented-housing/short-update-saturdays-statement-issues-affecting-rental-sector
    (Update to statement of Saturday, March 14/2020)

    Minister Murphy has been conducting a series of engagements with relevant stakeholders including tenant and landlord associations. The matter has also been discussed with Minister Donohoe and been brought before members of the Covid 19 cabinet committee sub-group.

    “We know additional protections for renters during this period are necessary,” Minister Murphy said. “We are considering what additional supports and protections will be required for renters, beyond the income supports already agreed with the Department of Employment Affairs and Social Protection. Work is continuing to bring these matters to a conclusion as soon as possible.”


  • #96
    TravelTiger
    Banned (with Prison Access) Posts: 18 ✭TravelTiger


    I've re-read the last few pages and I'm still very surprised that the coming global depression can't even correct a ridiculously overpriced market.

    Some places in Dublin need to drop by 40% let alone 20%


  • Advertisement
  • #97
    Claw Hammer
    Registered Users Posts: 6,153 ✭✭✭Claw Hammer


    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.

    One repossession? You must be joking there have been thousands upon thousands of forced sales, repossessions, receivers appointed in the last 12 years. Repossessions have been grinding through the courts for years. If the courts are closed, landlords might be tempted to simply lock out the tenants won't be able to find anyone to help them. In any event it would be no bar to landlords issuing notices of termination even if they have to wait to get the tenant out. Many landlords have waited years to get tenants out and will seize the chance.


  • #98
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    TravelTiger wrote: »
    I've re-read the last few pages and I'm still very surprised that the coming global depression can't even correct a ridiculously overpriced market.

    Some places in Dublin need to drop by 40% let alone 20%

    Give it time sir, you ain't seen nothing yet.


  • #99
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    https://www.rte.ie/news/coronavirus/2020/0317/1123648-garda-coronavirus/


    200000 jobs gone this weekend.


  • #100
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Himself had been laid of short term and I’ve been on notice of reduced working hours with the potential of short term lay off until it’s all over. I didn’t want a recession to hit in case jobs were a possibility but had hoped house prices would level. Our AIP expires end of March.

    That will knock us out of looking at purchasing a house until this all blows over and hoping our jobs can go back to normal.

    It’s a hard call to decide whether you buy or not in this climate. I think it’s less an issue for a long term home esp if you can pay the mortgage comfortable. Otherwise you need to pay rent.

    It wouldn’t have put me of buying a house if we were still able to get a mortgage as the aim would have been a house for life.


  • #101
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    farmerval wrote: »
    Specifically on point 6 above. There are social houses being built. Respond in the South East have 4 sites between just completed and in construction. The NTMA I think or the National Pensions board is funding a framework of social housing that is currently underway. The first round of six sites of 60-70 units each in the greater Dublin area are on site and the second tranche of six sites around the country of similar size are gone to site just now.
    These are all being funded on 25 or 30 year finance.

    Do you think there will be money for future social housing (and by that I mean social housing that hasnt started not ones that have builders onsite) after COVID19?

    Conservatively there are going to be 200,000 to 300,000 more people unemployed over the next 2-3 months. Business which generate tax have closed. These 2 events will narrow the tax base. At the same time social welfare payments increase (300,000 by approx 200 a week). Also the HSE will probably need several billion to combat this while waiting lists etc grow.

    I do not know what the governments first priority will be after all this is managed (clearly housing is not a priority today; it wasnt for the last 5 years) - I highly suspect the limited resources wont be spent building houses.


  • Advertisement
  • #102
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    If I had a house to sell and I didnt need to sell it, I would either put it on the market for the price I thought it was worth 1 month ago or hold tight


  • #103
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    JJJackal wrote: »
    Do you think there will be money for future social housing (and by that I mean social housing that hasnt started not ones that have builders onsite) after COVID19?

    Conservatively there are going to be 200,000 to 300,000 more people unemployed over the next 2-3 months. Business which generate tax have closed. These 2 events will narrow the tax base. At the same time social welfare payments increase (300,000 by approx 200 a week). Also the HSE will probably need several billion to combat this while waiting lists etc grow.

    I do not know what the governments first priority will be after all this is managed (clearly housing is not a priority today; it wasnt for the last 5 years) - I highly suspect the limited resources wont be spent building houses.


    I'm still expecting a lot of people to go back their countries or go back to the countryside if that's were they from. People with no jobs aren't going to crate demand for accommodation as they can't afford it


  • #104
    JJJackal
    Registered Users Posts: 1,016 ✭✭✭JJJackal


    Mic 1972 wrote: »
    I'm still expecting a lot of people to go back their countries or go back to the countryside if that's were they from. People with no jobs aren't going to crate demand for accommodation as they can't afford it

    This is true. However the current job losses are typically in pubs bars child care ... all of which will be more prevalent in Dublin lets say. When and if COVID resolves some of these will reopen and while we say 200,000 to 300,000 job losses in a few days we could see 100,000 to 200,000 job creations.


  • #105
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    JJJackal wrote: »
    This is true. However the current job losses are typically in pubs bars child care ... all of which will be more prevalent in Dublin lets say. When and if COVID resolves some of these will reopen and while we say 200,000 to 300,000 job losses in a few days we could see 100,000 to 200,000 job creations.


    I'd say a lot of multinationals will put recruitment on hold if they haven't already. Lots of Italian/Spanish/German/French working in sales or IT support, who's is going to hire them right now?
    My flatmate is Italian - working a big corporate - she arrived a month and has is already leaving in 2 weeks


  • #106
    ZX7R
    Registered Users Posts: 3,426 ✭✭✭ZX7R


    Mic 1972 wrote: »
    I'd say a lot of multinationals will put recruitment on hold if they haven't already. Lots of Italian/Spanish/German/French working in sales or IT support, who's is going to hire them right now?
    My flatmate is Italian - working a big corporate - she arrived a month and has is already leaving in 2 weeks

    I not been smart she won't be going anywhere in two weeks
    All European flight's will be finished by Thursday


  • #107
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    ZX7R wrote: »
    I not been smart she won't be going anywhere in two weeks
    All European flight's will be finished by Thursday


    Correct, but you can still be repatriated through the embassy, the way Irish people were flown back from Wuhan. If she's stuck in Ireland with no accommodation Italy will take care


  • #108
    Fol20
    Registered Users Posts: 3,623 ✭✭✭Fol20


    I’m hearing talks of a moratorium on rents and mortgages. I have only seen a moratorium on mortgages for ppr rather than btl.

    What are your thoughts on this and how it might play out.

    Personally nervous if the government allow all renters a break and not ll if they have mortgages to pay.


  • #109
    Zulu
    Registered Users Posts: 10,965 ✭✭✭✭Zulu


    It's ill-conceived populist talk; sounds great, but the government couldn't pull it off without shafing ll's, but in the meantime it's a great excuse to ragg on landlords. Again.


  • #110
    beggars_bush
    Registered Users Posts: 4,336 ✭✭✭beggars_bush


    They'll give a tax break to renters probably

    In the hope that they'll be back at work in 6 months


  • #111
    easypazz
    Closed Accounts Posts: 2,346 ✭✭✭easypazz


    The people will play along for about a month. Then questions will be asked, like:

    Private workers laid off get €203, why are public worker laid off, like librarians ans school teachers not treated the same?

    They won't be able to suppress this virus. It still crops up in China.


  • Advertisement
  • #112
    [Deleted User]
    Posts: 17,728 ✭✭✭✭[Deleted User]


    easypazz wrote: »
    ...............
    Private workers laid off get €203, why are public worker laid off, like librarians ans school teachers not treated the same?...............

    Because librarians and teachers aren't being laid off.


  • #113
    Ray Palmer
    Registered Users Posts: 8,346 ✭✭✭Ray Palmer


    easypazz wrote: »
    The people will play along for about a month. Then questions will be asked, like:

    Private workers laid off get €203, why are public worker laid off, like librarians ans school teachers not treated the same?

    They won't be able to suppress this virus. It still crops up in China.

    Because they are employed by the state. Private companies have been asked to pay their staff as normal. The state can't make companies pay people


  • #114
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    beggars_bush wrote: »
    They'll give a tax break to renters probably

    In the hope that they'll be back at work in 6 months

    Rental prices will crash within 6 months i'd imagine


  • #115
    kravmaga
    Registered Users Posts: 1,945 ✭✭✭kravmaga


    Fol20 wrote: »
    I’m hearing talks of a moratorium on rents and mortgages. I have only seen a moratorium on mortgages for ppr rather than btl.

    What are your thoughts on this and how it might play out.

    Personally nervous if the government allow all renters a break and not ll if they have mortgages to pay.

    The Department of Finance heads are meeting with CEO's of all banks this afternoon.

    See link, looks like they are proposing a 3 month moratorium on mortgage repayments and not sure about folks renting.

    https://www.rte.ie/news/2020/0318/1123788-banks-covid-19/


  • #116
    lindtee
    Registered Users Posts: 3,396 ✭✭✭lindtee


    I was outbid this morning, 3 weeks after my initial bid. The previous bid to mine had been there for at least a month previously. I’m not going to counter bid. While it’s a really lovely house it’s a little further out than I would like, I am used to a 10 minute commute to work! The reality is that little villages like the one the house is in will suffer bigger property price drops than other places.

    I’m a bit in shock that a bid came in the day after paddy’s day during a pandemic to be honest. Time to forget the house hunt until all this is over. I am lucky enough to have a full time permanent HSE job so the worst I can expect is for a slight drop in wages.


  • #117
    Donald Trump
    Registered Users Posts: 19,019 ✭✭✭✭Donald Trump


    lindtee wrote: »
    I was outbid this morning, 3 weeks after my initial bid. The previous bid to mine had been there for at least a month previously. I’m not going to counter bid. While it’s a really lovely house it’s a little further out than I would like, I am used to a 10 minute commute to work! The reality is that little villages like the one the house is in will suffer bigger property price drops than other places.

    I’m a bit in shock that a bid came in the day after paddy’s day during a pandemic to be honest. Time to forget the house hunt until all this is over. I am lucky enough to have a full time permanent HSE job so the worst I can expect is for a slight drop in wages.


    Withdraw. If they come back to you in a few weeks, offer them a lower bid at that time if still interested


  • #118
    Idbatterim
    Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    lindtee wrote: »
    I was outbid this morning, 3 weeks after my initial bid. The previous bid to mine had been there for at least a month previously. I’m not going to counter bid. While it’s a really lovely house it’s a little further out than I would like, I am used to a 10 minute commute to work! The reality is that little villages like the one the house is in will suffer bigger property price drops than other places.

    I’m a bit in shock that a bid came in the day after paddy’s day during a pandemic to be honest. Time to forget the house hunt until all this is over. I am lucky enough to have a full time permanent HSE job so the worst I can expect is for a slight drop in wages.

    it could be an attempt to flush out people, before prices drop and then the seller and EA have way bigger head aches. I mean it could be totally genuine too. You just dont know...


  • #119
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    lindtee wrote: »
    I was outbid this morning, 3 weeks after my initial bid. The previous bid to mine had been there for at least a month previously. I’m not going to counter bid. While it’s a really lovely house it’s a little further out than I would like, I am used to a 10 minute commute to work! The reality is that little villages like the one the house is in will suffer bigger property price drops than other places.

    I’m a bit in shock that a bid came in the day after paddy’s day during a pandemic to be honest. Time to forget the house hunt until all this is over. I am lucky enough to have a full time permanent HSE job so the worst I can expect is for a slight drop in wages.

    Keep the faith, i wouldn't be surprised if this was some shady antics by the EA to milk it before the crash comes or maybe the other bidder is desperate/highly illogical and is panicking.

    Who knows, maybe the bank won't go ahead with the other bidders mortgage. withdraw your offer. You never know they could come back crawling with their tail between their legs.


  • #120
    Idbatterim
    Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    randoplh134 wrote: »
    Keep the faith, i wouldn't be surprised if this was some shady antics by the EA to milk it before the crash comes or maybe the other bidder is desperate/highly illogical and is panicking.

    Who knows, maybe the bank won't go ahead with the other bidders mortgage. withdraw your offer. You never know they could come back crawling with their tail between their legs.

    yeah, you will find out immediately where things stand and doing this, will frighten some people into just bidding and being done with it or not...


  • Advertisement
  • #121
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    What's the mood out there from buyers and sellers ?

    Personally I'd say people were better to wait later in the year the market crashing we are seeing is only getting going. The effect from the Chinese economy drop has not hit yet.


Advertisement