Property post Covid

landmarkjohn said:

A nice property in south Dublin is a tough task but I would say a distressed market will suit you and you must be ready to STRIKE! It's a crazy world at the moment, world economies frozen yet the Tesla share price has more than doubled since March 17!
If you are serious you must invest the time and know your market inside out and watch it develop, not for the faint hearted and expect disappointment. Good luck.

For those less familiar with Dublin housing situation my son just rented a 1 room (yes, one room, not one bedroom) apartment or whatever you call it for €1600 per month in old Georgian Dublin (Baggott St). It's bananas!

If you plan on living in Dublin for the foreseeable and find a house you want and can afford it buy it. That said I expect the market to basically freeze with very little transactions until at least next year... we are all deer stuck in the headlights

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The thing is John and this is the truly criminal part of it, renting in Dublin especially, is vastly more expensive that a mortgage on the same property. If you rent, you can't afford to save and if you save you can't live anywhere you would want to live or bring a girl home to. Buying a house will save me money. Not only will I be buying an asset but I will be better off each month, even after paying for the various insurances etc. Truly bonkers. I'm just glad i'm not 25 trying to do this.

Smelly Old Boots said:

Thanks folks. For the record, I have NO problem with UK residents offering their tuppence worth. Whilst not the same markets, they are more similar than the french/irish market example and there are many similarities in how we do things. I just find it funny when websites that relate to UK property are suggested, in the Ireland Section to a member who lists his location as DUBLIN!

We want to buy. We are ready to buy (providing the bank does not stress test us again - we will pass) and know the area that we want to buy in. Just want the country to reopen. Funny old world.

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Surely there are issues common to both countries. Eg, I think the stats show older folks will be more susceptable to C19 so the number of sorted larger houses / bungalows coming onto the market or to auction (err with no onward chain) will jump up in number?

daytripper! said:

Surely there are issues common to both countries. Eg, I think the stats show older folks will be more susceptable to C19 so the number of sorted larger houses / bungalows coming onto the market or to auction (err with no onward chain) will jump up in number?

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Hmmm.....I think your comment if intended to be funny or factual is crass and in very poor taste.

Pansmiker said:

Hmmm.....I think your comment if intended to be funny or factual is crass and in very poor taste.

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Apols, my comment was not to cause offence, it was based on my observations eg older people often live in larger houses (empty nesters etc) and are more likely to become C19 fatalities. Thus after this debacle such property will increase the number of houses for sale on the market or at auction. It's certainly applies to us and indeed many of our elderly friends and neighbours. Anyway back to putting our finances / docs in order to ease things for our kids if we don't come out the otherside of this event..... Not sure any of this can be considered crass or poor taste.

daytripper! said:

Apols, my comment was not to cause offence, it was based on my observations eg older people often live in larger houses (empty nesters etc) and are more likely to become C19 fatalities. Thus after this debacle such property will increase the number of houses for sale on the market or at auction. It's certainly applies to us and indeed many of our elderly friends and neighbours. Anyway back to putting our finances / docs in order to ease things for our kids if we don't come out the otherside of this event..... Not sure any of this can be considered crass or poor taste.

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Embellishing your comment after the event only goes someway to explain your thought process but I still see the original as stated crass and in poor taste.

daytripper! said:

Surely there are issues common to both countries. Eg, I think the stats show older folks will be more susceptable to C19 so the number of sorted larger houses / bungalows coming onto the market or to auction (err with no onward chain) will jump up in number?

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This type of disposal is ideal for the OP, where you have a family group that are selling the asset and are not bothered about waiting around for the market to improve or otherwise. Keep an eye on the death notices Owen, you might pick something up in Shrewsbury Road for a song.

I have my house for sale since November, priced it at the high end, not too sure where to go (I need a smaller house with a bigger garage) , continuing to make improvements on the house but I really don't expect to be selling it this year.

Property is going be 30% less soon, in a falling job market

JohnnyBoxer said:

Property is going be 30% less soon, in a falling job market

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Not at all, I predict static (maybe a little growth) now till end of year then rising prices starting next year with up to +15% by year end 2021 .. lets see what happens

JohnnyBoxer said:

Property is going be 30% less soon, in a falling job market

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Do you ever make an optimistic statement?

Coronavirus: Banks expected to restrict mortgage lending over pandemic price fears
Central Bank deputy governor says there is a huge level of ‘uncertainty’ in market

https://www.irishtimes.com/news/con...e-lending-over-pandemic-price-fears-1.4238223

Saw that. We were offered an exception but declined. Glad we didn't now. Strange times indeed. There was quite a substantial difference in the amounts being offered when the exception was taken into account.

basically, we have put the buying thing to bed.

Lots more to be getting on with.

Wow, just read through 4 pages of replies, ye are a helpful lot aren't ye. There seems to be a common tread running through most of the replies that really does cut the mustard for this prospective house buyer.
Buy the best you can afford for the least amount of dosh possible. Buy in the best area that ye are happy to settle and live in. House prices rise and house prices fall in cycles the world over but the value of good property keeps even if it does take a little time to sell on at times. Speaking of crystal balls, look at property prices in Dublin since 2008, at the height of the market they said after the crash we would never see prices so high again.....look at them pre covid.....
Yes, we will see a blip after all this,but if your in it for the long haul what does it matter, people that went into negative equity are back positive again. You are in a fortunate place jobs wise, lucky you, your step onto the property ladder soon may be blessed with good fortune if you still have mortage drawdown approval in place (check and make sure, alot have been pulled).
Get on with your life and enjoy it, keeping one eye on the market ready to pull the trigger on the right one when it comes along.
I expect it wont take too long.

PS. Alot of the general advise given is relevant both here and across the pond, its the specifics that are different over here thats all....due to Irish ways and Irish laws.

We've been selling/buying for just over a year now (had a wanker of an estate agent who royally fucked it up for us!)
Our house sale fell through the 2nd week in March, just before lockdown, we were due to move end March.

We'll be putting our house back on the market in a month or so (have to remodel the kitchen)

My observations for what they're worth are that many of the houses we looked at last May 2019 are still on the market, still at the same price. Normally, the rule is that if you haven't had an offer in the first 6 weeks (albeit a low offer) there's something wrong, usually the price. The problem seems to be that owners are deciding what price they want, and are refusing to budge, possibly because they can't and possibly because they don't want to move if they have to drop the price.

House prices don't seem to be coming down. 3 houses have gone up for sale on my road in the last few weeks for the same prices they were selling pre covid.

We are selling in South County Dublin, trying to downsize the house and increase the land and garage space by moving slightly outside Dublin (but not too far as I don't want a long commute to work)

Property market here and in the Uk are not comparable. Brexit will still be having an impact in the Uk that won't be affecting us in cities here. I know it's caused a huge amount of uncertainty on country house sales here as many houses (particularly in Cork/Kerry are bought by people from Uk wanting to retire here). We're also selling a house in North Kerry and the estate agents told us that the arse had completely fallen out of the market due to Brexit, as many people wanting to retire here were afraid that their pensions would be too badly affected.

Thanks Mide,

Interesting observations. My partner is currently on the Covid payment scheme, so we have effectively put any serious investigation on hold until the end of August. We are looking at properties though and the nice ones get snapped up very quickly, whilst the over priced ones just Sit there.

Saw a nice house last week which is now sold. It had a beautiful mature garden and lots of charming additions within the house. Not quite turn key condition but close. Five doors down the road is another house. No extension, garden just a green space of cut weeds, nothing done in the house. Cost? Just 20k less.

I don’t know if it’s greed, bad advice from the estate agents or just pure delusion but a lot of prices are way off.

Best of luck with the sale and move!