Dublin property prices are falling again


#41

Also, I saw more then one media report that the banks didn’t use all of the exemptions to the rules, how do you justify removing caps that aren’t being hit?

It’s probable that some intending borrowers hit the limit, but if a bank doesn’t then engage in an exemption then isn’t this tantamount to saying - we wouldn’t give it to you even if we were allowed to?


#42

Panic.

Once bitten… etc. etc.


#43

We are at anxiety so. Little evidence of denial. Yet


#44

A lot of properties is Cork now not shifting.

Interesting to see what happens with recent new builds, where they have a built-in selling price expectation based on the build cost + profit.

Depends on cash flow I guess. Need something coming in to wait it out. I suspect deals will be done under asking price but drops not openly advertised


#45

Denial by the end of this week.


#46

@Jackal Agreed. The media now have approval from the estate agents to ring the alarm bells. They could hide behind the annual growth rate at national level for another few months but who would they be fooling?

Can they get the Central Bank rules relaxed? Very doubtful - the ECB isn’t abandoning its move towards monetary tightening so that Irish developers run amok again.

https://www.realestatealliance.ie/report


#47

I see the indo’s front page was house price fall, does this mean the housing crisis is over?

I reckon with the walls closing in again we’ll start seeing more motivated realistic sellers.


#48

This may be the article


#49

Expect to hear that Sherry Fitzgerald are sponsoring the next EIrexit meeting sometime soon…

Freedom from the chains of ECB lending rates is our birthright :slight_smile:


#50

Well I’d imagine the ECB will be quick to point out that in advance that another Irish bank run will mean a Cyprus style bail-in.


#51

With the Euro 100B that Irish people have on deposit, that shouldn’t be an issue catbear. Plenty of people to help finance whatever madness ensues. I believe that money will one day rapidly chase assets. Who knows though…


#52

Daft Q2 House Price report is out …

https://www.daft.ie/report/ronan-lyons-2019q2-dafthouseprice

Guess what? It isn’t the evil CB lending limits depressing prices … it’s new supply. Last month had the greatest number of houses for sale since April 2008. Some interesting stuff in there though about the housing mix – claims we don’t need any more 3-bed semis.


#53

Overpriced housing depressing house price. Some day we will just have houses


#54

I remember when housing was shelter!

Then again greyhound racing was also a pastime and not a business.


#55


This must be the lowest price from the IT’s usual what sold guff in recent times.
More to come?


#56

For the first time this month, Ulsterbank has reduced the (estimated) value of my house on my mortgage account overview.
Down by €500. Only about 0.1% but certainly a turning point, given the number increased by about 15%+ since early 2016 (so over three years).


#57

why did they give you a better interest rate as a result of LTV?


#58

The rate I got depended on LTV < 75% at the time (2.6% fixed). To be honest, I am not sure why the provide an estimated value on the mortgage account overview. It only starting showing up a few months ago IIRC.


#59
Main Findings
  • Property prices continuing to cool
  • Annual asking price inflation now at 2.4% - the lowest level in five years
  • In Dublin, asking price inflation is negative for the first time since 2013 – down €2,300 year-on-year
  • Prices outside Dublin grew by €10k over year and by €7k in the quarter
MyHome.ie asking prices, Dublin and National
Price (€) % Change quarter-on-quarter % Change year-on-year
National (stock) €276,000 2.1% 2.4%
Dublin (stock) €382,000 0.5% -0.6%
ex - Dublin €231,000 3.2% 4.4%

#60

Property is Cool. :icon_cool: Prices are Cool. :icon_cool: The Cool is getting Cooler :icon_cool: