Indo: Abolition of stamp duty fails to boost market

independent.ie/national-news/abolition-of-stamp-duty-fails-to-boost-market-1038189.html

Some interesting quotes in there:

I like how a 7-10% nominal price drop this year is “soft prices”. But even so, this is unprecedented gloom from an estate agent, if he posted here he’d be one of the more bearish people.

That is unbelievably bearish from a VI, the lowest growth/decline I heard mentioned before by a VI for 2007 was -2% from AIB which they somehow claimed as a soft landing. Minus 7-10 percent in a year is at best a correction or at worst a huge chunk of a crash.

If sales are weak or non-existant, then the real price fall will not be reflected in the likes of the ESRI figures and the daft asking price figures are irrelevant. The housing market is likely to be in worse shape than the mooted 7-10% drop, (this may even be spin). Developers, Estate Agents and Banks know this. I’d like to be a fly on the wall at one of their monday morning sales/target tracking meetings.

So now we will have to wait for the December budget to sort it out!

Once tax revenues start to fall, I’d hope (and genuinely expect) that the government will give greater priority to more deserving cases than mortgage interest relief. The VIs have been shown up by the Stamp Duty debacle which they insisted would “solve” the problem - it has made no change by their own admission, so crying wolf is the only description for it.

I think Cowen has this one in hand (and I’m not a FF supporter).

At least this guy seems to have some integrity - many other EA’s have spouted out ridiculous figures , which will come back to haunt them IMO.

The problem is that they all but promised it to the unions last week. Micheal Martin said as much afterwards. I doubt the state of the nations finances will prevent them for doing so but I agree there are many more deserving causes.

Is that the death knell of the Irish Property market I hear :confused:

Not from Ken McDonald you didn’t . Ken told us the real inside buzz a few months back

independent.ie/opinion/analy … 23542.html

EG

10% down is Maturity then and not softness or a crash.

Completions will hardly exceed 60k this year I have now decided, certainly not 65k . Despite the rapidly worsening completion situation prices are still going down and rents plateaued as Ken opened his mouth in March…having risen in the first quarter.

Dream on Ken . :smiley:

LOL . Right on Ken .

In 2006 Ken would have had you shell out €340k for a 1 bed in Bellevue in Islandbridge , see

archives.tcm.ie/businesspost/200 … y14107.asp

When he wrote that article in March it was €317k. Since then Ken has dropped the price to €290k

daft.ie/searchsale.daft?sear … d=146746&s[agent_id]=10&s[p]=upppppss

**Thats down €50k or 14.7% down. **All on Kens watch . Still, we should do what Ken says not what Ken does. Your property would actually have matured had you bought in March .

This whole Indo Article is stomach turning…haven’t they been yelling for months to abolish it and now…(yes and I’m not a big fan of this current government)

It’s more and more reminding me of a spoiled child…they got what they wanted and now it doesn’t work…oh, boohoo :unamused:

Did anybody happen to see the article in the Sunday Times about buying your house in a ‘worse’ area?..According to that, if there’s a high crime rate you can easily save yourself a fancy 20%…I read that and threw it away. But it’s the next solution to the property debacle. Move into Moyross and buy a bullet proof vest.

Indeed he did …

The 65K figure could well be right if the rumour on the number of upcoming layoffs I heard is true. :open_mouth: The other thread about job losses is looking really optimistic.

I wonder if he ever did offload his "investment" in Blackrock, 'twas still advertised on the Sherry Fitzgerald site last time I looked.

Good post 2pack. How I’d love discuss this with Ronald with a few FTBs from early 2007 as participants…

Straws! Straws!, grasp them now!
oh, darn! :wink:

I think Ken is going to need the 'ol Reality Check…and a lot of people with him…maybe they could get a group discount?

You see most people just wouldnt appreciate that. Ah!, the finer things in life

:slight_smile:

Hi Green Bear, can you elaborate on the detail of the rumour you are referring to, and its source (if permissable) - I’ve heard a few things myself anecdotally but havent been able to pin anything concrete down - might be more appropriate to the other thread by the way - if you prefer maybe post your reply over there
Cheers

Dont forget to factor in inflation/appropriate discount rate for an individual to any nominal drops.

If Sales are non-existant then only best properties in every region/area/house type are selling hiding the true extent of falls across less attractive properties nearby aand wider market.

Oh the hangover, damn you four day drinking sessions!

Irish Examiner