Prices dropping, stable or rising ?

Hi all,

Cant quite figure it out but with new legislation… what is happening ?

Are prices stabilizing, dropping or still rising ?

Thanks :wink:


According to my numerous coal-face sources, prices in Dublin are down 10% from appx. May/June 2014.
And that only scrapes the surface of the new CB regulations.

Yeah, I’m with Anderson - maybe a touch less, down 7% from the heady Summer of '14 I’d say.

I had a call with my solicitor this morning regarding the contracts on the house I’m buying. He was very vocal about the fact that their conveyancing work has completely dried up but he reckoned “I don’t think we will see price falls in Dublin though” to which I replied “prices have fallen for the last 3 months straight in Dublin per CSO”… I think I turned him into a bear by the end of the call!

There be bears about :slight_smile:

Anecdote alert: I’m getting a lot of price reductions on my daft alerts these days.

I only keep a passing eye these days though. Despite these falls askings are still where they were about a year ago which is still 20%-25% off bottom.

There certainly are! :smiley:

Anyone disagreeing must be a woefully naive ‘soft landing’ merchant :smiley:

Bit like that in my office…‘nah no drops coming to Dublin’…a quick perusal of the ‘Latest Price Changes’ brought a different reaction :slight_smile:

All you have to do is spend 5 minutes on Daftdrop to see exactly what direction prices are moving.

I have been getting increasing invitations from EAs to quietly walk through houses before they come to the market. That’s all good and well until you see the prices they are asking for these. I think some of the vendors are in for a serious reality check if they do actually bring these to market.

I also think that the EAs bear a lot of responsibility for not letting the vendors know that in some cases they are literally 20% above very similar properties in close proximity that aren’t achieving their own reduced asking prices.

This wouldn’t surprise me tbh

Gave up around April 2014, back at least viewing again. Different world out there

Note I’m not suggesting we’re going to see a “crash” or prices back at 2011 levels but things have definitely calmed and I’m viewing houses I’m shocked to hear have no bids as, as stated above, had the same house been on 12 months ago I’d probably have turned and ran after the welcoming EA at the front door told me where bidding was

Tbh the kind of market we’ve seen even since 2011 is a joke

Can’t remember who posted this originally but buying a home for your family should be reasonably straight forward. Instead it’s like investing in a tech start up. Will prices be up / down 15% this time next year?

He claimed that he was busy in January closing out December contracts but there has been very little coming through since. A few PDHs but nothing happening on RIPs at all

A few contrasting anecdotes

we’re back viewing in the D3/9/11 area having thrown in the towel almost a year ago

My wife viewed one house before Xmas. EA adamant it wouldn’t sell for less than X. Asking had now dropped below X and no offers

Another we viewed had a 40k price drop. Despite a quiet open viewing bidding was 20k over asking last we were told (20k below ‘old’ asking). Could be higher, told the EA we were out and out again at that level (price is insane IMO)

Same weekend viewed what was IMO a far better house but more expensive (but not crazily). Zero offers after 3 busy open viewings

EAs far more attentive, wife (who handles the calling side) getting calls daily from EAs almost begging us to bid. Although I think some want to bring offers back to vendors to illustrate how insane their asking prices are. But have had many conversations with EAs along the lines of

EA: they won’t sell for less than X (even though its on the market for ages, zero bids)
Us: oh god, that’s no good. If we were to make an offer it’d be at most X - 50, and that’s assuming after viewing again the potential snags we saw aren’t all that serious. If they are we’d reduce accordingly with cost of fixing
EA: really? Is that an official bid? Can I bring that to the vendor?

Had the same sort of chase up from EAs after some viewings.

We did see one place, pre-market, zero bids, completely unrealistic asking price which was 20% over anything thats sold in the last 6 months in the same area. Gave the EA a bid and he basically he said that the clients are looking for full asking price so he I can’t put our offer to them. :angry:

Surely he has to show them all/any offers.

Wondering if we just write a quick note and pop it into the letter box or just wait and see if they come back after they bring it to market and get a reality check.

Prices (in Dublin) are doing this…

Prices in the particular area of Dublin you’re interested in are doing this (change rathgar in the url to get the area you want)

The rest is speculation, which, bar for a few exceptions (so few as to render them as likely happy accident as accurate reading of the tealeaves) have predicted very little by way of price movement.

Agreed. About as meaningless as price prediction on here imo.

Still like reading the arguments though. I think the true usefulness of the PropPin as a buyer (or seller) lies in being informed as to market machinations. One becomes an insider, a speaker of the lingo, a spotter of the bargain.

The rest is tea-leaf reading (with all due respect to your own predictive powers - you’re reasonably on track in your own recent prediction iirc?)

I gave up ages ago. I’ve seen great arguments based on an assessment of a multitude of factors at play but suppose that all muddied by the utter irrationality of the property buying public. And a government able to act on own agenda.

Two in a row would be something. Morgan Matissa :slight_smile:

Are you having any rumblings in your belly about what you think is coming this next period?

And worth noting that a 20% drop reverses a 25% gain.

I think that if prices were to drop by more than that and it’s accompanied by a large drop in volumes there will be govt. intervention of some sort, or the CBI would roll over of their own accord and revise the LTV limit to 85%.

20% above asking or 20% above offer? If it’s the former, they’d have to be really dense not to have worked that out in five minutes on Daft or MyHome and maybe they just don’t deserve to find buyers. If it’s the latter, are the EAs allowed to tell them what’s happening on other properties (even somewhat anonymised)? Isn’t there some kind of confidentiality requirement concerning price negotiations?

have to say I am not seeing this in D14/D16 - Anything we’ve gone to see has had a bidding war break out ! ( except the house we went sale agreed on, which has not been touched ! ) think I dodged a bullet there !