Over the period from the 15th of December to the 4th of January there were 324 price drops and the average drops was 6.7%.
8,867 properties listed in Daft have now dropped the price at least once.
This report is only available in excel format
Analysis is provided by
Time on the Market
The length of time properties remain on the market has increase significantly over the last 3 weeks.
On average properties have been on the market for is now 143 days are remain unsold
Sligo remains at the top of the list where properties on now on the market for an average of 165 days.
Time on the Market Report is available in html.
Almost 35% of properties listed on Daft have now been for sale for more than 6 months.
January 6, 2008 at 2:24 am
Hi all,
well seeing as its all finally happening, the long awaited crash, i thought i might as well lash up some sort of site.. here it is, i know its more of the same but hey,, why not.
http://www.irishpropertycrash.com/dnn/
January 6, 2008 at 4:43 pm
nice domain…
January 7, 2008 at 3:04 pm
Interesting how the number of drops figure is playing out. No doubt the revised stamp duty rules are having an effect at least for the moment anyway. This number of drops figure will be a very valuable piece of information over the next few months. If we see the figure rise over Feb and March (likely) it will prove that the stamp duty changes have failed to stop the slide. Veterans of this site have already seen this scenario play out last April. You may recall that once the FTB’s stamp duty rules changed after the 2007 election, the number of drops figure began to soften – however once it became clear that this did not stimulate sales then the number of drops shot up sharply. The same outcome is likely here except this time the price slide could gain pace as bewildered sellers throw in the towel.
The first three months of the year are going to be critical and the best figure out there to determine what is going on is the number of price drops that happen in each of those months.
January 8, 2008 at 12:40 pm
Are IPW and other similar websites not part of the problem?
There is a real danger we are or have talked ourselves into a negative downward trend. Although I accept there are a number of individuals posting real life circumstances on the IPW treads, in some way, they are an indication of what ‘may be’ going on in the house market. Like most things, the web and postings on various treads should come with a health warning!
Who to believe – the FerryShitz economic analyst talking of a second half recovery and presenting a picture that all is not lost and the market is fine
or
do we believe the data being pumped out from various websites, charting trends, etc. depicting a property crash?
What I do know, is that maybe our (Ireland’s) scamming political and commercial mentality has come home to roost, Rip-Off Republic is alive and well and may be, just may be, the likes of IPW and other sites might just be highlighting the extent of pure greed at the heart of all estate agents and the frenzy they had many sellers bought into as a means to feed their greed for increasingly off the wall asking prices on modest properties.
It is disgusting corporate commercial behaviour – and they have the brass neck to call themselves a professional body.
January 8, 2008 at 2:01 pm
To Greg,
Ask yourself a question Greg, could property have increased in price over the last 10 years of its own volition or did it need help to get to this ridiculous level?
Easy to answer isnt it, Next question
If we had access to historic sales prices as is available in some other countries could this have tempered the frenzy built up by the EAs, developers and irresponsible politicians (past,present and future guests of the Mahon tribunal) i.e. if you knew what a property sold for 2 years ago would you pay the auctioneers asking price or make a realistic offer?
I hope you get my drift from the line of questioning but I am of the opinion that we were driven like a herd in our ignorance by the carrot and the stick and so many vested interests and politicians were advisng people on national television not to miss the boat how could it be wrong? How indeed.
January 8, 2008 at 2:06 pm
Sorry Greg, can’t agree with you. All markets benefit from tansparency. If it had been transparent that houses were being completely over priced in 2006 then we wouldn’t be where we are today. (incidentally, I could be wrong but I seem to recall that the same economist from FerryShitz predicted around the turn of last year a 3-4% increase in house prices for 2007 so I personally wouldn’t palce much store in what economists for vested interests predict).
On the issue of numbers of declinatures I wouldn’t rely too much on this data just yet or at least not on minor changes (say less than 10-20%) from week to week. For one thing the Daft data is only advertised sales price. Houses are being sold for less than this. Secondly, there are some cases of the same property being significantly cheaper on MyHome. I’ve no idea as to what scale this is happening but have noticed some cases. That said, if the numbers of drops starts to double (or really the percentage compared to the overall numbers for sale) then its a strong indication that the crash is continuing.
January 8, 2008 at 6:11 pm
A cmate of mine has documented all the FerryShitz ecomonic analyst statements, I can’t recall her name but it is remarkable to read the public statements she gave regarding market forecasts. I’m going to contact my mate and get all the one liner quotes she gave. It is proof the likes of FerryShitz pedal their own agenda, similar to the rest of the so called professionals in the business. I wouldn’t put them selling wrapping paper at Christmas in Henry Street – gangsters!
January 8, 2008 at 10:09 pm
Fully agree – I have heard that wan from Ferry Shitz talking things up ever since the market began to slow over the last 16 months. If she was required to live and die by her predictions she would be stinking up the family plot right now.
It is misleading that her corporate title includes the word “economist”. Spin doctor, con merchant would be more accurate. Its disgraceful that the media in this country regularly invite her on board to try to con decent people out of their money.
January 9, 2008 at 12:01 am
It is true that the VI are panicky now. It was obvious what was happening in 2005….economics 101. Saw this in 1999 and the Net bubble. Cheap credit caused this bubble, everyone thinking they are rich coz the have a house lol. Sad. But the worst is not over, Sub-prime affects cash flow in banks (all of them), only 8% of the write downs submitted so far. Second, inflation is driving ECB, so rates will stay or go up as Germany is driving growth and the pricing that goes with it. Lastly is that cheap credit is drying up so buyers need the 10% deposit, how many of us have 30-40k spare to put down! with job losses and benchmarking cutting pay packets , where are buyers gonna come from? we need to start marking property prices in € per sq m, like the rest of the world. There is the real value, 5000 sq m sounds reasonable. or so depending on location. But soon old fashioned economics will return, cost of asset, ROI, cash-flow, resellability etc…I so sick of it all its like i cant have a conversation on business ( i cant find engineers to grow my biz) , fun, chasing women (its still fun lads) or hobbies…i sold everything in 2006, at the peak and was laughed at……take care of business lads…..buy low, sell high not the other way, so wait, be patient
welcome the new era of vulture economics lol
January 9, 2008 at 10:22 am
Well said Mikey B. External global economic forces are the key inputs which will either have a positive, negative or neutral influence on Irish residental property market for 2008. Right now, any trader / market analyst worthy of the title will have noticed some very troubling data and headlines coming out of the US. Trading bounce was expected, positions acquired at year end 2007 in advance of expected recovery but the complete opposite has taken place. US equity markets sliding in danger zone, bear market on the horizon now. Consumer sentiment is poor and data indicates this is not likely to rebound. Of course there is some degree of lag time on this news hitting Euroland and the Irish economy. But locally, the Irish retailers have not had the expected New Years sales activity levels. M&S in UK reported worst trading report yet. Irish consumer sentiment is slowing, looking at the data so far. Hate to admit it but our dear friend David McWilliams was on the money. Doesn’t really matter waht Ferry Fitz, GND or Pistol pedal regarding the Irish property market . . . it is now completely outside of their influences. We could be on the brink of very considerable corrections to both secondhand and new property asking prices. Certainly considerably more than we have already experienced.
January 9, 2008 at 7:10 pm
Mikey B, What do mean by can’t find an engineer…?
January 9, 2008 at 10:12 pm
Im working in the embedded programming market and its nigh on impossible to find engineers who can program the internals of micro-controllers. Im overloaded and letting contract slip now. Pity. All DCU produces now are web programmers
January 10, 2008 at 11:13 am
To IPW,
Can you extrapolate data indicating stock withdrawn from the market and relate the data to the length of time the property was actually on the market. In particular, conduct analysis of the last 3 months of 2007.
Reason – Ronan Lyons, economist at daft.ie said the last 3 months of 2007 saw a small reduction in house stock, which Daft says is a possible indication of a tentative renewal of activity in the market.
Comment – from my own personal observations, I have noticed a few houses being withdrawn from the market, after being on for a long period of time without much luck. A good few were taken down form the market during Q4 and this ‘may’ have been construed as the renewal of activity which Daft appear to have suggested.
January 10, 2008 at 12:09 pm
Some interesting news out today on Daft’s housing report which reviews 2007, see
http://www.daft.ie/report/
January 11, 2008 at 11:04 am
This makes an interesting read for anyone interested in the outlook for the irish economy for 2008 and beyond
! Its taken from Money Morning [moneymorning@electricmessage.co.uk] and was circulated this morning
Looking for a bargain investment? How about the Irish stock market? It fell 26% in 2007, making it one of last year’s worst performers, and now sits on a p/e of 9.5, which looks ridiculously cheap.
At least, it would look ridiculously cheap if it weren’t stacked to the hilt with builders. Not to mention banks that would make Northern Rock look like Ebeneezer Scrooge & Co., so lax have they been with their lending criteria. “No deposit? No problem. Here’s a 100% mortgage,” has been the motto of credit control departments across Ireland for several years now.
But that generosity is beginning to bite. The economy is slowing, credit is scarce and amateur tycoons bragging about their property fortunes, an integral feature of any swanky Dublin watering hole for several years, have slunk away into the rafters. The housing boom is over. And it could drag the economy with it…
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The Irish economy loses its lifeline
In 2007, 78,000 homes were built in Ireland, says Allied Irish Bank (AIB), against 88,000 in 2006, putting a minor dent in the diary of many a builder up and down the country. But it’s not just bad news for plumbers and plasterers – it could batter the rest of the economy.
House building accounts for about 14% of the Irish economy; and for every 10,000 fewer homes that are built, almost 1% is shaved off the economy’s rate of growth. Considering that AIB reckons 50,000 homes will go up this year, that’s a sizeable chunk. Davy Stockbrokers is even more downbeat, putting it at 45,000. The broker believes that economic growth will slow to 2.1% this year, from 5.1% last year.
That’s the slowest pace since 1993, as Ireland’s finance minister, Brian Cowen well knows. The Irish tax take for 2007 fell a full €1billion short of the Irish Department of Finance’s expectations, resulting in a €1.6 billion deficit against a near-€2.3 billion surplus in 2006. The slowdown in the property market, and the drying up of the taxes that go with it, are chiefly to blame.
And the slowdown is only going to get worse. House prices in Ireland fell 4.7% last year, 9% when you take inflation into account. And as we all know, no one wants to buy a house if they think it might be cheaper next month than this. That’s resulted in a large build-up of houses for sale, putting even more pressure on prices. “Sellers can no longer expect to achieve 5-10% more than their asking price as they might have up to late 2006,’ said Ronan Lyons, an economist at Irish property website Daft.ie. “Now at the start of 2008 sellers are typically expected 5-10% less than their asking price.”
Are Irish stocks cheap yet?
So clearly it’s not the time to buy Irish property. But what about the stock market, where financials and building material companies account for 54% of constituents? According to Goodbody Stockbrokers, AIB is down 36%, Bank of Ireland 42% and Anglo Irish Bank, 32%. “Valuations, in some cases, are at 20-year lows”, says the company’s head of research, Eamonn Hughes.
So a buying opportunity? Not likely. Taking a look at a history of recessions in other countries over the past two decades, Goodbody’s found that Citigroup fell 56% from high to low in 1989, while Merrills fell 57%. In the UK, “Lloyds fell 28% and then 33% in 1991. RBS fell 46% in 1990, bounced and then fell 33% in 1991, then bounced and fell another 33% in 1992. In Australia, ANZ fell 55% in 1990 as its economy stalled.” All of which suggests that Irish financial stocks could have a lot further to fall yet – particularly as the hard times are only just beginning.
Just as in the UK and the US, overly lax interest rate policies mean that the Irish economy has come to rely on housing to an unprecedented extent. But now that the market has turned, there are 62% more houses up for sale than there were 12 months ago, says property consultant CB Richard Ellis. If the experience of past downturns is anything to go by, that would mean a 40%-50% drop in prices, said University College Dublin economist Morgan Kelly in a 2006 paper. Unsurprisingly, the Irish – perhaps even more so than the rest of us – have “opened the year with a certain sense of trepidation”, says Hughes.
January 11, 2008 at 2:22 pm
Countrywide, the largest US mortgage lender was about to collapse and now Bank of America has stepped in and will buy them and rescue the company.
This is scary stuff people – when the leading mortgage lender in THE biggest economy goes belly-up, it shows just how serious the problem has become. Countrywide mortgagee’s were defaulting at alarming rate, Countrywide couldn’t afford to pay other banks, many of these other banks are EU institutions and so, the sh1t rolls down. It will / has began to hit mortgagee’s here in Ireland. More has yet to come.
I feel sorry for people in Ireland who really need to sell to buy. Fact is, you ain’t going to sell a house for any where remotely near the price it was selling for early 2006. Sellers need to kiss goodbye to 30 – 40% off those inflated prices to just generate some degree of interest. The good news, it is all relative and the houses sellers eventually purchase we conversely have reduced in asking price and so the wheels keep turning. It’s when the wheels stop turning or if a wheel comes off the cart, that’s when it’s time to really panic.
January 11, 2008 at 2:24 pm
Can this happen over here with our banks?
January 13, 2008 at 5:21 pm
MickeyB: I know a guy, just out of Intel (he was on a fixed term contract when the hiring freeze kicked in), Bachelors in Mechatronics and he has a Masters, includes embedded systems. Very capabale but only 18 months experience, HR people hammer him for this. Got an email address he can contact you at?
January 13, 2008 at 7:54 pm
Anon Brill, Just gave a contract to an Aussie, in Oz!!!! mickberr@gmail.com
Ive refuse one contract(too busy) and interview in Italy and Russia already,a lot of capable engineers out there but trained in the wrong fields for this new boom, the world is turning to embedded ( i.e. merc has 30 embedded micros in it!!!) Three main eng fields that are opening up big time are Embedded, Wireless and GSM(Gprs)
Mick
January 14, 2008 at 12:04 am
In relation to irish Property the biggest influences are now Foreign..
Rents to fall in ireland due to Polish heading to london and holland..Thsi will force Investors to flee the Mkt and accelerate the trend downwards..
1) Recent unemployment Figures from Us @ 5% is recession figures..
2) CDO’s and SIV write offs only getting going.. Write offs to accelerate as per MER last week.
3) The new Buzzword which no-one is talking about is “CDS’S ” i.e Credit Default Swaps… Losses are going to be far bigger than CDO’s and Siv’s. For those who dont know CDS are insurance against default on bonds and other financial instrustments… Basically a new way of making $ once the mkt went up, but when it goes down no-one thought of the consequences.. there is noassets backing up these CDS’s..
5) The US are currently in a rate reduction mode which will increase inflation.. This will force the US towards the end of 09 and start of 10 to increase interest rates and will eventually lead to a Depression int he US similiar to 1929…
We will see a temp rise in stocks in the summer of 08 in the US due to the election and all the money been pumped into it.. False Fiscal economic and macro policies will be announced and promised..
6) ECB’s: dont trust the ECB with their hawkish comments about keeping rates the same or increasing them.. Only a few weeks ago over 500mill was pumped into the mkts for liquidity problems..
7) Unemployment in Ireland will accelerate in Ireland in 08… Banks next to announce redundancies as well as US companies (weakened $ and higher costs with ireland). e.g Dell in Limerick, currently jsut negotiating for 1000 jobs wiht IDA last December)
Over 3000 currently in Dell.
9) There is 5 Phases
Denial, anger, bargaining, Depression and acceptance..
Still in Denial.
10) Oil, food, Gold, Silver at all time highs..
Say no more..
JMOpinion..
January 14, 2008 at 3:06 pm
FAUGH455, so tell me the good news!
The big est. agts. like Ferry Shitz, GND, Pistol got big prbs. now. Income achieved 2007 taken very serious noise dive and remodelled 2009 budgets for more and worse of the same. Watch for lay offs in this sector, scaling back of outlets and so on as the race is on to shed the fat. No sign of ‘em chopping their fees yet, as ye say, denial stage and hoping to come through what they think is a blip on the graph.
Reckon RABO Direct cleaning up on their high interest demand savings accounts as joe public looks to max. out savings values and shelter from volatility.
See FA (First Active) rolling out similar – early signs of lateral thinking coming into play now.
January 15, 2008 at 2:33 am
Has anyone taken a look at the new Myhome.ie website? I dare you to try and do a map search! Ack.
January 15, 2008 at 9:46 am
Why bother even use myhome…. just use daft its ten times sharper.
January 15, 2008 at 10:21 am
FAUGH455
I have to agree with you about the different stages and the current stage Ireland is at being denial, but I do feel we should move from that stage some time this year because seem to becoming more and more unsettled from politicians to the ordinary working Joe Soap. Also EAs from what I have heard are still trying to mask some of the discounts that actually sell property to make the local markets seem better.
All I can say is roll on spring selling season as that should move us to the next stage as the continues to stagnate due peoples down right refusal to be ripped off.
January 15, 2008 at 10:23 am
Has anyone had a problem opening the excel spreadsheet?
January 15, 2008 at 1:57 pm
Ivanabuy,
Nope the spreadsheets appear fine, just thanks a few seconds given the size of the data set.
The mortgage lenders got access to the data showing actual price paid for houses on closing. There are links on irishpropertycrash.com to a trend grap which allegedly claims is based upon hard data secured from an institution which is overlayed with the data of the last know asking, consequently you can id the variance, hence the true severity and depth of the actual property slump or crash as is looking more definitive. Play around with that website, there are links and more data in there (albeit with the caveat that the data is not 100% pure) but its a baseline.
January 16, 2008 at 10:26 am
The graphs at daftwatch.atspace.com have been very useful up to now in showing the increase in the stock of properties for sale. They are currently showing a decline in the numbers for sale in Dublin. While this may be the case I suspect that an element of the decline is actually due advertisers switching from Daft to MyHome (possibly because My.Home have put a stop to trawling of data from its web-site but that’s just the cynic in me). Can IPW or anybody produce similar graphs for MyHome?
January 16, 2008 at 12:43 pm
Counter,
I think your comments could hold water. I’ve no doubt the VI’s hit rates and observations of sites like IPW would attempt to lead to silencing the sharing of information which is of public interest. Of course attempts and proof to directly or indirectly prevent the sharing of information in this manner presents a whole set of serious issues for the Regulator to investigate, i.e. cartel, blocking, market fixing illegal practices, etc. Plenty of tech tricks out there to bootstrap bots, etc. to capture this type of trend by the VI’s.
January 18, 2008 at 4:33 pm
I’m looking to buy a bog standard 3 bed semi in Dublin. Like anyone else out there in the same situation, you inevitably find yourself surfing the web and monitoring whats new on the market and what prices have shifted downwards.
I am amased to find additional second hands coming on the market with asking prices still over the odds. You ask the agents and they tell ye its not them its the vendor who wants this price and you ask the vendors they blame the agents for suggesting they could get them this or that.
It is madness. Standoff happens and nobody gains, no offers come in for the asking or anywhere near the asking, vendors get insulted and emtional and reject the offers, the agent is on the sideline saying hold out, hold out and meanwhile the market as a whole is sliding downwards, rates rising, lending criteria for unhealthy loan to values have tightened.
As far as I am concerned, for the places we want to buy, we know what the prices were before the bang last March or April. Take for granted (as mentioned by the OECD / ESRI, The Economist, the ECB, etc.) that property prices were 30% over priced. We apply this metric and yet we still see nutty agents and vendors out there firing houses on the market for unrealistic asking prices.
Example, one place we want to live had typical houses on for Euro 600k early last year and they were generally selling for that price. We’ve seen additional houses come on the market in the same area this past week or two with asking of Euro 550k and Euro 565k (with an extension). Both these houses should really be on for the late 400’s or 500 on the button, if you assume the comments by analysts suggesting our market is seriously over priced by 30%.
So who is to blame – the agent and the vendor but more so the agent. The agents are responsible for setting the tone, they are afraid of their sh1te to paint a negative picture to potential vendors and refuse to be pragmatic.
The whole thing is a mess. I will not be spending money on a house until the prices come down much, much, much further. The agents have raped all of us over the past 10 years, now its time for a readjustment. Period.
Happy house hunting everybody
January 22, 2008 at 2:39 am
The 4th Annual Demographia International Housing Affordability Survey has been published. See:http://www.demographia.com/ It looks at housing affordability in Australia . Canada . Ireland . New Zealand . United Kingdom . United States.
It seems to say that affordability in Aus and NZ is worse than in Ireland. The Oz press reporting of it is at http://news.smh.com.au/high-prices-end-dream-for-australians/20080121-1n2q.html
I am currently living in Oz and bought an apartment there within 30 min train ride of the Sydney CBD. That is something I could never do in Ireland. Hell I couldn’t even afford anything decent in the midlands.
Any ideas why Ireland didn’t score higher? Especially Dublin??
January 22, 2008 at 1:29 pm
I take serious issue with the IAVI’s assessment of property market in Ireland, and their suggestion the media are part to blame for the decline. The IAVI must look closer to home at their members behaviour. The IAVI suggest vendors need to have more realistic price expectations. It is in fact the IAVI’s membership who poured petrol on the fire by dupping vendors into the wreckless upward driving of price expectations. As the previous person posted – the EA the length and breadth of this country wiped people in a frenzy. Now the IAVI comes out and blames everyone excpet their themselves. Frankly it is utterly disgusting behaviour of EA’s and the representative body. I, like many of the general population see right through EA’s for what they really are – gansters in suits. No significantly added value services, just massive fees for, for what is – lets face it, a reasonably handy number. In my books they generally unprofessional, they screwed most of us during the boom, boom times. I’ve had enough of their PR spin. Their profession needs loads more transparency to the buyers. They will not move on this because it is perceived a threat to there position. Professionals my ass.
January 22, 2008 at 11:48 pm
Well said Anon – The EA’s share a large portion of the blame for the mess we are in. It is even more disturbing that a large portion of the members of Seanad Eireann are themselves members of the IAVI.
It is time that we as a society realized we have a serious problem with these EA’s and the lies they tell for their own benefit. I would say that dealing with the lack of regulation in this area should be as much a priority for government as tackling any other form of organized crime that the public are subjected to.
There are some efforts underway at grassroots to deal with the problem but its not going anywhere fast as documented here.
http://www.shane-ross.ie/archives/category/living/regulating-auctioneers/
January 23, 2008 at 11:09 am
Did you here the lastest ridiculous ignorant comments from the guy from the IAVI on the TV last night. The guy “stated” not claimed but actually “stated” that IAVI members have noticed a “significant” increase in the number of phone calls from potential buyers regarding houses for sale with their members. Then his comments were mixed with commentary that great value can be found this year!
Yet again you couldn’t find a more clear example on live TV of the manner in which the IAVI and their membership attempt to manipulate the property market. They attempt to use language to provoke panic amongst potential buyers.
Why? Because it’s in the IAVI and EA’s interests to keep house price inflated as their fees are charged as a % of the eventual sale price. The Government there also has a vested interested in allowing the IAVI and EA’s continue with this because the Government cleans up on the stamp duty, VAT, etc. The higher the sale price secured the more taxes the Government make.
David McWilliams summaried this obvious situation last night on Prime Time. The IAVI and EA’s in general should not be allowed to self regulate. Its bad for consumers, its bad for the IAVI and its members and bad for the consumer confidence in the property market.
Bottomline, property is still massively over priced in Ireland. Remember on AVERAGE property experienced 10% price drops in 2007. Thats the figure from the entire country. The greater Dublin area price decreases were more than this as an average. Those selling houses will not attract and secure a sale until the price reflects a number the buyer feels comfortable paying – its that simple. The price secured is only as good as the market is prepared to tolerate.
January 24, 2008 at 1:49 pm
I have to say I agree with everything said in the last five or so posts but I would add to that I as one am so disgusted at what I have seen going on and also what I have discovered through websites like this that I would be quite happy to go down the road the Japanese have gone with a housing market in the doldrums for over a decade.
The reason I say this is quite simple in that time all of the VIs will have abandoned this market and I would think during that time whatever party is in government will have realised the f***up that has been made and correct it or at least regulate it to encourage trust.
They might also try in a court of law the current shambles for everything from tax evasion to conspiracy to defraud, coersion and disgracing the office they hold.
I recall that the financial regulator in the UK has been putting fines on life companies “in retrospect” i.e. for the sins they committed in the past, we should enshrine this in law for politicians.
January 24, 2008 at 3:20 pm
Great to see that time on the market is now included. This is a valuable indicator of how things are going – after, time is money here just as much as the asking price is, isn’t it, particularly for anyone with a loan to pay on the property, or on a property they are moving into. And lets not forget the investors and flippers, either.
January 25, 2008 at 2:19 pm
Myself and my brother have invested in a handlful of houses around Dublin. We got them let out. To be honest, I am not in the least bit worried about the current situation. We are in this for the long term. You have to take the long term view with property – it isn’t like stocks and shares! Got to say, the views expressed here are a bit OTT but in ways I can understand the sentiments. I suppose I do agree to some extent with the comments regarding the IAVI and estate agents. But it is wrong to apint them all with the same brush. I personally know a few guys in the business and they are honest hard working people. I will however acknowledge, I am aware from conversations I have had with estate agents buddies that there are cowboys out there and some of them do in fact work for some of the leading estate agents.
I’m hoping the market will stablise towards summer and at least remain flat for the remainder of the year. Hopefully, we’ll be back to price rises next year (with any luck) – of course I’m speaking selfishly of my own position. The current stand off is bad for this country. In the words of Lou Schizas . . . Happy Capitalism!
January 25, 2008 at 3:12 pm
Anonymous I think you are being a little bit naive in hoping that the market will remain flat and then pick up next year. This actually sounds like something one would hear from an EA.
The fact is FTBs who are the baseline of the market are not prepared to be ripped off or pay the prices for a shoebox being asked for. That being the case it means there is a lot of rental property which was originally meant as a PDHs. It also means that rents will eventually come down as more and more property hits the rental market.
It is also the case that a lot of developers have been sitting on finished developements for over a year now and the banks are getting anxious for their money (time to start cutting prices as seen in Ashtown etc).
Add to that the current global economic climate and the diminished ability for banks to borrow funds or accept risk and you get reduced lending ( you can only spend what they lend) this allied to the amount of property on the market makes it a buyers market and therefore encourages price falls (irrespective of the muck spouted by the CIF or others with a vested interest) .
And just to finish if you step back and ask yourself what makes Ireland different that we can be asked for €200k or €400k for a two bed apartmernt in a not so savoury part of town, if you really look hard you will see we are not different just more in debt.
March 24, 2008 at 6:31 pm
Hi, this website is brilliant and exposes the myths that we keep hearing from estate agents and financial institutions over the past 12 months. Just one thing I noted, the most recent report doesn’t have the facility within the excel format to sort using the drop down box (eg. sort by area, no. of drops etc etc.). Is it possible to get that format restored as I find it particularly useful.
Once again well done on an excellent tool and a job very well done,
Many thanks
Brian
June 4, 2009 at 9:13 am
Hey guys for all of you to know, Mick Berry is an out of work leech, lost all his money in third world ghetto real estate, his wife left him for another woman and he is now living off the kindness of others….his rosy outlook for himself is simply a joke.