Current public sentiment towards the housing market?

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It sounds crazy doesn't it - you can't sell your house for six months - so .... increase the price. I remember an agent telling me in 2001 how frustrated he was because although prices were falling, some vendors were reading reports about prices still rising and insisting on increasing the selling price. Even though they couldn't sell the house at the lower price!
 
BigM said:
Seriously though, it's impossible to tell if the drop in asking price means the seller is desperate or just they need to drum up interest now the season is on again - especially when price drops to a convenient SD level.
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I would say it's a bit of both...it really hurts to have to lower your asking price.
 
i finally read all of this thread phew!.....how do you use google cache by the way?....

another report from IIB

http://www.rte.ie/business/2006/0904/property.html?rss

everything is fine and speculators arent the cause of the price rises....how do they get away with these reports?....notice on the right hand side the related links about IIBs profits...
 
beattie said:
Obviously our paper of record will correct this very soon......
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We'll see what the Independent does to him tomorrow morning ...that what you mean is it not ???!

Google cache is the bottom on a google retrieval , if you google for Daft House Cavan 250k you get a result

if you click the link on the top one it goes to the page, if you look down a tiny netch you see Cached.
[SIZE=-1]This is G o o g l e's cache of http://www.daft.ie/cavan/cavan/117872/ as retrieved on 1 Sep 2006 00:09:19 GMT.[/SIZE]
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[SIZE=-1]
While the difference is small in that example some cache entries can be 2 or 3 months older . It can confirm a movement within that period..[/SIZE][SIZE=-1]
[/SIZE]
 
Its worth remembering that the Big Daddy bubble that was the US housing market is in full retreat. Some of the coverage is becoming apophrical as the magnitude of the bubble becomes evident. And while the Indo may be making oblique refrences to the end of the Irish Bubble we have yet to see the reporting in the Irish media as grating as this. The one certainty is that the Irish crash will be harder and the consequences far greater than those in the US.

The Globe and Mail Washington DC

The housing collapse heard round the world
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What RTE fail to realise is that many people are not equipped to dissemble 'marketing speak' from bank ahem 'reports' such as these.
 
I posted [broken link removed] a while ago. Was 320K now its 280K. 12.5% drop in asking price.

(couldn't find the cache)
 
The Indo reporter that made a story from BigM's comments on this site could not have failed to notice the detection and posting here of falling asking prices.

Mr./Ms. Reporter if you are still reading, can we have a story (front page would be nice!) covering some of the dramatic falls in asking prices going on around Dublin ?

Thanks in advance !

-R
 
The Seattle Times on the Irish Housing market.

They mention that the average US house costs $251,000 and the average Irish home $400,000.


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New exchequer returns today show the Government took E2.35 billion in stamp duty from January 1st to August 31 this year. That compares to E1.65 billion in the same period last year. The Jan-Aug figure for 2006 annualises to E3.5 billion by my sums - maybe a bit less seeing as the income from sales in the "dead" property period in the summer will be reflected between now and the end of the year.

But the total is around a third of total health spending, and of course stamp duty is only part of the enormous tax windfall the Government gets from the property mania ( they clean up from property through CGT, VAT on construction etc).

So it's not just the recent investor/FTB who stands to get hammered by the end of the gravy train. The Government is totally in hock to it.

And I'm no expert on the Government's options, but surely if there is anything they can do in the coming budget to keep it going, they'll do it?
 
Duplex said:
The Seattle Times on the Irish Housing market.

They mention that the average US house costs $251,000 and the average Irish home $400,000.


[broken link removed]
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Isn't it amazing that we have to read that in a Seattle newspaper? Very good article and insightful for a foreign publication. AFAIC, there's definitely an agreement amongst the Irish newspapers to keep quiet.

I found the statistic that 1/3 of all new housing in Ireland is less than 10 years old interesting.

Also, it was interesting to note the writer commenting on "too many new homes are spoiling the look and feel of the country". I would agree with this 100%. The pitter-patter of ugly cottages in scenic areas is disgusting.

There's a quote at the end from someone saying "We've matured as a nation". If anything, we've shown what fools we really are. We've never been able to manage our own economic affairs, and very soon, we're going to be the laughing stock of Europe/the world and nobody will take us seriously ever again.
 
Lumpsum said:
And I'm no expert on the Government's options, but surely if there is anything they can do in the coming budget to keep it going, they'll do it?
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I would say that is not far from a nailed on certainty. Doing something to prop the market is great for the government on several fronts:

- It will be popular (in the short term at least) with people who cannot afford a house
- It will be popular with FF's developer buddies because they can keep flogging and building poor quality overpriced houses
- It will be popular with anyone who recently bought a house because it will validate their decision to do so by pushing prices up further
- Most importantly of all, it will allow them to effectively buy the election without the opposition being able to call them on it (since giving massive amounts of money to FTBs seems to FG's economic policy as well)

Of course, there is only so long that the government can fight the market but unless the government calls a snapshot pre-Christmas election, I am expecting some anti-speculator window dressing along with some major FTB concessions.
 
CelloPoint said:
We've never been able to manage our own economic affairs, and very soon, we're going to be the laughing stock of Europe/the world and nobody will take us seriously ever again.
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While the French, Germans and Scandinavian countries can justifiably engage in a little schadenfreude if our economy tanks, I doubt the Americans or the English can really look down their noses at us for indulging in a little housing mania, given their respective positions.
 
"Now, he said, many Irish own not one, but two homes." (from that Seattle article linked above)

The key point however is that many Irish do not own houses at all, and cannot afford to buy them. It's also worth knowing that many Irish owe a significant amount of money to banks for the two homes they own.
 
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