I do. Most of my friends have as well. Then again, a shocking amount of us also own property!
I don't know anyone in their 20's with an SSIA.
I do. Most of my friends have as well. Then again, a shocking amount of us also own property!
It's amazing how the EA's and other vested interests have been so quick to call a soft landing at the first sign of a weaker market.
The full effect of the initial interest rate rises has not been felt yet and we still have a few more rate hikes to come. It's a sad story that they have already had to call a soft landing to encourage any straggling buyers to "come on IN!!!"
[FONT=Arial, Verdana, Arial]Approval for house starts drops by 37pc[/FONT]
[FONT=Verdana, Arial]THE number of homes being granted planning permission in Dublin city and county has fallen by almost 40pc in one year. [/FONT]
[FONT=Verdana, Arial]The worrying figures show that in the 12 months to June, 12,644 units were approved compared to 20,183 in the previous 12 months, which is a drop of 37pc. [/FONT]
[FONT=Verdana, Arial]Figures from Hooke & MacDonald estate agents, based on CSO statistics, show that just 1,836 new homes were granted planning permission in Dublin between April and June of this year, compared to 3,309 last year and 5,230 in 2004. [/FONT]
[FONT=Verdana, Arial]"Serious supply deficiencies will intensify within the next 18 months if this trend persists," Hooke & MacDonald said. [/FONT]
Weakening property markets don't make gasps. Once a trend is set in motion, it takes either a huge event or a long time to reverse. Rising interest rates have hit the market and there are a few more blows to come.
SSIA effect on property is rubbish. The amounts are not big enough to affect the trade-up market and people of FTB age don't have them. How old would current FTB's have been when SSIA's were released five years ago? I don't know anyone in their 20's with an SSIA.
Can somebody stick up a few prices of Semi-D's in London, in comparable areas to the ~€1m property Dublin house above.
As someone trying without much success to sell their home, I can tell you that there is a definite change in the market, which I have unfortunately experienced, first hand.
Originally, I put the house up for slightly less than next door sold for at Easter. Since then, I have had to drop the price twice in the five/six weeks the house has been up, and even to achieve the current asking price, that is still €16K less than the exact same house next door (similar decor, etc) got last Easter. And I am at the bottom of the market.
I have had to change EA, as I dont the previous EA was not agressive enough to market the property in the changing market. People are very hesitant, even EA's about the drop. My EA told me that prices in the area are "correcting themselves" at the moment.
I thought originally that it was just an over supply of houses in Lucan, but over the past few weeks and having spoken to other people trying to sell in different areas, its the same all over.
One resident has even taken to advertising their house in the Evening Herald as "Bargain, Bargain, Bargain, €10K off.....just to get their sale.
I must have the wrong friends only 1 has an SSIA and even then she's only been able to pay into it properly since she got a 'real' job last September. I'm 23 BTW.
I'm wary about the impact of SSIA's on the market, especially when the level of debt in the country is so high. But I suppose anythings possible in a bubble market, it does beg the question what happens when the SSIA money has gone?
SSIA money plus all the reports stating that house prices are dropping will lead the inexperienced to believe that they are getting a bargain IMO. In fact, they will probably still be paying a somewhat inflated price for quite a while yet. I understand that's it's difficult for young people, having spent 5 years saving, with a view to buying a property, to then put that thought on hold!! This is even more true when you view the history of the property market to date. If the budget brings some relief with regard to stamp duty, it will add fuel to this fire IMO.
I know what I will be doing with my SSIA.
I am due about €15K, and my house has dropped €16K (and dropping) since April when next door sold.
Great....thats what I get after five years of hard saving. Down €1k.
I know what I will be doing with my SSIA.
I am due about €15K, and my house has dropped €16K (and dropping) since April when next door sold.
Great....thats what I get after five years of hard saving. Down €1k.
i used to agree completely (over the past few months), but there have been indications just over the past few days, that maybe the Property market has managed to pull the nose of the plane up. Take this in todays Indo for example. We spoke about this here just last week, wondering would this happen, i.e. the builders control the wobble by dropping output:
I don't think Dublin and London are comparable. Dublin and Bristol are a better comparison similar in size, Bristol isn't your typical 'post-industrial' city as can be found in most parts of the UK. Another comparable UK city might be Edinburgh.
http://www.rightmove.co.uk
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