Follow, retweet @dailypinster




Post new topic Reply to topic  [ 521 posts ]  Go to page Previous  1 ... 30, 31, 32, 33, 34, 35  Next
Author Message
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 9:31 am 
Offline
Under CAB Investigation

Joined: Apr 9, 2014
Posts: 1867
Do you really believe that? :)

IMO, government inaction rather than design is going to drive prices back to 2006 levels within 5 years.


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 9:32 am 
Offline
Single Home Owner

Joined: Apr 8, 2013
Posts: 185
Mantissa wrote:
Of course it may just be Daft's market share that's falling.

Quite possibly, I noticed they have put in an "on view" section recently to match Myhome.
Off topic but to be honest this is the biggest change I have noticed in the last few years. I probably don't even see any houses that haven't been on Myhome on view on a Saturday.


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 9:35 am 
Offline
Too Big to Fail
User avatar

Joined: Aug 21, 2009
Posts: 4403
Location: Mesopotatia
Luan wrote:
Do you really believe that? :)

IMO, government inaction rather than design is going to drive prices back to 2006 levels within 5 years.


I'm pretty sure they've fallen at our price level in our area since we bought towards the end of last year. That's using a very small sample size as supply is so so limited.

There's two houses lingering even after reducing advertised asking prices since last Winter. We'd viewed one of them. Nothing wrong with it at the time as far as we could see except the price perhaps. It had gone sale agreed but looks to have fallen through.

_________________
The real damage is done by those millions who want to 'get by'. The ordinary men who just want to be left in peace. Those who don’t want their lives disturbed by anything bigger than themselves. Those with no sides and no causes. Those who won’t take measure of their own strength, for fear of antagonizing their own weakness. Those people who roll up their spirits into tiny little balls so as to be safe. Safe?! From what?
Sophie Scholl


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 10:30 am 
Online
Nationalised
User avatar

Joined: Jan 1, 1970
Posts: 22600
Mantissa wrote:
Bleary wrote:
1. This is no reflection of demand whatsoever, more approvals can not be granted by a bank when there are a reduced number of houses to buy.

Is that really correct? Can't multiple people apply for mortgage approval on the same property?


Yea surely approvals maybe be granted by two Banks or more for the same property or is it too far into the process for that too occur, how else did people bid up the price and blow up the property market?

_________________
Follow The Pin - https://twitter.com/dailypinster

"Politicians are always realistically maneuvering for the next election. They are obsolete as fundamental problem-solvers." - Buckminster Fuller

"I was comfortable with a couple of banks being married today, instead i wake up and find I'm married to the banks." - Catbear

Image


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 10:39 am 
Offline
Under CAB Investigation

Joined: Jan 2, 2008
Posts: 1547
This probably does not factor in the 424 new developments with multiple units across the country. Lets say there's conservatively 20 on average. Bang, another 8000 units.

_________________
“Never play chess with a pigeon.
The pigeon just knocks all the pieces over.
Then shits all over the board.
Then struts around like it won.”


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 10:43 am 
Offline
Planning Tribunal Attendee

Joined: Sep 15, 2015
Posts: 1438
Open Window wrote:
Yea surely approvals maybe be granted by two Banks or more for the same property or is it too far into the process for that too occur, how else did people bid up the price and blow up the property market?


You only normally get full approval after agreeing a price, that is, going sale agreed, don't you? At that point the bank provides a loan offer. Anything up to that is just some form of approval in principle, I think.


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 10:44 am 
Offline
Planning Tribunal Attendee

Joined: Sep 15, 2015
Posts: 1438
Luan wrote:
IMO, government inaction rather than design is going to drive prices back to 2006 levels within 5 years.


Seems improbable that prices can go back to 2006 levels, unless there are major changes to both the lending restrictions and the sentiment of the banks.


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 11:11 am 
Offline
Real Estate Developer

Joined: Jun 10, 2010
Posts: 858
Luan wrote:
Do you really believe that? :)

IMO, government inaction rather than design is going to drive prices back to 2006 levels within 5 years.


Maybe in commuter towns but not likely in Dublin imo

1 bed apartments require 25% deposit minimum no matter what price.

_________________
Jean-Claude Juncker - “We all know what to do, we just don’t know how to get re-elected after we’ve done it.”
Irving Fisher, economist, October 17, 1929 - "Stock prices have reached what looks like a permanently high plateau"
Gold and Economic Freedom by Alan Greenspan - 1966
Milton Friedman best moments


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 11:17 am 
Offline
Nationalised

Joined: Oct 29, 2007
Posts: 11566
Location: Multiverse
Luan wrote:
Do you really believe that? :)

IMO, government inaction rather than design is going to drive prices back to 2006 levels within 5 years.



Perhaps inaction is government design.
And taxing new builds beyond the reach of those with mortgages limitied to 3.5x earnings & a hefty deposit.


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 11:55 am 
Offline
Under CAB Investigation

Joined: Jan 2, 2008
Posts: 1547
The CGT exemption if bought and held for 7 years and tax on DIRT is government design. Pulled forward a lot of demand and raised prices. Also reduces transaction rates for the 7-10 year period.

You then have those who would get hit for 33% on CGT. This also reduces transaction rates.

All government design.

Bring CGT downto 15% and see what stock looks like then.

_________________
“Never play chess with a pigeon.
The pigeon just knocks all the pieces over.
Then shits all over the board.
Then struts around like it won.”


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 12:30 pm 
Offline
Of Systemic Importance

Joined: Nov 4, 2011
Posts: 5556
Location: SthDub
ixus wrote:
The CGT exemption if bought and held for 7 years and tax on DIRT is government design.

When did that scheme commence? Are we a bit away from seeing the first of those houses bought under this scheme now coming on the market?


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 12:54 pm 
Offline
Nationalised
User avatar

Joined: Jan 4, 2013
Posts: 17044
Location: To the right of the decimal place
FreeFallin wrote:
ixus wrote:
The CGT exemption if bought and held for 7 years and tax on DIRT is government design.

When did that scheme commence? Are we a bit away from seeing the first of those houses bought under this scheme now coming on the market?


2012 IIRC.

_________________
— Try, fail, understand, win. —


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 1:16 pm 
Offline
Under CAB Investigation

Joined: Jan 2, 2008
Posts: 1547
Quote:
In Budget 2012, a new incentive relief from CGT was introduced for the first 7 years of ownership for properties bought between 7 December 2011 and the end of 2013 (extended to the end of 2014 in Budget 2014), where the property is held for more than 7 years. The relief applies to all property, whether residential or non-residential. The relief does not apply if a property is sold within 7 years of its acquisition. If it is sold more than 7 years after acquisition and a gain is made on the sale, relief will be given for the initial 7-year holding period


Why not reduce to 3yrs as it has served its purpose. Reduce cgt to a level that will encourage transactions.

If they don't, imagine the oversupply in 2019 when investors sell hoping to realise profit tax free and all those developments that get pushed through for this emergency crisis of housing supply.

_________________
“Never play chess with a pigeon.
The pigeon just knocks all the pieces over.
Then shits all over the board.
Then struts around like it won.”


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 1:23 pm 
Offline
Under CAB Investigation

Joined: Jan 2, 2008
Posts: 1547
The great bubble of 2019!

_________________
“Never play chess with a pigeon.
The pigeon just knocks all the pieces over.
Then shits all over the board.
Then struts around like it won.”


Top
 Profile  
 
 Post subject: Re: Irish mortgage lending falling off a cliff....
PostPosted: Mon Apr 11, 2016 1:25 pm 
Offline
Nationalised
User avatar

Joined: Jan 4, 2013
Posts: 17044
Location: To the right of the decimal place
ixus wrote:
Quote:
In Budget 2012, a new incentive relief from CGT was introduced for the first 7 years of ownership for properties bought between 7 December 2011 and the end of 2013 (extended to the end of 2014 in Budget 2014), where the property is held for more than 7 years. The relief applies to all property, whether residential or non-residential. The relief does not apply if a property is sold within 7 years of its acquisition. If it is sold more than 7 years after acquisition and a gain is made on the sale, relief will be given for the initial 7-year holding period


Why not reduce to 3yrs as it has served its purpose. Reduce cgt to a level that will encourage transactions.

Because then people would start dumping now.

_________________
— Try, fail, understand, win. —


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 521 posts ]  Go to page Previous  1 ... 30, 31, 32, 33, 34, 35  Next


Who is online

Users browsing this forum: HouseOfCards and 9 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com