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MEtallic

Irish Bubble Bursting

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Insiders are telling friends and family to get out of market NOW!!

http://www.unison.ie/irish_independent/sto...;issue_id=14600

Sell, sell, sell, estate agents tell property investors

SOME estate agents are privately recommending their friends to sell their investment properties.

With rising interest rates and concerns that the property market may finally be beginning to slow, some investors are opting out of the market.

It comes as Housing Minister Noel Ahern is promising a crack-down on property speculators trying to make a fast buck in the housing market..

One investor, not a speculator, said relatives who work as estate agents advised him to sell. "I was expecting the usual 'Are you mad? Don't ever sell property' response," he said.

"But they thought I was doing the right thing. They said I had made a packet on it and said that I may as well take the money while the going was good."

Market

He added he was one of the lucky investors who got into the market early and is able to get enough rental income to cover his mortgage. He also benefits from capital appreciation.

However, those who are entering the market now are more than likely having to supplement the rental income in order to cover the mortgage.

Alan Cooke, chief executive of the IAVI, agreed.

"It only makes sense in recent years to buy an investment property because you can factor in capital appreciation to what is a low rental income."

He pointed out that monthly rental return is "very low" with a €500,000 property likely to bring in just €1,200.

An estate agent, who did not wish to be named, said it was "impossible" to cover the mortgage through rental income alone on a new property

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Anyone know what the average Irish house costs now?I believe its above the UKs 195K(land registry) figure.I suppose the Irish market must hold out some hope for the Bulls who are hoping for further inflation in the UK.

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Who are the wealthest people of all the countries int he world?

The Irish.

http://business.timesonline.co.uk/article/...2264141,00.html

To be honest, the article is a lot of tosh.

How can a nation be wealthy on the basis of subjective real estate values?

There is a lot more to national wealth than the value of your home.

What about how many natural resources the country has?

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My family Irish. This weekend we had Aunts etc over and this subject came up.

Aunts in her late sixties and was back visiting more of the family she tells me house prices are going to "slump(her words) very badly over there", bear in mind she knows nothing about this site and has not seen me for months.

Her niece works for a solicitor in the west of Ireland, Kerry where huge houses have been springing up for a few years. Situation is so bad that the latest thing in Ireland is to make a deal with the bank, hand the keys back and rent the property back from the bank.

Sounds like gossip but on a Journey in the car her Niece was pointing out various houses saying she did the paperwork for this one and that one, there in the same boat. There is still a big stigma in ireland to be bankcrupt especially in the smaller communities and its all kept very hush hush.

Problems been made worse because these big houses were taken on by a lot of Irish in the hope of letting them out to Americans and the Americans are not coming over in large enough numbers for holidays. Like a domino effect which has yet to pick up speed.

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  • 336 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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