Irish Times- Dublin house prices down up to 52% according to "Secret house sale data"

[Sailor]

Another mysterious one is "Reduced to Sell" on the house ads.

If I was seriously interested in buying a particular house I would hope I had done enough homework to establish whether or not the advertised price was an accurate reflection of the "going rate" for the property and the location. Thus, I would know if the advertised reduction was real.
In the case of POA, I actually think this is not a bad sales trick - it immediately raises the possibility of a bargain that the vendor, for whatever reason, does not want to specify.

[Dunlin3]

The very term "secret house sale data" is an absolute disgrace. The fact that there is no register of house prices that potential buyers can access before making a decison is typical of this country. You can walk up to a pub and see what you're going to pay for a pint before you cross the door but yet there is no register of house prices to gauge the actual costs of houses in an area. It's a banana republic!

[blackpitts]

The very term "secret house sale data" is an absolute disgrace. The fact that there is no register of house prices that potential buyers can access before making a decison is typical of this country. You can walk up to a pub and see what you're going to pay for a pint before you cross the door but yet there is no register of house prices to gauge the actual costs of houses in an area. It's a banana republic!

The IAVI fought hard to keep such a register out of the recommendations of the Auctioneering Review Group a couple of years back. It almost got in but the Law Society backed them up in return for keeping out a recommendation to require property conveyancing to be completed within a specific timeframe.

[odie1kanobe]

Priced to sell often means Sell or we get repo'd

POA is often to get people interested in baiting in getting peopl interested and finding how much they willing to pay.

Lack of verifiable Land Registry like UK reduces any comparables but that is in pipeline.

What it sells for and what mortgage is on it are what is important for the banks not a spurious value put on it by an Estate Agent.

[jmcc]

I wonder how much the Irish Times' investment in myhome.ie has devalued?

Regards...jmcc

[patslatt]

Well you have confirmed that you are an idiot if you have just bought recently.
There will be areas by the end of this that will have gone down by 70%.
It will average out between 35-60% in Dublin depending on where.

Attracted by the low interest for the “1st year” were we??
You have bought half way down the curve.

Not to mention a 12% drop in house prices when houses are taxed at maybe 0.75% of market value when rates are reintroduced to raise money to minimise public sector pay cuts. Let's hope those hopelessly overburdened with mortgages get to offset some of the interest against rates.

[patslatt]

I have to agree that now is a very bad time to buy, the interest rates are low because the economy is in so much trouble. They will go back up again in time, whilst house prices will continue to go down for another two years, wages will continue to go down, while unemployment will be increasing for years to come.

The economy is reeling from the tax increase frenzy in the budgets and mini-budgets.

Recently,I did a post which few here read highlighting a study by Harvard economists pointing out that tax cuts are necessary for growth based on the experience of OECD economies http://www.politics.ie/economy/12080...economies.html

[odie1kanobe]

The economy is reeling from the tax increase frenzy in the budgets and mini-budgets.

Recently,I did a post which few here read highlighting a study by Harvard economists pointing out that tax cuts are necessary for growth based on the experience of OECD economies http://www.politics.ie/economy/12080...economies.html

Benefit of tax cuts in stimulus already recieved since 1997, issue is tax rates are so low and net tax payers so small that there is no real benefit as few are paying it.

[odie1kanobe]

Not to mention a 12% drop in house prices when houses are taxed at maybe 0.75% of market value when rates are reintroduced to raise money to minimise public sector pay cuts. Let's hope those hopelessly overburdened with mortgages get to offset some of the interest against rates.

Really so this is based on what exactly ?

Based on this wooly idea then any country that removed property taxes would see a corresponding increase in house prices ................. like hell.