Bank figures show mortgage take up rates are down massively. The rate hikes and the prices are making it simply impossible for people to bridge the gap.
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Bank figures show mortgage take up rates are down massively. The rate hikes and the prices are making it simply impossible for people to bridge the gap.
Irish Concrete business has been in terror of timberframe for years - they have been "helping out" their local politicians for years on the back of it. Huge advertising budget, and presumably, lobbying budget - whole bloody country is taking it as read that the timber frame is a bad idea. No wonder FF are back in.
I wish my house was Timber Frame coz my parents used to live in one and the heat was amazing. They did however block build their new house due to the possiblity that my mum's health problems were due to the treatments on the timber frame polluting the atmosphere. Not proven but mum is convinced altho her health hasnt improved any really.
The new house is much harder to heat despite underfloor heating & air vent heating systems as well as an oil burner in sitting room.
wouldnt go near a timber frame myself, people across the road from me built one which began to collapse coupled with high winds blowing bits off it the council condemned it and it has now been ripped down completely.
I'd already stated i didnt want to get into debating the pro's & con's of either method of construction, however seeing as you've written an entire business off in one foul swoop, a business i'm employed in, I feel some clarification is required on your part!Quote:
Originally Posted by dahamsta
I think it's important to distinguish between a timber house and a timber frame house.Quote:
Originally Posted by s-side hoop
The timber frame house has a concrete outer leaf and a timber inner leaf.
For one to be falling apart in the wind, it's either a wooden house or badly built or both. Timber frame houses are relatively durable. I've heard of problems with window frames, due to a shift in the wooden house frame, as well as doors not closing. There are other issues, but I can't recall them and therefore wont speculate on them here.
I am surprised there is a downturn in timber frames as they seem to be a win-win. The heat is great & they are much quicker to build. The only downside is that they don't insulate sound as well as concrete so may not be suitable for terraces or semi-Ds
My last gaff was timber frame, we hardly turned the heat on the whole time we were there, but I was damned glad the neighbours were quiet, and that we moved out just before yerone exploded. Given that I could hear murmurs when they were talking in bed - their bedroom backed onto mine - I can only imagine how loud a screaming baby would be. And I likes me quiet!
adam
I`m not sure they are down massively, although they are certainly down.Quote:
Originally Posted by Poor Student
The rates increases are obviously an issue but the whole stamp duty uncertainty has also been a huge deterrent.
In any case, I wouldn`t go near the market for the next 12 months.
A few pages (& months) back I estimated the probability of a significant drop in house prices in the next 12 months (15-20% plus across the board) as being between 1 in 25 and 1 in 10. I`d say its less than 1 in 10 at this stage.
Also funny how according to Bertie we`ve only faced a challenging economic climate in the 2 weeks since the election....
I think mortgage take up is down about 20% according to the AIB. Is that significant enough?Quote:
Originally Posted by OneRedArmy
was listening to newstalk the other morning. a girl from navan was talking about her huse price plummeting ( 4% as it turned out). A guy from Myhome.ie was on he said in the context of the same house going up 12 % over the previous year, she was still way ahead. if your looking to buy a house and make huge gains over a year or two , its a bit unrealistic. He was saying the sales have picked up since the election. The price drop has more to do with people who were being greedy , having to be realistic.
Myhome.ie are the propagandists of the construction industry. Do not take them as serious analysts. It would be like asking a boardmember of the Coca Cola company which was nicer - Pepsi or Coke.
Same goes for the Irish Times. They own Myhome.ie and its now their main source of revenue.
All the negative talk & doom & gloom is not helping the industry. were talking ourselves into a recesion.
Thats bull, we borrowed ourselves into a recession. We threw caution to the wind and got ourselve into record levels of debt, and the banks and the media egged us on. The notion that if everyone keeps quiet, the good times will continue is plain stupid. Economic downturns are a result of unplanned overproduction where the total cost of goods and services is greater than the wealth of the consumers. We got around that for a while by being stupid and borrowing, borrowing, borrowing, which created a bubble economy which is now bursting. No amount of positive thinking or talk will make a difference to that.Quote:
Originally Posted by Ringo
While it may not all be great I think there is a lot of truth in that. I think some people want to see the country fail.Quote:
Originally Posted by Ringo
If you own a home & live in it what difference does it make if it drops in value for a few years? As long as you have a job & can pay your mortgage you are ok. I think the problem is for some reason everyone think they entitled to 20% rise in value yearly.
:rolleyes:
Very true. People are expecting too much. i don't see much chance of negative equity in Ireland, silmilar to the Uk in the 80's/90's. Some people would love the though.Quote:
Originally Posted by pete
I am no expert but I think even a 20% down would not be a crash but more a re-adjustment. If its a home value will come back up over time.Quote:
Originally Posted by Ringo
I have no read anything about the foreign investment market but will be interesting to see interest rate rises will have an affect there.
No they don't they are simply telling it as it is. Chinese whispers don't make or break an economy. Your arguement here is the same as saying if you don't support the war in Iraq, you hate America. 20% down turn is massive Pete and its not about people "expecting" 20% increases in value every year, its the knock on effect that it has on the rest of the economy, but hey why do I bother, I'll leave you and Ringo to pretend nothing is wrong. Follow the yello brick road...Quote:
Originally Posted by pete
I never said there was nothing wrong. I just dispute the reasons & nature of knock on to the rest of the economy. It could be argued cheaper house prices are good for other sectors of the economy?Quote:
Originally Posted by BohsPartisan
I am sure people are holding off buying until they see the stamp duty changes. Banks are already doing test on income based on 1 % rise in interest rates so its difficult to see ECB rates hitting 5% in the short term. It doesn't matter if 1m+ house prices are reducing, the 1st time buyer market is important marker.
I'll repeat it, 250,000 directly employed in construction. If 50,000 of them are out of work will that not have a knock on effect on the economy? And we're not even counting people working in estate agents, builders providers, etc. etc.Quote:
Originally Posted by pete
Thats a lot of people who had money to spend on consumer goods who won't any more. Even those who are in work will not be as free spending because they will fear the same fate. And as for lower house prices being better for other sectors of the economy, which ones? It is only better for people if wages continue to rise at a stable level and other prices don't increase at a rate greater than wages. Construction is not in a vacume. It will effect the rest of the economy.