[TheShadowMan]

Hi all,

UK and Irish markets are very similar atm, bar one thing the irish market is starting the slow down. This is mainly for two reasons. The ECB has highered the interest rate on mortagegs 6 times this year with another estimated 3 times next year. This is making first time buyers wary of entering into mortgage agreements and as such the demand has gone down. A part of this is that house prices are over valued at about 30 -40 grand beacuse of ppl who trading up need that cash to cover the interest hikes on their repayments. This also is a prob for first time buyer who bought over valued houses as they now have a property which is in negative equity.

The upper end of the market eg property at 1.5mil + vlue has seen a major slow down in the last 6 mths, medium to low value house have are now starting to loose value/remain at market value.

Even wit the slow down and the projected loss in value may partner and I are unable to afford to buy a house in Dublin. The average cost of a 2/3 bed house is about 370k. For us to be able to afford this our combined income would need to be 85k+deposit of 25k or combined income of 95k. That would give us a mortage of 25 yrs. Eh no thank you.

I prefer renting in a really up market area for less than 35% than what my mortage monthly repayment would be for a house in knackerville.

We are waiting for negative equity to appear like in the 80's in the low value property sector. So we are saving a deposit atm.

tsm