3 years ago
I am aware of your work since the ’08 crash and believe you to be very knowledgable in the area of the hosing market . I have a very important question to ask , well important to me anyway. If we have a similar or worse global financial market crash by the end of this year ’15 as I suspect is starting to occur right now, (China = start, US/EU will follow). How long do you think it will take to filter into the irish market and start to depress prices , Immediate , 3 months or 6 months. I cant remeber how it played out in ’08 date wise.
Appreciate your thoughts on both the crash and if it happens the knock on effect.
3 years ago
It took quite a while for the initial negative shock in the US housing market (in 2005/2006) to feed through into the Irish economy and housing market (with a slowdown starting in 2007 followed by contraction from 2008 in house prices, employment and GDP). The biggest factor pushing down house prices 2007-2012 was hugely revised expectations about future growth – if expectations about economic/house price growth in Ireland are muted anyway, perhaps this will mean any future crash differs somewhat from the recent Financial Crisis. Hope that helps!
Thanks for feedback