well selftitled "southsideboy" (gotta laugh), i just put the idea out there for general discussion. nothing wrong with that is there? i wouldn't presume for a second that i could singlehandedly bring about the ruination of the country.....
i do expect there are vendors/investors who don't like pondering the idea,
but as an idea i think that while it is farfetched and most likely unworkable, the point was to plant the idea into the general public at large that we FTBs as a group can do more about the problem of rising houseprices than groan about the budget and outbid each other on inflated houseprices. we are a large group with one thing in common.
stand back for a bit, don't be willing to pay the prices that are asked, and the market may respond accordingly. the housing market is built on a lot of factors, public perception being one. if it changes, then perhaps house prices will too. also, there's nothing wrong with bidding below the asking price on houses or just registering interest when looking at a house.... surprising how few people do this and start engaging in bidding wars with god knows who.....
and extopia i do agree with you on a house only being worth what you're willing to pay, that is exactly my point. but the problem for FTBs is trying to pay it. once it's bought, what it's worth to the buyer becomes largely irrelevant, as you have now become part of the property ladder where all properties are related pricewise. the only people a crash will hurt are mainly the investors who are preying on the market.... or at least used to. there's an increasingly large amount of property for sale out there!
found this interesting site which i believe is a very promising read... for some. maybe not for you southsideboy.
http://irishhousepricesfalling.blogspot.com/