3 days ago, I didn't have a view other than wait and see how it pans out.Things are evolving daily - they'll have a lot more information by the time that comes along
Now my view is this will definitely have an impact on house values. It can't not have an impact. This is my opinion, no science or data behind it, and I fully respect the views of others that have contributed to the topic.
I don't want to descend into a doom & gloom post - I'm firmly of the view that anything that can be done will be done to get the economy kick started again after this. But the reality is that the effects will be felt long term.
We're currently looking at up to 400k people being out of work. Hopefully most of that will be short term.
Yes, the majority of the 400k losing their jobs are at the lower end of the salary scale. However, particularly outside of Dublin, these are the 2nd earners of a couple.
High earners are not all insulated from this either. I know of several temp / contract people who earn over 100k that are seeing massive reductions in their hours, and risk of being let go completely. Consultancy firms can't get on-site with clients. Aer Lingus is cutting almost all pay by 50%. Bonuses will disappear across many companies. Investment / funds industry where income is based on Assets under Management will see big cuts in their income. Landlords will realise that the risks are higher than they thought and look for higher yields. Some small businesses that have closed will not reopen.
Whatever else, property prices are not going to increase over the next few months.
Personally, if I had the option to buy a house now at last month's price, I wouldn't be exercising it. If it was a '1 of a kind' dream home for life, ok, I'd tell the sellers I'm still interested, but I want to reassess in a few weeks before signing contracts. Otherwise, if I'd an option to walk away I'd be taking it.
It's going to take time before we understand the impact on either the overall economy or house prices.