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Oh… how my life could have be SO different if I never bought my house in 2008!

Och…. It hurts to read a report on RTE website that asking prices for homes fell by 14% last year –  prices fell by 5% in final three months of 2010. The survey was by Daft.ie. It estimated prices have fallen by 40% from their peak, with the average price now just below €220,000.

During 2010, asking prices in Dublin fell 14% on average, compared to a fall of 15% outside major cities. In Cork, Limerick and Waterford, prices fell by 10%-12% over the year.

The last 2-years have been the greatest financial learning curve. No book, education, or exam could replace the harsh realities of living through a recession.

At least I can teach my kids a few lessons – so hopefully they won’t have to go through the stresses some of my clients are currently experiencing.

Key lessons

  • They MUST save at least 15% of a deposit on their own.
  • They need to base their mortgage on one wage if they plan to have children.
  • Expect at least two recessions during the term of their mortgage.

Allan Matthew Cuthbert t/a Financial Wellbeing is regulated by the Central Bank of Ireland to advice on Mortgage,Savings, Life and Pension products