Residential property prices update… September 29, 2012
Posted by WorldbyStorm in Economy, Irish Politics.trackback
Interesting commentary on the latest figures on residential property prices released during the week which show a 12 per cent fall over the year from August, and a fall of 46 per cent in house prices since 2007. That’s some fall.
But that commentary… Alan McQuaid, once of Bloxham, now of Merrion, opines:
“By all accounts according to estate agents around 40 per cent of activity in the housing market at the moment is being done through cash, which suggests things may be stronger than the CSO numbers indicate. Furthermore, research in recent months from both the Irish central bank and ESRI has concluded that the housing market may be close to a bottom, with signs of pent-up demand among under-35s seeking to buy a family home, especially in Dublin”
Then he says…
“However, on a practical level it is difficult to see people rushing out to buy a house and to make such a big monetary outlay when labour market conditions remain very fragile.”
Interesting that distinction between ‘research’ and ‘on a practical level’. Very interesting indeed.
I would have thought that cash sales would enjoy a substantial discount, therefore bringing the current price of property down yet further.
I think Conor McCabe thinks they have a lot further to go. ind you in my area houses are being sold.
I like the quote from the stockbroker: “By all accounts according to estate agents …”. All accounts? It’s not like estate agents would have a vested interest in talking up the market, of course.
Brilliant, I didn’t catch that smiffy.
Jim I’d have to agree with Conor. I think we’re a good way from the end.
when labour market conditions remain very fragile
Hard to believe that insecurity of employment would affect people’s willingness to spend money and make investments.
You’d wonder how long before we have a ‘House’ price index and an ‘Appartment’ price index.