Residential property prices update… September 29, 2012Posted by WorldbyStorm in Economy, Irish Politics.
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.