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Irish Property Market
The Irish property market may be about to finally get some respite from its 5 year illness according to the latest data. A new report from the largest Irish property portal daft.ie shows that houses are selling quicker and at higher asking prices. However, the portal only tracks asking prices, so it is likely that significant price decreases take place between its tracking and actual sales.
None the less, according to the report Q1 saw the smallest fall in asking prices since the crash began at 1.4%, meanwhile 40% of homes in Dublin and 36% of homes in Leinster are now selling within 4 months. Connacht and Ulster also saw an increase in the speed at which homes are sold.
"There are two ways of looking at this. The optimistic way is that a lot of parts of the country have seen falls from the peak of close to 60pc. And if you look at house prices relative to income or rent, a 60pc drop looks in line with what you might regard as long-term fundamental house prices.
"The more cautious view is that there might be a jump-up in asking prices following a big fall and it's really just the market taking a breather.
The portal says that there are now just 54,000 homes on the market in Ireland. This also can be viewed as a positive, tied in with the increasing rate of sales, but it can also be viewed as a negative, in that the figure is really too low for a healthy market. Daft.ie concedes this and believes that, in fact, the market will not be any closer to regaining its health until the banks start lending - "join the club" say many places including the UK and US.
In Q1 the average asking price of Irish property was €177,000, which is a drop of 52pc compared to the peak €366,000 in mid 2007.
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