National House Prices
According to the latest MyHome property report shows that asking prices nationally rose by 2.1% in Q2 2019 however the annual rate fell to 2.4% – its slowest pace since 2014.
Top End of The Market
The demand for top level homes have decreased due to the uncertainty of Brexit coupled with the banks restrictive lending criteria and the demand of a 20% deposit for trader uppers. Many buyers at this end of the market are “cautious” as they don’t wish to get “caught” if the market drops. There are many vendors at this level wish to “downsize” or should we say “right size” as their families have all grown up and they now feel the market is at the top and wish to sell now.
First Time Buyers
First time buyer homes and apartments are selling very well as these are more affordable and a lot of tenants are nearly forced to buy due to the extremely high rental premiums currently being charged. Oftentimes the cost of buying a property works out much better value that renting a property. Many first-time buyers who are renting are tired of “paying some one elses mortgage” and are now eager to buy. The banks are lending well at this end of the market.
Despite high rental premiums many landlords are giving their tenants notice and selling their investment properties due to the high tax premiums on rental incomes coupled with the new restrictive legislation that gives tenants more rights and power than landlords. We are meeting landlords every day who are telling us “It’s just not worth holding onto our investment properties anymore.” “We are out”. This decreases the amount of rental property available and puts huge pressure on demand.
The big word on everyone lips is Brexit with none of us knowing the outcome. Our advice to anyone thinking of buying a property in this current climate, is, if its in your best interest and if you have a good deposit and your repayments are affordable and manageable its okay to go ahead and buy. This is only our opinion and its important for buyers to exercise their own due diligence on any property purchase. Brexit could potentially go one way or the other for Ireland. However, we firmly believe the east coast will have it potentially better than the west coast of Ireland if things God forbid go wrong. The vast majority of jobs, wealth and the best infrastructure systems are located on the east coast, Dublin and the commuter belt with a lot of companies are locating to Ireland are coming to these areas. Therefore demands for this area in the short and long term will always be in high demand and attractive.
Overall, business is booming here at Team Lorraine and we have many beautiful homes coming to the market and many homes under offer but we are always looking for property to sell and to rent. We are unusually busy for this time year considering its prime holiday time.
If any one is looking to buy or sell a property we are always so delighted to advise and assist in anyway. You are always welcome to email, call us or pop in for a coffee for a friendly chat. We are passionate about what we do and love being there for our clients. Thank you for your continued support and huge referral business.
Please email us now if we can help with your property questions email@example.com
Lorraine Mulligan IPAV TRV
Team Lorraine Mulligan
REMAX Results, Celbridge and Lucan Top Selling REMAX Agent 2007-2018