Confident outlook on property market

With over 12 years’ experience in the property market in Roscommon, P. Burke is well used to the vagaries of the property market and this week he acknowledged that there has been a slowdown in the residential property market but said that lower prices are already attracting buyers out into the market. ‘The property market has experienced a slowdown but there is an improvement. It seems to be getting busier. We are getting more enquiries and more viewings. The vendors have lowered their prices to attract the buyers and that is happening at the moment. We feel that there will be a pick up in the market.’ ‘House prices are dropping. I’m predicting that in the next couple of weeks there will be a drop and that will attract more people into the market. New house prices are dropping approximately ten percent, a very significant sum for a home buyer. The better value will attract people into the market. Vendors prepared to drop the price will get the customers.’ The slowdown, according to P. has mostly affected new homes but with canny developers dropping prices, value for money will always attract buyers. He has noticed a pick up in the level of interest in new homes, once the price is right and this is also the case with second-hand homes. ‘Overall, the market is a bit slower but it’s improving and will improve as the year goes on,’ is how P. reads the situation. Interest rates are another significant factor for any house buyer and P. is confident of a further drop in interest rates. ‘I would have a positive outlook on interest rates. If they are reduced it will give more confidence to buyers. ‘The market has corrected itself and that is what it needed to do because development land prices had gone mad and it couldn’t keep going. The number of houses being built has decreased. 90,000 houses were built two years ago, 70,000 houses were built last year and this year 40,000 houses will be built. My view is that developers are being cautious and have slowed down and are selling what they have available. Some are building, but at a slower pace. That is good because it will let the market catch up.’