Daft Property - Irish Property News

NCB Stockbrokers said the price of buying a home will fall by at least a fifth in the years ahead as Ireland recovers "from the largest credit and housing bubble in OECD history". The Dublin-based broker calculated that the eventual national decline from peak to trough will be 60pc. Average prices have fallen 47pc so far which implies that prices must fall by at least another 20pc before hitting rock bottom. "The boost from domestic demand will not be material until 2013. Unemployment, currently 14.3pc, will remain above 10pc until 2016," NCB economist Brian Devine warned. "As such, there should be no surprise that property prices continue to decline, mortgage arrears continue to rise and retail sales remain weak," he said. Prices in Dublin have already fallen close to this amount with apartment prices in Dublin down 58pc and house prices in Dublin down 54pc. Mr Devine said he remains worried about the fundamentals underpinning the Irish economy but kept

Half of us now in negative equity misery... HUNDREDS of thousands of Irish homeowners could face negative equity as early as June. A report from NCB stockbrokers has outlined that as many as 45pc of householders could owe more on their mortgage than their house is worth. NCB economist Brian Devine says that house prices, as officially measured, are still overvalued. "Our estimate for Ireland suggests the number of homes in negative equity ranges between 29pc and 46pc depending on the price decline assumed," Mr Devine outlined. NCB believes prices are already 35pc below their peak, meaning close to one in three homeowners are already in negative equity. "There is little reason to believe that house prices will not continue to fall as future employment prospects remain bleak, further tax hikes are in the pipeline, confidence remains low, emigration is likely and there remains a large supply of properties for sale," the NCB report claimed. "Affordability may have