Daft Property - Irish Property News

MANY PEOPLE selling their homes are still looking for prices higher than buyers are likely to pay – and the difference between asking and selling prices can be as much as 20 per cent. For while property website surveys published this week show residential property price falls since the peak of the property boom of between 43 and 52 per cent nationally, estate agents say that actual selling prices are now down by around 60 per cent and more. The lack of specific information about property sales prices means that buyers and sellers are still largely in the dark about what is actually happening in the property market. This should change in June, when a property price register detailing recent sales, with addresses and prices, is published by the Property Services Regulatory Authority (PSRA). The figures published by property websites MyHome and Daft are all based on asking prices. Meanwhile, the CSO’s most recent residential property price index, published in late December, showed prices

Price drop? About 50% - and all agree... PROPERTY prices to fall 45 per cent, one of this week’s headlines read; property prices have fallen 70 to 80 per cent, said another. And just last week, the ESRI/Permanent TSB reported that prices were down 24.4 per cent “from the peak in February 2007”. Confused? Yes, especially if you didn’t take in that international ratings agency Fitch’s warnings of a 45 per cent drop in Irish property prices related to the fall from a peak, which it said was in December 2006. And exasperated, if like estate agent Ian Finnegan of Finnegan Menton, you’re well aware that prices have already fallen by as much as 50 per cent. Since when? “Mid-2006,” says Finnegan, which he identifies as the real peak. Most in the industry agree with him: MyHome’s property consultant Paul Murgatroyd reckons prices have already fallen by an average of 40 per cent and have another 10 per cent or so more to fall before the market hits bottom – probably in the second half of 2010. I

Property: making a move... With house prices set to fall even further, it's no surprise that most buyers are sitting on the fence. But for those who have no choice but to bite the bullet, think long-term... All the available data and commentary on the domestic property market suggests the continuing fall in prices still has some way to go, so it's no surprise that the majority of potential buyers are still opting to "sit on the fence". But the Irish Banking Federation (IBF) recently reported a 9pc rise in new mortgage lending in the second quarter of 2009 when compared with the first three months of the year. But with new lending still 7pc lower than in the same period last year, the IBF said it was too early to say if the market had turned a corner. Karl Deeter, of Irish Mortgage Brokers, reports an increase in applications and numbers of loans because of recent price falls. "We had felt for some time that price drops would come fast once the realisation about t

The new property reality... Like many things these days, the chances of selling a property seems to boil down to one factor: putting a realistic price tag on it and then being willing to take less than that. For estate agents around the country the last six months have been their worst nightmare. The younger generation of property professionals has never encountered the frustrations of the kind of market in which they are now operating. In the last six months there has been a growing body of buyers who are ready with mortgage approval or cash in the bank. These potential buyers have been tentatively viewing properties, and some even made offers. Then the daily diet of bad news increased and they evaporated back to the arms of the rental market - or their parents spare rooms - to sit it out. So what properties have sold in the last six months, the toughest months in a generation? The answer seems to be those that are 30 to 40 per cent cheaper than houses were on the same streets and ro

European journalists deliver the last rites to Celtic Tiger... EUROPEAN DIARY : European media outlets have been scathing in their criticism of a ‘Wild West’ financial culture ... THE CRISIS gripping the Irish economy is clearly the big news at home this week. But it is also hard to avoid the topic in Brussels, where journalists and diplomats are busy reading the last rites to the Celtic Tiger and rethinking their past praise for the Irish economic miracle. In the European Commission press room, colleagues from other EU states tend to broach the subject in one of two ways. Over a cup of coffee some ask concerned questions about what went wrong, who is to blame and what impact it will have on a second referendum on the Lisbon Treaty. Others invoke gallows humour, telling the in-joke: “What’s the difference between Iceland and Ireland? Answer: One letter and about six months.” The BBC’s daily current affairs programme Europe Today repeated this – by now hackneyed – joke on air on Friday

We must demand greater accountability from politicians, regulators and business... PICTURE THE scene: greedy executives, shady solicitors, lying politicians, child- abusing priests, cover-ups, fraud and lots of brown envelopes. It sounds like an episode of US cops and corruption show The Wire, but it's actually the horrifying reality show known as Noughties Ireland . The first series of Noughties Ireland in 2007 delivered scheming property developers and government officials happy to look the other way . Series two featured a shamed taoiseach, several dodgy solicitors, the Fás scandal and questionable banking practices. This year's series sees paedophile priests and bishops who damn children to a lifelong personal hell. Fraud is also likely to make an appearance this year. Paddy Power is taking bets on which Irish sector will be charged with the biggest fraud in 2009. The odds favour banking, property and the legal sector , with telecoms and State/semi-State bodies next in line

More price cuts as season starts... There will be a drop in the supply of houses new to the market in 2009, but sellers are still having to cut prices - again... THE DUBLIN property market has opened with price cuts at all levels of the market, as sellers digest news of the country's deteriorating finances and economists' gloomy forecasts. Estate agents are taking a fresh look at their stock and advising sellers to reconsider prices. The reassessment is going on at all levels of the market, according to Peter Kenny of Colliers, where notable price cuts include €130,000 off a three-bedroom penthouse in a development at Old Conna, Riverdale, on Dargle Road, Bray, Co Wicklow. The 130sq m (1,400 sq ft) apartment with river views has has been reduced from €560,000 to €430,000. Colliers has also dropped the price of a four-bedroom semi at Burnaby Mill in Greystones from €720,000 to €580,000 in an effort to attract buyers, while in Dún Laoghaire, Gunne has just dropped the price of an

140,000 homeowners 'have fallen into negative equity'... Jim Power, chief economist with Friends First, said: "I reckon the majority of first-time buyers who bought into the market over the last three years are in negative equity." Analysing the gains made up to the peak of the housing boom, and the losses since, Mr Power said negative equity was affecting "at least 140,000 people and that's rising by the day". He warned that, in terms of the recession, "we haven't seen anything yet" and predicted the numbers in negative equity could reach 200,000 by the end of 2009. Latest Census figures show there were 570,000 residential mortgage holders in 2006, with tens of thousands of new mortgages taken out since. So the continuing decline in house prices means that one in three mortgage holders are likely find themselves trapped in a home worth less than the loan they took out to pay for it. With €125bn owed on Irish mortgages, homeowners facing r

Latest figures confirm the "softening" in house prices and according to a report from the Irish Independent... " HOUSE prices fell by 9pc in the past year, wiping €27,500 off the value of the average home. National house prices fell by 0.7pc in March, according to yesterday's Permanent TSB/ERSI house price index. But the price decline for first-time buyer houses was greater, at 10pc, as potential buyers have been squeezed hard by banks hiking up interest rates for new customers. A 10pc drop in First-Time Buyer (FTB) house prices will see some 40,000 new buyers go into negative equity by the end of the year, according to Davy Stockbrokers. Negative equity is when the value of the mortgage is greater than the value of the home. Economists also warned that prices will have to fall further if first time buyers are to be enticed back into the market. New buyers have also been hit by the withdrawal of 100pc mortgages, and the need to find deposits of up to 10pc. Over a th

I read in the Irish Independent today that in Dublin's Temple Bar, once a property hotspot, that..." prices are beginning to drop: a spacious second floor, period-style one-bed, renovated 15 years ago on Parliament Street, with views of the Liffey and the evening sun, has been on the market for two months and the price is down from €365,000 to €345,000. At the Friary, off the cobblestones on Fownes Street, a one-bedroom west-facing apartment over Luigi Malone's restaurant is €410,000, but expected to drop. In Temple Bar Square, the quarter's heartbeat, a two-bedroom apartment, with access to a precious roof terrace and views of the city's skyline has been on the market a year and is available for €450,000. In the tenant zone, plans are in the early stages to refurbish and upgrade some of derelict Crampton Court apartments with its little garden, car-parking spacess and views overlooking the Liffey. And to rent? Despite so few properties being available, bites are s

www.daft.ie - Quarter 1 2008 Irish property figures are out - and according to today's Irish Independent Newspaper, we are in the middle of major Property price crash! There has been widespread price drops across the country and the trend looks set to continue for the foreseeable future... "ASKING prices for houses in some of the country's most affluent areas have plummeted by a massive 7pc in the space of just three months, according to a new survey published today. The report reveals property prices in the leafy suburbs of south county Dublin tumbled by an average of €40,000, or 6pc, in the first quarter of 2008. In Co Wicklow, prices also took a dramatic nose dive of more than €35,000 (7pc). The average price for a house in south county Dublin now stands at €649,383. Asking prices in Co Wicklow dropped to €445,681, the new survey by Daft.ie has found. Nationwide, the property slump caused asking prices to fall by 1.2pc. The drop is in sharp contrast to late 2007, when a

Just reading the Irish Times this morning and found some tasty "bargains" (well they are a bit cheaper than they were anyway!) Butterfield, Rathfarnham, Dublin 16, prices cut by up to €800,000... Largest house: 2007 €2.8 million - now €2 million Detached houses: 2007 €1.95 million - now €1.45 million Semi-detached: 2007 €1.2 million - now €990,000 Dalriada, Knocklyon "starter scheme", prices cut by up to €100,000... Houses: 2006 €610,000 - now €510,000 Duplex: 2006 €450,000 - now €399,000 Apartments: 2006 €399,000 - now €355,000 Firview Close Apartments, Dublin 3, prices cut by up to €55,000... 1 Bed: 2007 €325,000 - now €295,000 2 Bed: 2007 €450,000 - now €395,000 3 Bed: 2007 €520,000 - now €480,000