Daft Property - Irish Property News

How Low Dare You Go? ...With few property deals being done and prices in freefall , many vendors are wondering what their bottom line should be to get a sale... House prices are sliding – and fast. Yet while most vendors now accept that they have to cut prices in order to tempt buyers, despite all the potential bargains on the market, statistics suggest that buyers are still deterred. Lack of liquidity, the prospect of further price falls, job losses and a worsening economic climate are taking its toll. In 2007, 158,000 people drew down mortgage loans. Frank Conway of the Irish Mortgage Corporation suggests this is down by as much as 36% this year – so far. According to Sherry FitzGerald's latest House Price Index prices have fallen by 26% since their peak in June 2006, with prices down by as much as 32.8% in Dublin. At the lower end of the market, vendors slashing €60,000, €70,000, €80,000 off the price of their property is common. High-end homes have been reduced by hundreds of t...