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Path to purchase does not run smooth

Irish Times
Path to purchase does not run smooth - Ireland - home prices


The rise in some home prices and the new property price register have brought a fillip to the market but there are still hurdles for buyers, writes FIONA REDDAN



IT’S FIVE years since the bottom fell out of the property market, but finally there are signs emerging of the first, tentative green shoots. Last month the Central Statistics Office reported the highest price rise since 2007, while the new Property Price Register offers putative purchasers much-needed transparency and those looking to sell, some confidence of the sale price their property might achieve.

But while there may be significant pent-up demand from buyers, can they overcome the challenges they face to finally turn the key in their new home?

Or will a combination of negative equity, lack of financing, and low levels of properties for sale and fear stymie their efforts?

For now, the biggest obstacle to a fully functioning property market remains the lack of credit.

“One of the biggest problems we’ve got is that there isn’t sufficient credit available for the number of buyers that are out there. I’ve never experienced a situation where it’s as difficult as it is now to get mortgage finance,” says Michael Dowling, spokesman for the Independent Mortgage Advisers Federation (IMAF).


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