Monday 21 April 2014

Dublin house prices expected to rise but repossessions hike expected in buy-to-let market – report

THE housing market has stabilised and prices are likely to rise in Dublin, a new report has predicted.

But there is a risk to the market from banks repossessing buy-to-let properties and releasing hundreds of them for sale, NCB Stockbrokers said in a new report.

Steep fall in prices of recent years began to be arrested, the report found, referring to the latest Central Statistics Office information showing that prices had their slowest rate of decline since March 2008.

NCB said excess supply in many areas, in particular the North and West of the country, means that Dublin and its surrounding counties should continue to outperform other areas.

Analyst Philip O’Sullivan said: “A significant potential overhang for the housing market is the banks’ approach to buy-to-let properties, with the new personal insolvency regime, alongside policymakers’ calls for stronger action on arrears in that space, posing the risk of repossessed units pushing down on prices (and sentiment) at a time when the market looks to be levelling off.”

Despite this there was a gradual recovery of the domestic economy, along with improved credit availability.

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