Friday 18 August 2017

Ask the experts: How do you see the Irish residential market behaving in 2017?

Marian McQuillan, Ceo of Quillsen
Marian McQuillan, Ceo of Quillsen
Pat Davitt, CEO of IPAV
Eamonn Spratt, Real Estate Alliance
Keith Lowe CEO Douglas Newman Good

Marian McQuillan

Marian McQuillan, Ceo of Quillsen

We expect prices to increase in the region of 5-8pc in 2017. The market will continue to be heavily influenced by a shortage of supply and as a result the pressure on prices will continue to be upwards. Whilst we anticipate there will be more new builds and more stock, it will take a while for this to filter through the system and we expect demand will still outstrip supply for the foreseeable future. The new help-to-buy scheme and the relaxation of the Central Bank rules will add to the upward pressure on prices. With rising prices in Dublin, we also anticipate increased movement of buyers towards the M50/commuter belt.

Marian McQuillan is the CEO of Quillsen, formerly Gunne Estate Agents, and was formerly a director of Purcell McQuillan Tax Partners.

Keith Lowe

Keith Lowe CEO Douglas Newman Good

House prices will rise by between 5-10pc in 2017 and the number of transactions will continue to increase as the market continues its road to recovery. Starter homes are likely to be in most demand due to the recent relaxation of the Central Bank lending rules and the introduction of the 5pc first-time buyers' grant. 

Keith Lowe is CEO of Douglas Newman Good, which has 75 offices throughout the country. He has 32 years' experience in the sector, having joined the firm in 1984.

Eamonn Spratt

Eamonn Spratt, Real Estate Alliance

Our agents nationwide estimate 6pc growth in 2017, off the back of an 8.4pc increase last year - however, there is a lower level of expectation in the commuter counties, at 3.8pc. We have already noticed a tailing-off of receiver/bank/fund sales and a marked increase in first-time buyers at viewings in the latter weeks of Q4, setting the trend for 2017.

Eamonn Spratt is chairman of the Real Estate Alliance, a partnership of more than 50 auctioneering firms nationwide. He is also the third generation to run the family estate agency REA Spratt in Dungarvan, Co Waterford, where he has worked for 28 years.

Pat Davitt

Pat Davitt, CEO of IPAV

I see a mixed, uncertain market with outer commuter belts doing better than other parts of the country. Last year saw a widening of the belt to about 100km, or just over an hour's drive or train journey from Dublin, where homes are cheaper for those squeezed out of Dublin by price and the very onerous Central Bank lending rules. That will continue - a three-tier market with the city of Dublin being the most sought-after location in the country. In second place is the old commuter belt of 35km from the city followed by a whole new outer commuter belt extending as far as 100km, where good road or rail access to the city exists.

Pat Davitt is the CEO of the Institute of Professional Auctioneers and Valuers (IPAV). Pat has more than 34 years' experience in the sector, spending much of it running a family-based auctioneering firm in Mullingar.

Irish Independent

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