Finance problems remain
THE residential market remains in subdued mode after the Easter break, with difficulty in securing mortgage finance still a major stumbling block.
Michael Grehan at Sherry FitzGerald Residential reports that the volume of would-be buyers entering the market is definitely on the increase.
"Prospective buyers can plan ahead with greater certainty now that the mini-Budget is out of the way. There are more houses with multiple bids on them than before. We have 100 houses under offer at present.
"The banks are definitely open for business, although the journey from funding to closing is definitely more protracted. Everyone involved -- bankers, solicitors and buyers -- are being much more forensic."
Lisney residential director John O'Sullivan reports modest activity over the past week, with some good new stock coming to the market.
"There have been some sales, but the big problem is getting deals across the line. Plenty of prospective buyers have identified the property they want, driven a tough bargain and want to buy.
"But we are now finding customers who are distressed about how they are being treated by banks stretching out the loan process continually."
Savills residential director Wade Wyse reports that viewings improved last weekend, although the overall market remains quiet.
By contrast, Rightmove.ie reports a rise in UK house prices for the third month in a row and could now be bottoming out. However, a significant improvement in mortgage finance availability is essential also.
