Prices 'close to levelling' off as opportunities emerge
House prices are very close to levelling off after a 30pc decline from their peak, although prices in some areas could fall by a further 10pc in 2009.
These are among the forecasts from Real Estate Alliance agents around the country.
"The cooling off in prices we experienced in 2008 has rid the market of unrealistic vendor expectations.
"There are opportunities to be had and buyers are starting to see this.
"Enquiries have been steadily increasing over the last two to three months but the issue of obtaining finance is restricting activity," according to Paul Grimes, chairman of Real Estate Alliance.
"Crucially, it seems that interest rates are going to reduce further. Many anticipate that rates will fall close to 2pc in Q2 2009.
"Coupled with the increase in mortgage interest relief for first time buyers, housing affordability will improve substantially in 2009," adds vice-chairman Michael Boyd.
Another REA agent, Healy Hynes also forecasts a pick-up in the new homes sector and he expects decreased financing to developers will reduce supply of new houses in 2010, "which helps fuel demand".
Buyer survey
What do home buyers really want from the housing market?
A new survey is planned to provide an insight into what will motivate renters to buy sooner rather than later.
As well as home buyers, it is also seeking the views of investors as to whether they plan to buy or sell properties.
This survey is being undertaken by the Real Estate Alliance during the next few weeks. Buyers are invited to apply by dropping into an REA offices.or online at: ww.realestatealliance.ie
