Tuesday 28 February 2017

Property market's no house of cards

Ken MacDonald

PROPERTY holds a fascination for Irish people. Everybody has a view on it, much of it garnered from the property supplements of the newspapers or from their own experiences in the marketplace.

There is a deep-rooted desire by most Irish people to own their own home, stemming partly from our ancestors being dispossessed, as well as a practical belief that monthly outgoings are better going on mortgage repayments rather than paying rent to a landlord. There is also the widespread desire to create a bricks and mortar nest egg or pension for the future.

The market has become much more complex and sophisticated in recent years and a broad brush approach of generalisations can no longer be applied to it. In the last 10 years, there have been persistent inaccurate and negative predictions put out on the health of the market: these did no favours to aspiring home owners who held back and invariably ended up paying much more than they could have first bought at.

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