Friday 20 October 2017

So is now the right time to buy a property? God only knows – and maybe Morgan Kelly

Economist Morgan Kelly has once again ventured out to warn us of perdition to come. And the politicians are slow this time round to dismiss him. That’s shrewd. It forces him to come up with some solutions, as well as identifying problems. Photo: Gerry Mooney
Economist Morgan Kelly has once again ventured out to warn us of perdition to come. And the politicians are slow this time round to dismiss him. That’s shrewd. It forces him to come up with some solutions, as well as identifying problems. Photo: Gerry Mooney

Gerard O'Regan

To buy or not to buy – that is the question. Taking liberties with some lines from good old William Shakespeare is of no consolation to Ireland's growing band of dithering potential housebuyers. The vast majority are beside themselves with uncertainty, as to whether now is the right time to make their move.

A kind of itchy angst, redolent of a feeling so many succumbed to in Celtic Tiger madcap days, is back tormenting would-be purchasers. They are haunted by the old mantra – get on the property ladder now before prices are out of your reach. But is that good advice? Was this not the kind of thinking which, in the all-too recent past, plunged so many into serious negative equity, and others into an unsustainable debt spiral?

This angst is fuelled by growing evidence that house prices in certain parts of Dublin are going up almost by the week. Already parts of Galway, Cork, and other urban locations are showing a similar trend. We are assured by many pundits that things have definitely "bottomed out'' in the property market.

Please sign in or register with Independent.ie for free access to Opinions.

Sign In

Don't Miss