Saturday 23 June 2018

Is now the right time to take the property plunge?

From upgraders to downsizers, Irish buyers share their 2018 property plans with Róisín Carabine

Michael Bowes with his partner, Jessica Douglas, and family (from left) Lauren Bowes (11), Morrigan Jones (eight), Salle Jones (nine) and Oisín Bowes (14 months). Photo: Bryan Meade
Michael Bowes with his partner, Jessica Douglas, and family (from left) Lauren Bowes (11), Morrigan Jones (eight), Salle Jones (nine) and Oisín Bowes (14 months). Photo: Bryan Meade

Thinking of buying a property in 2018? Whether you're looking to upgrade, downsize, invest - or contemplating making that leap on to the very first rung of the ladder - you're not alone in your New Year's resolution.

But what's the market like out there for house hunters? And is now the right time to take the plunge?

Affordability still remains a major issue for both buyers and renters, with lack of supply pushing up prices. According to figures, over the last 12 months property prices in Dublin alone have risen by 11pc. Rents are also now higher in some urban areas than they were at the height of the boom.

For would-be buyers there's also the age-old concerns about rising interest rates, stagnant incomes and the ability to save for a deposit, not to mention government incentives, politics, the economy and Brexit.

Mixed predictions too about the future of the market and whispers of a correction and worse, 'inevitable crash', have added to the uncertainty.

We talk to four prospective buyers about their hopes and concerns for 2018 and discuss their house-buying battle plans.

Irish Independent


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