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No plunge in prices yet, as some pent-up demand keeps market going

Mark Keenan


 

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Stock photo

Stock photo

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There was something of a rush to predict a tumbling property market in the wake of Covid-19's arrival in Ireland through March and into April.

Some were predicting the cheapest property prices in 10 years. The fact that prices have remained largely unaffected over the three months of Covid shows that perhaps in future we should consider exactly who it is that's crying wolf, not least a sector such as stockbroking that competes directly with property investment for its bread and butter in the bigger picture.

It's also not fair on those hoping for lower prices going forward, so they can get on the property ladder and out of overpriced rental. While cheaper property prices are a good thing for first time buyers and generally for housing, hopes shouldn't be raised just yet of cheaper homes, as proved by the data contained in this quarter's Irish Independent/REA Average House Price Index.