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Let the home buyer beware

With average house prices now having fallen by close to 50pc, how close are we to hitting the bottom? As the dust begins to settle on the Great Irish Housing Bust, there are some tentative signs of, if not recovery, then at least of a stabilisation in certain areas.

In the new housing market, with the banks extremely reluctant to lend and about one-third of all transactions being for cash, would-be buyers need to be extremely cautious. Not alone do they need to be certain that the house or apartment they wish to purchase is suitable for their needs and represents good value for money, they must also bear in mind the old adage that, when it comes to purchasing a home, there are only three things that matter: location, location, location.

So our advice to would-be buyers is to do their homework extremely thoroughly and, if they do decide to take the plunge, to proceed with extreme caution.