A NEW survey has recorded a 44 per cent increase in sales-agreed in Dublin in the second quarter of this year and a 14 per cent increase in sales-agreed nationwide .
The Society of Chartered Surveyors Ireland (SCSI), which surveyed its members, found that while sales activity levels in the residential property market were up, the increase comes from low levels of activity in the first three months and varies significantly at a regional level.
In Munster, sales-agreed increased by 10 per cent and in the west, sales-agreed increased by 7 per cent.
In the south-east there were declines in sales-agreed of 12 per cent and in the north-east, sales-agreed declined by 10 per cent.
Not that we’re out of the woods yet. The SCSI has said that a lack of access to finance and consumer confidence remain key challenges in the property market.
According to Ed Carey, chairman of the Residential Property Professional Group of the Society, transactions are taking place where the property location and type are in demand and where home buyers can access finance and are in stable employment.
“Given the significant decline in property prices and the fact that no interest rate rises are forecast in the short-term, there is a demand for the right type of property.
“However, in locations where the property type is not in demand and where access to finance and employment remain significantly challenged, properties are remaining on the market for a long time,” Carey said.
The survey results suggest that the average time it takes to sell a property in Dublin now stands at 17 weeks and in the south-east it is 27 weeks.
In Munster it takes 29 weeks to sell a property and in the west the process takes 32 weeks on average.
The survey results suggest that residential rents remain largely unchanged in quarter two.
“The rental market is very active at the moment. People who would have traditionally bought homes are waiting to see what happens in the property market and are renting in the short-term.”
