THE likelihood of a recovery in the new homes market is some distance away, given the number of well located second-hand homes coming on the market at prices that more than compete with the newbuild sector.

The cut in stamp duty on all homes now makes for a level playing field with no advantage on the new stock. Much of this stock is in a long pipeline now – the responsibility of either Nama or receivers for various banks.

The reality is that some of these professionals are unsure of what to do with the empty homes and so the delays are rapidly building up.

Properties are being revalued several times over, but as sales are few and far between on most developments, it is difficult to settle on what is a realistic benchmark.

Meanwhile, public taste has moved on and it may be that when properties are finally ready for sale the market is simply not there for them.

The strong preference for houses rather than apartments has reasserted itself and will inevitably mean that hundreds of apartments will remain empty for years to come unless the Government opts to use them for social housing, or they can be converted to other uses.

The bottom line is that the new homes market has, quite simply, imploded, and is no longer attracting the much coveted first-time buyer.