THE SUMMER break looks like coming earlier than usual with sales continuing to slow down in the face of the banking crisis.

June has traditionally been one of the busiest months of the year for both new and second-hand houses, but not so this year as the industry takes stock of the situation. Basically, very little property is moving, because of both the lack of confidence and the shortage of mortgage facilities.

While the starter homes market is still seeing some activity, agents say that it is exceedingly difficult to find buyers for anything over €1 million. There is unlikely to be any change before the autumn, when estate agents and developers will have to roll out new strategies - and possibly new prices - to tempt buyers back into the market. Meanwhile vendors who are holding out for high prices may have no option but to curb their expectations to achieve a sale.

With dire predictions now coming almost daily from one source or another, estimates of length of time it will take for things to perk up again range from 18 months to five years. But does anyone really know? Is it time to remember the old adage: Be afraid when everyone is buying; buy when everyone is afraid?

The bottom line is that anyone with cash will be in a position to pick up bargains. This applies from the starter homes market up to the top end of the Ballsbridge market, where there are plenty of renovated homes for sale.