This spring, buyers are beginning to flower slowly, says ISABEL MORTON

TRADITIONALLY, the weeks following Easter are the busiest time in the property calendar year. Property sales increase in line with improving weather conditions, longer hours of daylight and the flowering of nature’s colourful spring blossoms.

This year however, after 18 months of doom and gloom, frustration and pent-up demand, property buyers couldn’t wait for the snow to melt or the magnolia trees to flower and have been out and about looking for bargains since they took down their Christmas decorations.

In fact, huge numbers of potential buyers spent hours, throughout the coldest winter in over 30 years, poring over property details and plummeting prices on their computers. The availability of so much information online has resulted in the emergence of a new breed of knowledgeable, educated and informed property buyer.

By the time estate agents returned to work in January, the phones were already ringing. Potential buyers had, at long last, seen hard evidence that there was value to be had in the market, as in desperation vendors reluctantly dropped their asking prices to tempting levels. And, like the early bird who catches the worm, purchasers sensed that a deal could be done with sellers who were, by that stage, at their lowest ebb.

The results of these sometimes tortuous deals can now been seen on numerous faded advertising boards, which have recently been decorated with a bright new strip of colour announcing “sale agreed” or “sold”.

There are however, two very distinct markets and where one is showing signs of life, the other is still in hibernation. As usual, it’s all about location, location, location.

David Cantwell of Hooke MacDonald admits that apartments are slow to sell as most people want to buy a house in preference, but points out that well-located apartments are generating interest from those who want to buy into an area which was once outside their reach.

Grainne McKenna, at Douglas Newman Good’s Swords office, notes the pick-up in transactions since Christmas, particularly in areas like Skerries, Rush and Lusk. “First-time buyers can now afford a three-bed semi with a garden as opposed to a two-bed apartment. Houses that once sold for up to €480,000 are now €270,000. Last year they sat on the fence but this year they are definitely out to buy.”

However, Weston Desmond, Sherry FitzGerald, Dún Laoghaire, complains of a lack of suitable houses. “There is a tightening on the number of new properties coming on to the market. We would have hoped that after Easter there would have been a huge increase in properties but stock levels are down and the number of buyers registering with us has increased. So, it’s definitely becoming a situation where supply is not keeping up with demand.First-time buyers want a two or three-bed house with their own little garden. Houses in Sallynoggin were selling for €500,000-plus in the old days but you can now get them for €300,000 or around that figure.

“There is also a shortage of well-located three and four-bedroom homes. Many people sold a couple of years ago, rented and now they are having difficulty finding the right property. Some have missed the boat on a few properties.

“If, for example, we had more detached houses under €1 million in Blackrock, Co Dublin, we’d have at least 11 buyers for them. Properties which would once have sold for €1.4 million or €1.5 million are now selling for €700,000 or €800,000, so some people who might have considered trading down, are now reluctant to sell.”

Across the city, in Sherry FitzGerald’s Drumcondra office, Martin Doyle agrees: “Stock levels are down and as a consequence, we have a number of parties chasing a property; with three or four parties competing, some properties are eventually selling above the asking prices.

“There is strong demand in Glasnevin north for 1960s three-bedroom semi-detached houses with garage and garden. It’s a large area but with very few properties on the market. They used to sell for between €650,000 and €750,000 but are now selling for between €350,000 and €450,000.”

Ciaran Cassidy, Lisney, Terenure notices that after Christmas, people came out to view with renewed vigour and although still cautious, they put in offers. “People now consider €1 million an awful lot to spend on a house. They expect to be able to get a good five-bed family home for between €700,000 and €900,000. Recently I’ve noticed people whom I haven’t seen for years appear at viewings again, so they obviously believe there is value to be had now.”

As Cassidy concludes: “These days we’re happy enough to see some steady activity and movement. Transaction levels have increased as buyers are less hesitant and more upbeat.”