Irish property market in crisis according to sellers' organisation

jetski

Property in Ireland is selling at prices considerably below what is advertised, plunging the market into a crisis.
Many homes are not selling and those that are being sold are doing so at considerable discounts according to estate agents and auctioneers.
'There is no question that the property market is going through a crisis period at the moment and I think to call it anything else would be understating it,' said Edward Carey, President of the Irish Auctioneers and Valuers Institute which represents property sellers.
He also points out that a further indicator of the slowing market is an expectation of more job losses in the industry by the end of the year.
Sellers are not reducing actual advertised prices but when it comes to completing the sale prices are well below those advertised, he said.
'Any of the agents that we are talking to are basically saying the same thing - places are not selling. What is selling is selling at a considerable discount. The reasons are lack of confidence and primarily lack of finance and lack of availability of finance,' he added.

The price of property in Ireland has dropped by some 20% since 2006 and there have been a number of redundancies in the sector. Lisney, one of the country's biggest estate agents, is cutting staff salaries by 10%. Mr Carey said he expected there to be cuts in the newer entrants to the market.
'I would expect the first places that you are going to see job losses are the more recent entrants to the business. I also feel the more recent entrants would be people who would concentrate primarily or solely on residential, where the biggest downturn is occurring,' he concluded.

jon1981

jetski wrote: »

Any of the agents that we are talking to are basically saying the same thing - places are not selling. What is selling is selling at a considerable discount

is it really a discount if the property is overvalued in the first place?? (which all are)
maybe it should be rephrased as " what is selling is selling at a more realistic price...but still not realistic enough!"

ntlbell

"The reasons are lack of confidence and primarily lack of finance and lack of availability of finance,' he added."

Nothing to do with the houses being overpriced?

If houses are selling when it's reduced to what the market will buy the house at I don't see where the crisis is.

Victor

jon1981 wrote: »

" what is selling is selling at a more realistic price...but still not realistic enough!"

Well, if it sold, it was realistic enough for someone.

jon1981

Victor wrote: »

Well, if it sold, it was realistic enough for someone.

yes the foolish :pac: :pac: :pac:

EKRIUQ

Its not the Estate Agents or Auctioneers that decide the prices, it's the market that decides. It was the same when things were booming.

Ste.phen

Victor wrote: »

Well, if it sold, it was realistic enough for someone.

At least 2 people by my count

mrgaa1

And part of the problem is these so called estate agents. Some of them couldn't sell snow to the eskimo. After listening to some of them recently they are out there to do one thing - look after themselves

jetski

mrgaa1 wrote: »

Some of them couldn't sell snow to the eskimo.

Not many people could

gogglebok

Property in Ireland is selling at prices considerably below what is advertised, lifting the hearts of buyers into a rhapsody. Many homes are available, and those that have been sold did so at considerable discounts, according to estate agents and auctioneers.

'There is no question that the property market is going through a lovely period at the moment and I think to call it anything else would be understating it,' said a couple who want to buy a house.

(Etcetera.)

We get a very one-sided picture of the property market when all the stories are written with the absurd assumption that everyone owns a house.