Joseph Conroy writing on the Newstalk blog:
Carol Tallon, author of the Irish Property Buyers Handbook joined The Pat Kenny Show to discuss the Irish property market – she warns that buyers face a tough few years as they wait for more supply to come on the market.
The age profile of Ireland’s first-time buyers is set to change from the old norm of people buying in their late 20s – to a new situation where people will be closer to 40 when they get on the ladder.
Once people buy – it is unlikely that they will move, she says we can, “forget the concept of a starter home – it is no more” and that in the new market, “what you buy is what you are committing to.”
She adds that a new cohort of Irish people will never own a home: “Home ownership in Ireland has been seen as a right-of-passage, that is simply not the case any more.”
Link to audio piece here: http://www.newstalk.com/EXPLAINER:-Why-Irelands-recovery-could-be-more-painful-than-the-crash
“It’s easier to stay in a bad position than to try to get into a good one.”
She warns that this will be a difficult period: “The Irish economy is in a recovery – that sounds like a good thing – but actually recovery is a painful process. It can be more painful than the crash.”
Ms Tallon continues: “It’s easier to stay in a bad position than to try to get into a good one.”
As the economy improves there will be plenty of people who are ready to buy houses – but they will also be aware that there is a shortage in the market at the moment – and that they are likely to end up paying over the odds.
These people will rent – and wait for the market to calm down.
The squeeze in supply, and the new tougher mortgage rules will have the unintended consequence of creating a spike in rent costs.
Continue reading this blog on Newstalk: http://www.newstalk.com/EXPLAINER:-Why-Irelands-recovery-could-be-more-painful-than-the-crash
A very good approach by Joseph Conroy, he is very clear upon his pint about the problems people actually face due to property buying or selling. We have to be very aware,, Even I bought some property by Locate.ie ,, first I was unsure but then everything got cleared.