Have property prices in Dublin stopped falling?
Q My partner and I have been renting for the past four years and have saved a deposit to buy a first home. We have seen a lot of houses in our area go sale agreed and have been reading the reports saying that property prices in Dublin have stopped falling. But it’s hard to know because there are so many reports coming out.We are keen to buy a home but are fearful of further price drops. Do you think now is a good time to buy or should we hold off?
Ahere have been various reports suggesting that prices may have stopped falling. The latest CSO House Price Index shows a slight increase in house and apartment prices in Dublin although property prices continue to decline around the country. A two-speed market appears to be emerging.
If you have been renting for the past four years it would appear that you have avoided the significant falls in property prices nationally and are in a good position to buy should you choose to do so.
My advice is to do your research thoroughly. There is a wealth of information on property available online and you should speak with property professionals in such areas. View some properties that are within your price bracket and get a feel for the property and the location. It is often worth driving around an area to see the facilities and see what types of properties are available. Properties in good locations which have the fundamentals – shops, transport, schools, and infrastructure – will always be attractive to potential purchasers. You should also take into consideration the mortgage interest relief benefits available to buyers arising from the last budget.
Ultimately your personal circumstances will dictate whether it is a good time for you to buy now or whether you would prefer to stay renting. By doing your research on locations and property types you can go some way to insulating yourself against significant declines in values.
Felicity Fox is a chartered surveyor and member of the Residential Property Professional Group of the Society of Chartered Surveyors Ireland