Rays of hope after 'weekis horribilis'

In what was probably the worst week for the economy and the property market in almost two decades, there was some glimmer of hope with the indications that the European Central Bank will cut interest rates.

It won't on the scale of the drastic 0.75 per cent cut by the Federal Reserve in the US on Tuesday but a cut in rates now could just raise people's appetite for property once more.

Now that the stamp duty issue has been sorted out the agents are all saying the same thing - that buyers are beginning to come out of the woodwork and offers are trickling in. The overall view is that, with price cuts well underway, there is possibly good value out there at last.

In the new homes market, David Daly sold a swathe of new houses in Swords last week on the back of some serious price cuts. The fact that these new tactics worked will surely persuade builders to get on with cutting prices and clearing stock. There's no shame in it, and it will keep the bank manager happy.