Frustrating work being an estate agent these days. They'll all tell you the same thing: there is money for property out there and plenty of it, but that the punters are just not ready to buy yet.
No, they are waiting for more pain in the market, and another 10 per cent from the bottom line if they can get it. But money's not the problem, they say. No, there is plenty of that about waiting to pounce. They're right. Irish bank deposits stood at a stunning €83.7 billion in the 12 months to June, up 3 per cent. Fixed term deposits rose from €26.6 billion to €34 billion. That's an impressive figure, with a good chunk of it destined to go into the property market just as soon as folks feel it has reached the floor.
Meanwhile estate agents are braced for a tough season. Traditionally, the sight of children back in their uniforms used to thrill their hearts. It meant that the phones would start ringing again and they were back in business after the long summer break. This year things are different, and many in the business don't expect a deluge of new instructions on their books. Instead they will be hoping to clear some of the oversupply left over from previous seasons. According to one agent, there is now a two-year supply of houses in the system. Sales are happening, mostly under the €1 million mark, with the top end virtually at a standstill for now. The market needs a kick-start, and hopes now rest on interest rates dropping back and the Government coming forward with some measures to restore confidence.
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