More first-time buyers now securing houses using electronic transfers

The property market has changed a lot in recent years but one recent trend that reflects a change in how we operate is how people are paying for deposits.

With cheque books and bank drafts now on the wane, more and more first-time buyers are securing houses using electronic transfers.

Jackie Horan of Knight Frank told the Block that this is now commonplace among potential buyers.

“We launched Parkedge in Clongriffin about a month ago and 90 per cent of those who purchased were first-time buyers.

“ Of them, over 50 per cent paid on the day with the likes of their smartphone.

“It’s paperless, which is easier for everyone, and even though the funds might take a day or two to reach our account because it is quite often the weekend when the launches take place, the transfer is confirmed straight away and then the admin process can continue as normal,” she said.

Ronan O’Driscoll of Sherry FitzGerald, who last month oversaw the launch of the Miller’s Glen development in Swords which attracted queues of eager house hunters up to five days before the houses went on sale, said the more modern payment method had improved the buying process.

“It was always the case where people came along with their cheque books to pay a deposit but it has suddenly become apparent that people don’t have these any more and are instead paying by credit transfer.

“They show up at the showhouse on a Saturday, we give them the account number and they make the transfer.

“Quite often they go home and do it but generally we’d have the money in our accounts by Monday.

“It’s much easier and much quicker and safer and it’s definitely a trend that is becoming more prominent.

“The key thing is that they have to have the funds ready for transfer but most people have that in place, and it’s only a deposit too so it is fully refundable,” said O’Driscoll.