Property appeal in D6 as demand outstrips supply

YOU NEVER know what you are going to read on the back page of The Irish Times. One of the ads yesterday was a plea from an estate agent for houses in Dublin 6. Under the heading “Houses Wanted” Finnegan Menton appealed for houses in Ranelagh, Rathgar and Rathmines.

This is further evidence, if any were needed, of an apparent drought of good family houses for sale in Dublin 6, and a number of other areas. Estate agents are having to deal with veritable stampedes at open viewings for the few properties that actually make it to the market.

Glen Burrell of Finnegan Menton says he is also running a series of ads appealing for properties in Dublin 4 and parts of south Co Dublin such as Monkstown and Dún Laoghaire.

“There’s a shortage in the popular areas and in Dublin 6 in particular, and we can’t meet the demand,” says Burrell.

“ A lot of the people we are seeing at viewings are cash buyers and most of them would have at least 40-50 per cent of the money saved.”

We’ve been hearing reports about estate agents posting notes through people’s letterboxes asking if they are interested in selling up. Not only that, they are revisiting people who previously expressed an interest in selling but then decided not to go ahead.

With many prospective vendors holding out in the hope that house prices will rally, Burrell says there is still a lack of confidence among vendors.

“I don’t want to come across as overly bullish, especially with the way Greece is and with Spain on the brink, but there is demand for quality three- or four-bed semis in good locations, so it’s certainly encouraging. We find we’re getting closer to the guide or a little bit in excess of the price being asked.”

He reckons Bank of Ireland and AIB have improved their level of lending, particularly to first-time buyers. “This is the first time in five years I’ve sold units off the plans, a terrace of townhouses at Peyton in Rathcoole, Co Dublin. The majority were first-time buyers with 92 per cent mortgage approval.” He says he’s noticed that eastern Europeans in their 30s are a significant group among first-time buyers. “Many of these would now have a few children and didn’t buy when everyone else was buying .”