Quotes of the Week 15/02

"If you want to sell your houses cut your prices" - Housing Minister Batt O'Keeffe.

“We listed a three-bed semi in the Donaghmede area recently, at a very realistic price in the €350,000 to €375,000 bracket, and shook hands on a deal three days later. It shows the interest that can be created when a property is realistically priced - the phones literally did not stop ringing for that house in a 24-hour period.” - Conor Gallagher, Partner, Douglas Newman Good.

‘‘Based on the level of enquiries we’ve had, we are expecting to sell around 50 at Hansfield, at least 40 at Waterville, and at least 25 at Mimosa … It is the first-time buyers who are dominating sales at the moment; investors are definitely out looking, but they’re not buying yet.” - Catherine O’Connor, Savills HOK.

“In the vast majority of cases, 2008 prices have been set in the context of current market conditions and, with housing output dropping, further cuts later in the year are unlikely. It is also the case that, despite a global economic slowdown, salaries in Ireland will continue to rise this year, which is good news for potential first-time buyers who are scrutinising affordability. The net effect is that the price reductions that have already taken place alongside salary increases have negated any overvaluation in the market.” - Hubert Fitzpatrick, Director, Irish Home Builders’ Association.

"The purchase of a home is a significant life event and with the large sums of money involved, it is vital that the profession meets the highest standards. While the majority of estate agents and auctioneers do an excellent job, concerns and problems remain." – Consumers’ Association of Ireland.

“Rents have now stopped increasing for the first time since they started to rise in mid-2004, when Ireland opened its labour markets to the new EU members.” - Ronan Lyons, Economist, Daft.ie.

‘The study has been received by me and I have decided, in line with the recommendations in the study, not to commence this provision at this time … I have to consider the state of the property market before the provision comes into effect, to ensure that it does not have an unforeseen negative effect on the market.’ - Minister for Finance, Brian Cowen, reverses a decision to scrap a tax avoidance scheme used by property developers.

“We anticipate some slowdown in the demand for office space as corporate occupiers respond to a slowing global economy. With the financial services industry responsible for 45% of Dublin office take last year, demand could be particularly sensitive to turbulence in global financial markets.” – Dr. John McCartney, Head of Research, Lisney.

“The mortgage market continues to adjust to more sustainable levels of new lending. That said, within a market that continues to grow in absolute terms and now stands at €140 billion, the first-time buyer share is staying consistently strong, the residential investment letting segment is proving resilient and activity in the switching market is intensifying.” - Pat Farrell, Chief Executive, IBF.

"We've had road rage and air rage and now this. It seems to be a sad reflection of modern society that some people resort to this kind of behaviour and it seems to take very little for them to boil over" - Dessie Larkin, Donegal County Councilor - commenting on the decision to offer self-protection training to planning staff.