Friday, February 22, 2008

Quotes of the Week 22/02

‘We are now seeing first-time buyers out viewing properties. Most of these buyers are already loan-approved and have been for several months - many were in the market last summer but they decided to rent until the market steadied. We are now seeing price reductions in play and first-time buyers are semiseriously starting to buy and make bids, albeit under the asking prices.’ - Paul Murgatroyd, economist, Douglas Newman Good.

“Houses are sitting on the market because there are so few buyers out there, so those that want to buy are in a better position” - Marie Hunt, director of research, CB Richard Ellis.

‘‘Second-hand homes are on a price par with newly built homes - there is no longer an advantage to buying a new development over a second-hand property so we’re seeing lots of activity from first-time buyers in the market” - Trina Beakey, manager, Savills Hamilton Osborne King Phibsboro.

‘‘Second-hand properties offer even better value since the abolition of stamp duty for first-time buyers and new build properties no longer have that advantage over our market. And all the prices of existing stock have been reduced in the last few months -most vendors have reduced their prices and the take-up in sales is improving.” - Ronan O’Hara, Savills Hamilton Osborne King Dun Laoghaire.

“The responsibility of Government is to protect individuals from actions by others which may harm them. In this case, that responsibility has been thrown onto organisations like ours, which has an exemplary record … At the end of the day, we can’t regulate people who aren’t members, - that is the job of Government, and they should act. It is absolutely insane that our Government would sit back and allow the public to be exposed to people who in many cases haven’t the first idea of what they should be doing, and in many more cases, think they can get away with out doing it anyway.” - Robert Ganly, President of the IAVI.

"I was on the city council throughout that process [of the Local Area Plan] and we rejected the intensification of the developments in that area and on that site. It is clear the planners ignored the wishes of the councillors … Either we respect the rules or the guidelines that are set down under the development plan which is provided for in statute or we don't. It is this type of ignoring development plans that have led to all sorts of problems across Dublin." - Lucinda Creighton, Dublin South East TD, commenting on Dublin City Council’s decision to grant planning permission for Glenkerrin’s 15-storey Ballsbridge development.

"There is still off-market activity with some hard negotiations taking place to get deals across the line. Cash-rich developers are closely monitoring the market with a view to picking up any bargains that emerge" - Stephen Cassidy, Savills Hamilton Osborne King.

“Although price levels are still significantly higher than at this stage last year, the final quarter of 2007 saw prices levels come down and the volume of transactions fall, particularly in the [Northern Ireland] second-hand market … The affordability gap for first-time buyers is narrowing but the early indications from 2008 suggest a market that is still stricken with relative inactivity, uncertainty and nervousness over valuations,” - Louise Brown, University of Ulster.

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