Quotes of the Week

Week starting 24.11.2008

"If one strips out all property lending, and deducts lending between financial entities too, credit growth to the rest of the economy is shrinking." Scott Rankin, analyst at Davy Stockbrokers, Irish Independent, 27.11.2008

"Given the extent of the adjustment in the property market and the pain being taken this year, coupled with decisive action by central banks to free up the liquidity situation, we expect the market to bottom out by 2009 and for activity levels to pick -up throughout next year, albeit at considerably lower values and volumes." Joan Henry, Head of Research at Savills, 26.11.2008

"Currently brokers are involved in the valuation process, we generally collect the valuation fee and order the valuation, we then receive the report from the valuer and then send it on to the bank. I would feel that this is wrong, mortgage brokers should actually not be part of the process at all." Karl Deeter, Irish Mortgage Brokers, 24.11.2008

"No-one really knows when the bottom is until after it's passed." Paul Murgatroyd, Economist, Douglas Newman Good, on just how far prices will fall next year, Sunday Tribune, 23.11.2008

"This year the Irish economy, the Irish property market and the Irish investor have been badly bruised. Looking forward to 2009, challenges undoubtedly remain, but if investors and the public can gain assurance from an alleviation in the level of market volatility, and the decisive action being taken by global central banks to safeguard the long-run health of economies, then the light cannot but be turned on at the end of the tunnel." Mary-Kate McGarry, Economist in the research unit at Savills, Sunday Business Post, 23.11.2008

"Fianna Fáil has governed deliberately in the interests of their friends, particularly property speculators, rather than in the best interests of the Irish people. The result was an unsustainable property bubble, the victims of which are the many thousands of young couples who are now paying huge mortgages on overpriced homes, living with the anxiety of failing jobs and negative equity." Fine Gael leader, Enda Kenny TD, Fine Gael's 2008 National Conference, 22.11.2008

"Fortunately, I operate on my own. So I have not had to lay off staff. There are still people out there who will buy houses, but the vendor has to be realistic." Maura Donohoe, estate agent in Newbridge, Irish Independent, 22.11.2008