Society of Chartered Surveyors Ireland blame unrealistic price expectations blocking house sales
The Society of Chartered Surveyors Ireland is the independent professional body for Chartered Surveyors working and practising in Ireland. Find out more about them here.
A recent news report released by them blames the current trend of over valuing and higher than realistic valuations on property for the slow down in transactions (market trends in Dublin).
The recent trend is seeing a drop of 50% of agents reporting an increase in market activity with a big concern that more and more landlords are now exiting the rental market and so flooding the market with property and as we know this will only drive property prices down as the market turns round to hunt now buyers over new valuations.
The view for the year ahead still sees an increase in values being experienced though at a slower rate with a continued demand for 1/2 bed property.
Aine Myler, SCSI Director General said: “Homeowners and prospective buyers alike are keen to make the sale happen and move into their next property. The challenge for estate agents is managing some vendors’ excessive price expectations. Whilst we predict continued house price growth on average this year, there will be winners and losers. It’s likely that the property market may correct for some high value properties in Dublin in particular.”
Full story can be read on the Society of Chartered Surveyors website.