Tramore Property Market Showing Continuing Signs of Recovery

The property market in Tramore showed significant signs of recovery in the second and third quarter of 2013 with the number of transactions increasing markedly on previous years.

Since March we have noticed a significant increase in viewings and consequently sales. Since the property market crashed in the summer of 2007 we have seen periods when there have been spikes in sales but this time the increased activity was maintained over the six month period to September. This would indicate that possibly the worst is over and that buyers feel that we’re either at or very close to the bottom in terms of price. In fact for the first time since the boom we’ve had situations where we’ve had multiple bidders on some properties.

This situation also reflects the fact there is a shortage of certain types of properties on the market, particularly good family homes in mature locations. Some sectors of the market have however continued to struggle. There is a lack of first time buyers (FTB’S) in the market, primarily due to the difficulty in getting a mortgage. Banks might be approving mortgages but not necessarily for the amount being applied for.  This has  resulted in weak demand for the traditional starter home, the three bed semi,  and when mortgages have been approved we are finding that  first time buyers are going for slightly bigger properties if possible. This reflects a change in attitude whereby FTB’s are looking for a house for the long term or for ‘life’ as opposed to house which they will flip on in a few years.

Property prices have been rising steadily in Dublin for the last year and the same is beginning to happen in Cork and Galway city. This is positive news for the rest of the country. Sentiment appears to be changing, that this is now a good time to buy.  The property market is no different to any consumer market, confidence is vital and this appears to be returning.

Barry Herterich MIPAV