Residential property viewings 'up 400% so far this year'
Property consultants Savills Ireland has today said that that overall levels of house viewing in Q1 2012 are up by 400% compared to the same quarter last year.
Savills state that an analysis of internal data from the last three months has seen growing evidence of buyers returning to the property market, particularly in the greater Dublin area, especially on Saturdays at open house viewings.
"Not only are our viewings up, we also have sale agreed approximately 60% more homes in the first quarter of 2012 compared to the first quarter last year," said Ronan O’Hara, director of Savills.
"With very few new properties coming to the market, we are seeing a shortage of second-hand homes in the greater Dublin area and an increased demand. You only have to go online or look at the property supplements to see the lack of properties at this time."
Savills Ireland also reported that it is "not unusual for 30 parties or more to show up to a 30-minute open house view".
O’Hara went on to say: "Buyers who have been sitting it out for two or three years renting waiting for house prices to fall to affordable levels are now tired of doing so and want a place of their own.
"They now feel comfortable bidding because they feel there is now genuine value in the market place. In addition to this, vendors are now in the main being very realistic, so prices are fair and buyers are responding favourably.
"Also, rents have gone up recently in Dublin and in some cases people are reporting that it is as cheap to pay a mortgage as it is to rent. Access to credit also seems to have improved a little."
