In the recent MyHome.ie Autumn Property Survey participants were asked to give their view on the future direction of price movements in the residential market over the next twelve months.
- 13% expected prices to increase slightly
- 18% of respondents expected prices to remain static at current levels
- 25% expected prices to fall by between 1% to 5% …
- 23% expected prices to fall moderately, between 5% and 10%.
- 14% expected prices to fall significantly from current levels (10% to 15%)
- 7% expected prices to fall by 15% or more.
Therefore almost one third believe that prices are now at their lowest levels and almost half of all those surveyed expect prices to decline by less than 10%.
Does this mean that we are now at or are very close to the bottom of the market in some segments? Or are the opinions expressed more “hope” than belief? What does it say about when is the “right time” to purchase? Is there a belief that the establishment of NAMA will put a floor to the market in the year ahead?
Have your say:
- Should people now be seriously looking at the bargains that are evident in the market? or
- Should people wait for more certainty to emerge before starting their search?
If they wait for visible signs of certainty does that mean they have “missed the boat” in terms of buying at the bottom?