A new report from the Central Bank says that house prices will continue to fall for this year, however they will have increased modestly by the end of 2015. The Central Bank has an interest in property prices as they see falling values as one reason for the rise in mortgage arrears.
The bank surveyed 200 economists, surveyors, stockbrokers and estate agents for their opinions on the property market. The general opinion was that property prices will continue to fall however the survey did not give a breakdown for regional prices so it clear whether they think property prices in Dublin will also continue to fall.
When the experts were asked why they think property prices will continue to fall, the main reasons they gave are difficulty getting mortgages, the potential impact of any increase in repossessions, the scrapping of the mortgage interest relief tax break and the introduction of the property tax. The majority of those surveyed were of the opinion that property prices will have increased by 2015.
If you are considering purchasing a property and are unsure of the value of the property, you could check the Property Price Register. The Property Price Register includes the Date of Sale, Price and Address of all residential properties purchased in Ireland since the 1st January 2010, as declared to the Revenue Commissioners for stamp duty purposes. The website can be viewed at http://www.propertypriceregister.ie/
David Walley + Co Solicitors have property solicitors with many years experience acting on behalf of clients buying and selling property.