MyHome.ie Managing Director Joanne Geary featured in The Irish Times on Thursday as part of a group of experts giving their view on what lies ahead potentially for the property market in 2024.
Here is what she had to say…
Once again, it has unfortunately been a dysfunctional year for the residential property market.
The first half of the year saw signs of stabilisation, with asking price inflation moderating to 2.2% nationally.
However, asking prices accelerated to 4.1% by September. This trend was most pronounced outside Dublin and was primarily due to a chronic lack of supply, with new listings on MyHome.ie down 38% over the year.
Demand has remained resilient with a 25% increase in enquiries on MyHome.ie. Furthermore, the BPFI reported a record number of mortgage-approved first-time buyers in October.
But as the year progressed, rising interest rates and supply problems started to have a negative impact on sentiment, with three-quarters of respondents in October’s MyHome.ie survey saying they were worried about the state of the market.
There was, however, positive sentiment around green energy, with three-quarters of respondents looking to power their homes with renewable energy – a trend the Government should note.
We welcome the recent extensions and changes to the Help to Buy and First Home schemes, as well as the grant available for vacant, derelict homes and for those looking to retrofit.
But the ongoing impact of high interest rates and constrained supply may well present a challenge for the market in 2024.
You can read the full article here.