Irish Times economics editor Dan O’Brien has suggested in his newspaper column today that “property prices have probably bottomed out.”
Writing in the business section, the highly-respected O’Brien said that “an inflection point in property prices was reached early last year,” adding that, “after a half decade of uninterrupted collapse, prices nationally have been broadly stable since.”
One of many assessments he makes is that buyers will return to the market.
He said: “deflation in any market causes would-be buyers to delay purchases because they believe they can buy the same item more cheaply in the future. The year-long period of property price stability should convince many that the half decade of deflation is over, thereby luring those waiting on the sidelines.”
He admits, however, that mortgage availability remains a problem in driving growth, with negative equity also a major problem that is “a further demand-dampening factor”.
You can read the full column in today’s Irish Times here.
