Irish property prices on the increase experts say

The prices can go any way these experts like. Banks don`t give mortgages to fiddlers elbows.

Irish Residential property prices as a whole are only going one way and that’s downward. Still way over optimistic asking prices. Watch this space come the 1st & 2nd quarter of 2013.

Coming shortly: Increased mortgage interest rates, cessation of mortgage interest releif, further pay cuts = lower income. Large increases in home energy and heating costs, electricity, gas, oil and public transport charges. Grocery and food increases. PRSI (Pay Related Social Insurance), hikes, VAT increases, (affecting all services & products) Residential property tax (levy) charge increases. Water charge levy introduction, waste disposal bin charge increases. Increases in household insurance, life insurance, motor, health and life insurance. A further €3.4 in cuts in Dec budget. Further downturn in economy 2013, decrease in manufacturing output and GDP, increased unemployment, child benefit and social welfare cutbacks, a Greek exit from EMU and a devaluation of the Euro. Decreased disposable income, increased mortgage default, increase in residential property repossessions. Where are property valuations going in 2013 ? Perhaps the Experts might answer that one when the time comes. One doesn’t need a PHd in socio economics or property management to figure that one out.

Experts ?? Where were these experts when all went pear shaped ? The latest story is just a minor blip with some added hype in the race to buy before the Dec 31st MortgageInterest relief deadline. These figures are extracted from CSO figures which do not account for the almost 50% of cash sales where the closing transactions were 65 and up to 70% less than the crazy inflated asking prices in April 2007. I am prepared to wager that these minor increases (localised) will be well reversed with a sizeable Dip come March 2013.