Survey reveals first signs of nationwide property recovery

Tuesday 25 March 2014 22.03
One national estate agency group reported a 6.2% annual price increase outside Dublin
One national estate agency group reported a 6.2% annual price increase outside Dublin

A new survey has revealed the first signs of a nationwide property recovery.

The study of 48 Real Estate Alliance members nationwide has reported a mini-boom in the residential market around the country since mid-January.

One national estate agency group reported a 6.2% annual price increase outside Dublin as a three-tier market emerges.

The study also shows average viewing numbers are up by 84%.

Real Estate Alliance CEO Philip Farrell said: "We are now moving from a two-tier market to a three-tier one for the first time, with Dublin, a large commuter ring and large urban areas nationwide.

“The rest of the rural areas are all showing different levels of positive activity.”

Mr Farrell said agents are reporting an increase in supply of 11.5%, with average prices for closed sales rising by 6.2% on the spring selling period last year.

He said each property is now attracting 13 viewers on average, up from seven last year.

"Our survey shows that the average time it takes for sale agreed has dropped from 17 weeks in 2013 to an average of ten in 2014," said Mr Farrell.

He said there had been a release of pent-up demand in larger urban areas as people begin to make moves to secure property in desirable areas.