A spokesperson for the Real Estate Alliance (REA) has said that real estate agents around the country are seeing a fall off in the length of time it takes to sell properties - with the time falling from ten to seven weeks.

Barry McDonald said this highlights a supply deficit in the market and high levels of demand. 

Mr McDonald said the work from home phenonomen has definitely has an effect.

He noted that the greatest increased speed on the market and property values are more pronounced in outer lying areas from Dublin as more people re-locate out from the city.  

There is no doubt, he said, that people who can work from home are reassessing their situation and many are opting to move out of Dublin. 

Mr McDonald said values have increased, in a small way, around the country. The increases are driven by "eager buyers" who want to purchase as quickly as possible and who may have received mortgage approval before lockdown and want to buy before it expires.

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Houses that were due to come on the market during what is normally the busiest time of the year - March, April and May - did not come on the market while those who may have been thinking of trading up are hanging on to see what happens, which has lead to a lack of supply, Mr McDonald explained.  

He also said a global economic downturn will effect banks' abilities to lend but pointed out that since 2015 there have been strict rules around the amount that people can borrow which means we should not see the kind of negative equity that we saw following the crash in 2008. 

But the lack of supply is quite concerning, he stressed. 

A few issues have replaced location as a key concern for buyers with broadband speed and the extra space they will get for their money - with HOP (home office potential) now of huge interest to buyers, he added.