No rise in house prices for up to five years

Prospective homeowners around the county are holding off on selling their properties because they are mistakenly waiting for a price rise that won’t happen for years - that’s according to a leading auctioneer.

Raymond Smith of Padraig Smith Auctioneers claims that some homeowners in the county are “putting their lives on hold” waiting for a price increase that will not come to Cavan for “three, to possibly, five years”. The effect of the outlook has suppressed supply in the local housing market during the summer months.

“Some people are starting to hold off on selling, expecting an increase in house prices, so they are waiting, but while that might be happening elsewhere, certainly it’s starting in Dublin, south Dublin, and some of the cities, it’s not reflected in a place like Cavan,” he said.

“The value has to come down to rebuild cost first, which could be three to, possibly, five years.”

Smith’s auctioneers used to see around “five-to-seven” residential properties a week come on to their books for sale, but according to Raymond that is down to three-to-four in recent months.

See this week's paper for full story