Published: Thursday, 18th February, 2010 12:00pm

Prices are deflated - selling agents are not!

This four-bedroom detached property at Old Town Manor is the only one remaining. Priced at €185,000 O'Reilly, Taylor & Tweedy give it as an example of the value that is to be had in property at the moment.

New figures from the Irish Banking Federation show that €8.08bn of mortgage loans were issued in 2009, a 65pc drop on the previous year. Meanwhile one auctioneer in Cavan estimates that the number of residential sales are down by about 80% since the peak.

However, estate agents, auctioneers and valuers are surviving the recession by focusing on other aspects of their business.

Whereas during the celtic tiger, businesses boomed with houses selling like hot cakes, the emphasis is now on lettings, valuations, property management and other services.

Martin O'Reilly, of O'Reilly, Taylor & Tweedy estate agents, auctioneers and valuers in Cavan town, told The Anglo-Celt that the number of properties being sold was down roughly 80% since the the market peaked about three years ago. Despite this, the business remains strong. Martin and his father, PJ, put their success down to buoyancy in other areas including valuations and land lettings, as well as years of experience (with the business established in 1918), and "knowledge of the business and very hard work".

PJ O'Reilly took over the business in January 1968. With 42 years experience under his belt, PJ is a long-serving property professional, and to him the current recession is just another of the ups and downs of being in business.

"During the recession of the 1980s, you'd be lucky if the phone rang once or twice in the day," he says resiliently. "Now, the phones are ringing as they always were, which shows that at least there is interest. Farm land is slow to sell but the market is good in land lettings, which hasn't been affected to any great extent by the recession. We're also on the valuation panel for twelve different banks."

The Anglo-Celt also got perspectives from property professionals in Bailieborough and Cootehill.

Peter Murtagh Chartered Surveyors Auctioneers & Agents, Bailieborough was established in January 1977.

"In the heady property times it seemed that everybody wanted to be involved in the property business. Days were hectic with avalanches of enquiries," recalls Peter.

Times have changed, but a philosophical Peter puts his survival down to "long soldiering and depth of services".

Diversity is key, and Peter describes his practice as "a mixed grill". He is involved with residential, commercial and agricultural services so, luckily, when one is struggling another may step up.

At the moment, for example, he says that although residential and commercial sales and lettings may be quiet, land rental enquiries are strong. Peter is currently busy organising a portfolio of land lettings for the 2010 season.

"I also have a few land parcels coming up for sale and I expect to turn these on to new owners in the coming months," he says. "And later in the spring, we will have a general clearance auction of chattels at our salesrooms."

He adds that there is always a requirement for valuation services and says that as the only chartered valuation surveyor in practice in County Cavan, he is often called for professional services in rating appeals and rent reviews and gives valuation advice in Compulsory Purchase Orders matters.

Meanwhile, Patrick Crosbie of Crosbie & Graham Auctioneers Ltd on Cootehill's Market Street, established in 2000, points out that areas where developers didn't lose the run of themselves have been less affected by the property meltdown.

"Our office is based in the town of Cootehill. Fortunately for the town, there wasn't a great over-supply of houses built, so gradually, with prices greatly reduced, houses are starting to move again even though it is a slow pace," says Patrick.

He believes that prices are levelling out, but it is generally agreed that the banks have the ball in their court.

"Our overall view of the property market is that there are excellent bargains at the moment and prices should hold where they are now," says Patrick.

Says PJ: "In my opinion, the surplus of houses available would be bought in a matter of one or two years if the finance was available. I'm optimistic because I expect the banks must find a happy medium in terms of lending criteria. I reckon the prices are on the floor and they will go up then. There are plenty of potential buyers out there if they could get the finance to follow through. There are very few loans or mortgages going out; that's the cause of the problem at the moment."

Aine Myler, president of the Institute of Valuers and Auctioneers of Ireland (IAVI) agreed. "The drop in the level of sales activity reflects figures showing the number of mortgages that have been drawn down," she says, but adds that that the property business is "a cyclical one".

"Those who are in the business have a certain resilience and are used to having to diversify," she continues. "Maybe while sales are very flat at the moment, professional and commercial services are much more in demand."

"Stick with it, things will turn around again," is the advice of Fintan McNamara, chief executive of the Institute of Professional Auctioneers and Valuers (IPAV), which has about 500 member firms, 16 of which are in County Cavan.

"People will always want to sell and buy houses; it's a core human activity. Ninety-five per cent of property transactions in this country go through a selling agent and there's no reason to believe that may change," he concluded.

Unlike prices, PJ is far from deflated.

"You learn to live with the ups and downs, whether business is going well or experiencing a low ebb," he says.

He has words of encouragement for homeowners too. "You're buying and selling in the one market; that should be some consolation."