REAL ESTATE ALLIANCE VIEW OF THE MARKET FOR 2009

With the expectation that prices are leveling out and the floor is forming in 2009, Real Estate Alliance agents expect to operate in a market with less speculation. Crucially, it seems that interest rates are going to reduce further. In fact, many anticipate that rates will fall close to 1.5% in Q2 2009. Coupled with the increase in mortgage interest relief for first time buyers, housing affordability will improve substantially in 2009. “These factors will combine to breathe confidence into the first time buyer market in the later part of 2009”, according to Paul Grimes, Chairman of Real Estate Alliance.

REA seeks buyer's perspective

Real Estate Alliance Seek Buyer’s Perspective
- National Property Group Launch Second Buyer Survey – February 2009 will see the results of the second Real Estate Alliance Buyer Survey, an exciting offering from the national property group that will reveal buyer attitude towards the property market. To be a part of the Real Estate Alliance Buyer survey and to be in with a chance to win a €500 Brown Thomas vouchers log onto www.realestatealliance.ie or drop into your local Real Estate Alliance office.The Real Estate Alliance Buyer Survey, an extensive survey of the buying public around the country, will offer Real Estate Alliance members and their clients an insight into buyers currently active in the marketplace. The survey will target a cross-section of property purchasers including first time buyers, those trading up/down and investors, revealing invaluable information about their property requirements and priorities when it comes to purchasing.

Banks need to pass on rates

“High EURIBOR rates have been cited by Irish banks as a reason why interest rate cuts have not been passed on in recent weeks and there must be firm measures made to encourage to the marketplace to re commence lending.” Said Healy Hynes of Hynes Real Estate Alliance, Athlone. In its 10-year history, the ECB has not cut rates below 2 percent, nevertheless Mr. Hynes is anticipating the ECB to drop rates at the January meeting seeing a target of 1.5% by mid-2009. “Although it was on the cards before this week, in light of the Feds historic move to a rate of 0.25%, the ECB only has one place to go, and that’s down”