Harry Sothern, Chairman of REA comments on the market

The recent REA group meeting which was held on the 26th of September in Dublin was attended by representatives of their 46 offices and was the most positive in 6 years. All members reported a dramatic increase in business with the Dublin agents complaining of a lack of stock instead of buyers. There was a concensus that the market bottom had been reached and recovery has commenced nationally not just in Dublin. Whilst no one was surprised that this should happen the speed is catching many agents off guard and their scaled down staff struggling to service the viewings. REA firms will be recruiting staff over the coming months. REA are now one of the groups of choice for receiver and stressed sales in some offices this represents 50% of their business. Members noted the significant level of sales to eastern European purchasers in particular Polish. Trading up is becoming popular again with clients taking advantage of the relatively low cost of housing in the middle and upper end of the market. Good agents are normally positive people commented the Chairman and for the first time in many years we have good reason to look forward to a stabilising market.