Slump to continue for ‘some while’

THE Irish property slump will continue “for some while yet”, said Allied Irish Banks, the country’s biggest lender by market value.

Houses are going “through a sharp and rapid adjustment”, chief economist John Beggs said in a report published yesterday.

Two Irish property developers are offering interest-free loans to buyers to boost faltering home sales.

“Demand conditions remain depressed,” Beggs said, “but could be improved to some extent by the latest initiatives by some developers to provide funding to buyers.”