‘No recovery’ in house price values

HOUSE prices will not recover until mortgage lending increases and until buyers regain confidence in job stability, according to one leading economist.

Bank of Ireland chief economist Dr Dan McLaughlin says that Irish commercial property prices may be picking up. However, despite a pick-up also in US and British markets, he offers no immediate signs of hope for Irish house values.

Dr McLaughlin said: “The commercial property market in Ireland may have reached a turning point; the IPD showed a marginal positive return in the first quarter, the first in two years.