Stephen Hamilton: Housing market challenges to persist into 2024

Mortgage lenders in Ireland were slow to pass on the ECB rate increases over the last 18 months and I would imagine they will be just as slow to pass on any decreases over the next 12 months

For first-time buyers, the largest cohort in the Irish mortgage market, the rising mortgage rates in 2023 have certainly had an impact.

The journey of becoming a homeowner in Ireland in 2023 has been marked by a series of challenges. From economic uncertainties to supply-demand issues, these hurdles have tested the resilience of those aspiring to step onto the property ladder. As we look forward to 2024 and from my humble opinion as a mortgage broker, let's examine the challenges faced and what lies ahead for homebuyers next year.

The Irish housing market in 2023 has been characterised by a mix of challenges. The lingering effects of the global pandemic, coupled with the lack of supply and inflationary pressures, have cast a shadow over the market.