Property woes to continue despite reform

FINANCE Minister Brian Cowen warned yesterday that house prices will continue to fall despite stamp duty reforms aimed at stimulating the market.

Speaking on RTÉ yesterday, Mr Cowen said his reforms were “a confidence-boosting measure but not a cure” for the market, which has seen prices fall 4.7% in the past year.

“At the moment there is an overhang in the market. There was record output [of new homes] way beyond what was required, and now the market is correcting itself and that will continue.