Property market unlikely to pick up in 2011, survey finds

THE Irish property market is set to decline or, at best, remain static for the next 12 months, according to the majority of the country’s mortgage brokers.

A survey by the Professional Insurance Brokers Association, the country’s largest group of independent mortgage and insurance brokers, indicates poor prospects over the next year, with over 95% believing the market will either decline or remain the same and 5% expecting an improvement.

Almost 60% of brokers questioned also believe that the latest bank bailout deal will have absolutely no impact on lending practices. Most brokers also feel that not enough is being done to protect householders unable to meet mortgage payments.