NAMA chief sees 'encouraging' signs in property market

The head of NAMA Brendan McDonagh has said there is a shortage of family homes for sale in parts of the country.

Mr McDonagh claims the property market has stabilised and prices are beginning to creep up again.

However, he said the stock of houses suitable for young families is in short supply.

Speaking at the Construction Industry Federation conference in Dublin, Mr McDonagh said the price of family homes is increasing to match demand.

He said: "I certainly think that things have stabilised, I have seen some figures this morning from one of the leading estate agencies in Dublin which are based on actual sales and they are very encouraging.

"They would certainly imply that prices in Dublin in the family home sector are probably up 3% in the last four months which is very encouraging."