First-time buyers drive new homes market

FIRST-time buyers are now opting for 30 and even 35 year mortgages, according to Real Estate Alliance chairman, Thomas Potterton.

Speaking at the group’s AGM last week, he said that demand countrywide is concentrated in the new homes market with first-time buyers being the main drivers of new home and apartment sales.

With 35 branches nationwide, the REA has captured 14% of the property market, said Mr Potterton, at a total value of 1.5 billion.

The alliance believes current trends will continue with a growth of 15% expected on last year which should continue into 2004.

All member firms in the Real Estate Alliance are affiliated to the IAVI and the SCS, and they promote an alliance rather than franchise model, said founder chairman Willie Coonan. With a growing number of offices throughout the country, they expect to increase their market share to 20% by next year, he added.

Real Estate Alliance is a marketing grouping for locally-owned and established auctioneers and estate agents throughout Ireland and they count five IAVI past presidents among their 35-firm membership.