Secondhand market has bottomed out, claim agents

THE secondhand market has bottomed out in key location areas – and shortage of supply is part of the reason.

That’s according to Declan Madden of agents Redfords. The firm, one of the newest on Cork city’s South Mall, only formed in 2008, so the founding members knew they were facing an uphill struggle in a downhill market.

But, Madden, Pat Clancy, Mark Hornibrook and Chris McCarthy persevered through a generally lousy 2009 when the lack of banking crippled the market (rentals and management kept them going, they say) and now see signs of movement, sales and bank lending evident from activity so far this year.