Lack of hard data is bad for buyers and sellers alike
Information such as list prices and sales prices reported within a week or two after each month-end would be of enormous benefit. This is especially the case for many prospective first-time-buyers (FTBs) who continue to be cautious about committing to a property purchase when there is so much concern about price stability. Currently, the only index that offers a reference on property prices is the Permanent TSB/ESRI one, but its base source of information is limited to just one lender (Permanent TSB), which is too limiting.
Over the last few weeks, there have been some positive developments. For example, ICS, part of Bank of Ireland, announced it would lend higher amounts on properties in excess of €550,000. The announcement is key because the lender is saying it is confident prices at the top end of the market are now at or near the bottom. It is this end of the market that suffered falls when the property market bubble began to burst in 2006.
