Hopes for 2012 activity

Budget 2012 has offered a lifeline to the property market and has the potential to bring about much-needed stability and confidence to a sector which has been hard hit in recent years, writes PJ Power

ADEQUATE access to finance, transparency around real property prices and enhanced consumer protection and regulation of estate agents, coupled with the Budget 2012 incentives, have the potential to put our property market on a sound footing for the future.

The budget measures to increase mortgage interest relief of up to €5,000 per year for seven years for first-time buyers in 2012 was unexpected, and, along with historically-low interest rates, provides a compelling reason for first-time buyers to consider buying their own homes. However, access to finance remains the key issue.