Friday, May 29, 2009
May viewing and offer figures
I know it is only the 29th of May as I write, but for the first time in ages, there are no viewings set for Saturday, so I can complete the May figures with some certainty. Whether that is an indication of the market, or just the Bank Holiday weekend, I do not even want to think about. The sun is shining and I have 3 days away from work. Family commitments (ponies) will take up much of the weekend, but that’s good too!
Following the trend from last month’s viewing and offer figures, activity in May 2009 is approximately half that of May 2008.
Here they are:
May 2008: Viewings 128 Offers 36
May 2009: Viewings 63 Offers 28
The number of viewings is down by 50.8% from last year’s figure.
The bright side again this month is that offers, while reduced, are only down by 22.2% from last year.
Lots of people ask me how that is.
My explanation is that last year, people were expecting a large fall in prices, and while viewing plenty of properties, took more of a back seat while waiting to see what happened.
This year, only those very focused on buying a home are viewing.
The lack of finance has also reduced the number of potential homebuyers significantly, with only those in permanent, pensionable employment (is there really such a thing?) qualifying for a mortgage.
Unfortunately, despite the lowest house prices for 5-6 years and the lowest mortgage rates ever, the banks lack of liquidity has forced many would-be-buyers to continue paying up to €10,000 a year in rent, rather than owning their own home.
Hopefully the sun will shine for June-September and the figures will improve. We will see.
Have a great Bank Holiday weekend.