Some of the findings of the IAVI Q3 Residential Survey:
- Sales activity in the residential property market continues to increase across Ireland, with IAVI members reporting an increase in Quarter 3 in the net balance* of instructions (+31%), number of properties for sale (+31%), viewings (+17%), enquiries (+16%), offers (+13%), sales agreed (+16%) and sales closed (+15%).
- However, the increases in sales activity in Q3 were at a more moderate pace relative to Q2 and Q1. This was due to buyer uncertainty around possible taxation changes in the upcoming Budget and NAMA.
- In relation to the ability of buyers to access mortgage finance over the past quarter, 61% of respondents in Dublin, 62% of respondents in Munster and 62% in Connaught/Donegal thought that it had worsened. In Leinster, 49% of respondents said that it has remained the same.
- In relation to trends in residential property values in Q3, 43% of respondents reported either ‘no change’ or marginal declines of up to 2.5%. 29% of respondents reported average declines of 2.6-5% and 19% reported declines of 5.1-10%. Declines of over 10% were reported by 6% of respondents. Increases were reported by 3% of respondents.
- In all regions, the majority of respondents reported that the typical profile of buyers were first time buyers.
- The average time it takes to sell a property remained static in Dublin (15 weeks), increased by two weeks in Leinster (23 weeks), decreased by three weeks in Munster (25 weeks) and decreased by three weeks in Connaught/Donegal (31 weeks).
You can download the full report here and the press release here IAVI Survey shows continued increases in sales activity nationwide
* The net balance refers to the proportion of members reporting a rise in activity less those reporting a fall. This approach is commonly used in surveys of this nature including the RICS Housing Market Survey.