F
A picture paints a thousand words. No doubt many if not most properties are being sold by investors/speculators, disillusioned by the poor performance of their investments. The fact that capital growth was the main driver of the buy to let (buy to bet says I) market and spiralling prices have now stalled, suggests that we are entering a new phase in the unravelling of the great Irish property bubble.
A change in sentiment is obviously underway, a change in sentiment, which has gone entirely unreported in the media. These investors are wisely looking to lock in capital gain at the top of the market; however selling property is not like selling shares or gilts. The length of time taken from making the decision to sell to achieving a sale is measured in months/years not seconds.
If the market is to have a soft landing buyers most emerge who are willing to pay the asking price, now. I know that we as a nation are purportedly a little slow on the pick up, but to imagine that thousands of buyers (first time buyers btw) will come charging down the streets to save the bloated, teetering market is pure fantasy, no nation contains that many fools.
Prepare yourselves for the spin as the banks, estate agents developers and the media rush to shore up the unsound foundations of the edifice that they have conspired to create. It now seems that the market, that lest sentimental judge of fair price, is to have the last say. We are living in interesting times.