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Property market: Is now the time to buy?

Those lucky enough to have avoided a major income hit from coronavirus, also known as Covid-19, may find themselves better placed than many to buy a home this year. Stock levels, house prices, the number of buyers and mortgage lending are variables all being shaped by the virus.

 

Agent Owen Reilly, who handles a lot of Dockland sales, says over half their deals have fallen through, and they have had to renegotiate at lower prices. There have also been calls from buyers asking whether properties have been discounted. “Definitely the market won’t be unscathed,” he says. “I valued a property pre-Covid at between €580,000 and €600,000 and we now plan to launch it at €520,000 and hopefully there will be interest from more than one party at that level”.

 

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