2023 Predictions for Ireland’s Mortgage & Property Markets!
Hello everyone, John Coleman here, and so is 2023!
So, I first have to say happy new year and wish everyone has a healthy and happy 2023.
Today’s video is all about predictions – both my predictions for 2023 and looking back on my prognostications for what would happen in 2022.
And I must admit that I fell short on perhaps my most important prediction: that Spain would win the World Cup, followed by Brazil as my second choice. While that didn’t happen (congrats to Argentina), it certainly was an entertaining World Cup!
Looking back on my forecasts for Ireland’s 2022 property market predict, I was accurate. I’d predicted an increase in property prices although not as much as year before, and 2022 delivered just that.
Let’s just say that I’m 1-1 in 2022 with a .500 record!
What are my predictions for 2023?
This year, I see interest rates going up and up, which will affect demand.
However, human behavior usually lags behind actual deciding factors by about six months, so I see most big changes coming in the second half of 2023.
Higher rates cools demand, but there are a host of factors that will keep encouraging demand as well.
For instance, the Central Bank has given the green light for banks to lend more, which will increase demand.
Changes to lending guidelines and programs such as a spike to lending 4x your salary, the Help to Buy Scheme being extended this year and next, and the First Home Scheme will all bolster buyer demand – and seller prices.
So, it will be the second half of 2023 when we see cooling in property prices, which will remain stable or we’ll experience price growth slowing, but not an actual drop in property prices from current levels.
Where do you stand in 2023? If you’re looking to buy this year or even next, let’s outline the perfect roadmap for you to be a property owner.
Much of that includes getting organized and we really need to start getting your ready bank accounts in order and ready now.
As always, I’m here to help answer your questions or help you complete the mortgage portion of the puzzle when you’re ready to buy, so please reach out.
Happy new year and have a wonderful 2023!