Ireland’s property and mortgage market recap for March 2023 🇮🇪
Hello everyone, John Coleman here, Ireland’s mortgage broker with your property and mortgage market recap of March 2023. 🇮🇪
Coming to you at the very beginning of April, we’re likely to see increased activity on Ireland’s property market, with more people out looking for homes as there is more evening light and somewhat warmer weather.
We’ll also see more homes on the market, as sellers look to take advantage of the spring and increased buyer demand, particularly in the second-hand property market of course.
When it comes to interest rates, buyers are feeling the effects of the European Central Bank rate hike a few weeks back. Interesting enough, this time they said they will look at the data again before making more decisions to increase rates, not outright promising future rate hikes.
The collapse of SCB and other small US banks may also influence the Euro Central Bank’s future path, as they still look to dampen inflation.
Of course, this makes mortgages more expensive, so potential buyers should plan as if their repayments go up by 2% in the future. We hope this won’t happen, but I have a duty of care to my clients and always want them prepared and able to comfortable afford their home.
In terms of the number homes on the market, at the beginning of last month we saw about 13,000 properties for sale, up 30% from the same time last year. However, that’s still a significant slowdown from the 25,000 homes on the market at the start of 2019, so inventory and supply are still major issues.
For that reason, I maintain my view that prices will flatline the rest of this year, despite what interest rates might do. There is just too big of a gap between supply and demand to see them fall by any large measure.
Last but not least is banking service, and I wish I had better news to deliver. Strong mortgage demand and the closure of two of Ireland’s banks have driven demand higher, and existing banks are now taking (an unacceptable) 2-5 weeks for approvals.
So, no matter who you are and where you are in the property buying journey, get your bank accounts organized, your paperwork ready, and prepare early so your timing is right.
As always, please contact me if you have any questions about obtaining a mortgage or buying property here in Ireland. I’m happy to help!
-John Coleman,
JC Mortgages
☎️ Tel 01-8102032
📲 Mobile 086 3970039
📩 Email john@jcmortgages.ie
💻 Web www.jcmortgages.ie