Ireland’s property and mortgage market recap for October 2023 🇮🇪

Ireland’s property and mortgage market recap for October 2023 🇮🇪

Hello everyone, John Coleman here, Ireland’s mortgage broker with your property and mortgage market recap of October 2023. 🇮🇪

As we’re now in November and recapping October, believe it or not we only have seven more weeks to Christmas and then the New Year, so consider this sort of the countdown to the countdown.

And as we start taking account of the year, what are we seeing when it comes to home prices in Ireland? Recent reports in the newspaper and media say that prices are cooling, but I’m still not seeing that.

In fact, my clients report back to me that they still are seeing bidding wars, if not to a slightly lesser extent.

But my prediction for the 2023 property market looks to be accurate as of now – that prices won’t fall.

I saw that the supply and demand was simply too far off kilter for that to happen, and that still rings true.

Just imagine where our property prices would be going if rates hadn’t gone up!

When it comes to banks, we have a confirmed entrance into the market next year, and more competition is always good for buyers and those looking for a mortgage.

However, we don’t know exactly when they will start issuing mortgages, and I’m a little worried that they will be slightly niche in their offerings.

To wrap up, there’s one important thing I want to point out for those looking to buy in 2024 and in the planning stage.

Most of us use the app Revolut now. Aside from the normal savings feature, you can put money in something called a Vault on the app.

However, when it comes time to get a statement for your money in Revolut, you can’t document what’s in your Vault.

So, when the banks are looking for savings statements, you won’t be able to document that money – and it may hurt your chances of getting a mortgage.

Just a quick tip as we look ahead, and in December and January’s videos, I’ll recap 2023 thoroughly as well as give my predictions for the mortgage and property market in 2024.

-John Coleman,
JC Mortgages

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