Commenting on the most recent CSO Residential Property Price Index for March, IPAV, the Institute of Professional Auctioneers and Valuers, said there is little evidence so far of the impact of COVID-19 on the market.
Pat Davitt, Chief Executive of IPAV said, however, there undoubtedly will be for the rest of the year.
“The recent figures are based on the March Revenue stamp duty returns which have a 44 day submission deadline.
“Figures for the months ahead will be eagerly awaited, with building having come to halt. While some sites will be opening up next week it could take some time yet to get back to anywhere near normal.
“And confidence among builders and prospective buyers will impact prices in the period ahead, not to mention the extreme risk averse positions currently being adopted by lenders," Mr. Davitt remarked.
In this regard, Mr. Davitt stated that IPAV had written to the Banking and Payments Federation Ireland about some additional conditions being inserted in mortgage approvals, “so that the market can get back to stability at an earlier time than it would otherwise achieve with current practices.”
He said every stakeholder in the market, particularly the new Government but also lenders will need to play a positive role if the current crisis is to be abated in a way that helps long-term sustainability for everyone – home owners, aspiring home owners, builders and lenders.