Residential Property Market, Outlook 2024

"2023 ended with a flurry of activity from October to December and this has continued into 2024. While first time buyers continue to dominate the buyer’s market, early indications are showing a wider profile of buyers returning. Both trader uppers and downsizers are active, but for both of these groups, the obvious issue around whether to sell before buying remains.

Demand for typical family homes (three and four bed semi’s) is particularly high, especially those in turnkey condition. We are also continuing to see a significant number of landlords selling rental properties, particularly apartments. As a result, the apartment market is the one area where we are not witnessing price increases.

Overall, we are looking forward to a relatively stable year for the property market. We expect property prices to continue to increase but not at the dramatic levels we have witnessed in previous years.

At Quillsen, we pride ourselves on our service and expert knowledge. We know the areas we work in and the market. But most importantly, we take the time to get to know you. Our aim is to make your sale go as smoothly and seamlessly as possible, while securing the best possible price for your property."

 

Marian McQuillan

Director, Quillsen

 

HIGHLIGHTS & CHALLENGES

Despite initial market optimism around supply issues, it is clear at this stage of the year that the key theme of supply and demand will continue throughout 2024. Economic uncertainty is fading and interest rates while not yet falling, have levelled off. This all bodes well for continued strong prices in the second-hand market and should encourage existing homeowners to enter the market. But this has not yet been witnessed.

For families wishing to move, the obvious issues around whether to sell before buying and bridging remain. This situation will not change until the lack of supply lessens. This will be one of the main challenges of the year. It takes time for the impact of any recovery to be felt.

The extension of the various Government schemes (First Home Scheme and Help to Buy) along with the changes to the Central Bank rules has certainly had a positive impact for buyers. The vacant, derelict homes grant and grants for retrofitting we feel are being underutilised and this presents an opportunity for buyers.

 

KEY STATS FOR FULL YEAR 2023

Average selling price* – 5% above asking

Average time to sale agreed* - 6 weeks

Market profile buyers** - Over 80% first-time buyers (Dublin city & county)

Market profile sellers** - Average 40% landlords selling their investment property

Mortgage drawdowns*** - Total of 43,587 

 

*Quillsen / ** SCSI / *** BPFI

Back