Conveyancing for Property – Need of the Hour

The high prices achieved in the spring season attracted such a huge volume of properties to the market in the autumn that it edged towards oversupply. This was caused not only by rising interest rates but also uncertainty with regard to future government policy, following the Tánaiste Michael McDowell’s widely reported comments on stamp duty. The practice of issuing a guide price was abolished and replaced by the issuing of an Advised Minimum Value. However, as the auction season progressed, agents got to grips with the new system and AMVs came to reflect more accurately market prices.

A big talking point of 2006 was interest rates. In the twelve months following November 2005, there were six rate increases, each of 0.25%. This is in light of falling oil prices, a slide in the US dollar and lower global growth expectations for 2007. Recent data from Eurostat showing lower Eurozone inflation and lower than expected growth tend to support this view. It appears most homebuyers have assumed that interest rates would increase by 1% to 1.5% above the ECB rate of 2%, which had held for some time.

Properties with development potential were sought after and we sold 30 Whitehall Road in Churchtown in May for u 4.6m. Properties on Palmerston Road in Dublin 6 showed strong growth during the year, as reflected in the prices we achieved for a number of houses in this locality. Strong activity at the upper-end of the residential market was matched by equal enthusiasm for family homes in Blackrock, Mount Merrion and Clonskeagh.

This was emphasised by the sale in May of 34 Kincora Avenue, where a record price of u 1.9m was achieved for a three bedroom, semi-detached house on a large corner site. Looking further north along the coast, properties in Sutton, Howth and Malahide have continued to be in high demand, especially at the top end of the market, where “trophy homes” are keenly sought after. is a term used to portray the methodology that takes after the marking of an agreement to purchase or offer a property, and in spite of the fact that the procedure can be an extremely intricate one, there are a few things you can do to verify the procedure is as straightforward as could be expected under the circumstances. There are truly many conveyancing firms in every real capital city that are devoted to giving the administration.

One of the most interesting house sales of the year on the north side of the city was of The Tower House in Portrane, Co. Dublin. Originally a Martello tower standing on over 0.4 ha, the combined house and land sold for a figure close to u 1.7m in September. Despite disappointing auction results and slower than expected sales in the latter half of 2006, we foresee an improved market in 2007.