Greatest Demand is for 3 Bedroom Houses
A recent article in the Irish Times newspaper estimates the number of currently empty properties in Ireland at over 300,000. Many of these vacant house and apartments will probably be among the slowest to sell for two main reasons: they are in the wrong location, based as they are in new estates far from major towns and because they are the type of property that is currently least in demand.
Many buyers are looking for 3 bedroom semi-detached houses suitable for bring up a family. They are not interested in one or two bedroom apartments which are generally too small and were never designed for family life.
The fall in property prices over the last two years now allows buyers to purchase in areas closer to the centre of large towns, near other family members or closer to their place of employment.
The Irish Times article reports that almost 1,000 repossession orders were issued in 2009, and that over 26,000 home owners are now at least three months in mortgage arrears, so many more repossessions may follow in 2010.
However, it may well be that houses that have been repossessed by mortgage institutions will be withheld from the property market to avoid increasing the already large stock of houses for sale, which would drive house prices down further.
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