WITH the autumn residential selling period barely off the ground, it looks like buyers will be spoilt for choice with the high number of withdrawals during the summer being added to properties fresh to the market, according to several agents. It's another factor fuelling speculation this week that the market is slowing down, with reports that the rate of increase in home loans issued has dropped back and that buyers are becoming more cautious on foot of a total 1% increase in interest rates since the start of the year.
The autumn selling period is tight, at around six weeks from mid-September to the last week in October, compared to a five months' window in the spring period, while vendors are also being advised to keep price expectations realistic - the sensational results of early spring were not matched in May, June and July, which led to the high number of mid-summer auction withdrawals.
"Most agents will have a greater stock of properties on their books now, possibly 20-25% more than the equivalent period for last Autumn, " says Declan Cassidy, managing director of Gunne Residential, while adding that the season is not even yet in full swing.
"September 20 is the real start of the auction period, with the majority of first viewings having taken place yesterday.
That gives around six weeks, between now and the end of next month, for a property to sell. I think the level of withdrawals will be high, and there won't be that sensational rise in prices witnessed in early spring, but at the same time, prices will certainly not drop."
Lisney director John O'Sullivan says the feeling on the ground at the start of this season is very positive, despite fears of a property slowdown ahead including a further two hikes in interest rates before the end of the year. "The majority of people have stress-tested themselves in preparation for these interest rises which were well signalled at the start of the year.
"There is still huge demand out there for property, particularly in key areas, and for buyers, there is a good stock to choose from. For anyone selling, we have advised going as early as possible . . . there have even been vendors trying to get in before the Ryder Cup kicks off."
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