In west Dublin, one vendor selling a two-bed home in excellent condition told us she hadn't had one enquiry since going on the market last month. The agent told her it was unlikely they would be able to sell her house as they had such a glut of them.

However, Susan Slevin, regional director with Douglas Newman Good, claims the first-time buyer market is very strong in west Dublin. "Offers are coming in. There isn't the same level of bidding as last year, but we are reaching the asking prices, particularly where homes are priced appropriately."

But it's not all doom and gloom. In many cases sellers are also buyers and if you have to reduce your asking price, there's a good chance you can get your next home for less than you have budgeted for.

"A lot of people are holding off because they think it's all going to kick off again in September but if you want to sell, now is definitely the time, " says Joseph Keegan. "Come September there will be even more properties on the market all competing with one another and at the same time there will be another interest hike, so we are definitely not going to see prices rise again in the autumn." For buyers, now can be a good time to purchase because if interest rates continue to rise the amount of money the bank will lend you will decrease.

At the higher end of the market it's a similar story, with redbricks in Dublin 6 now taking three months to shift compared to just six weeks last year, although Louise O'Reilly of Sherry FitzGerald says the first-time-buyer market in the south city is holding its own.

"Everybody realises that prices have come back somewhat, but the abolition of the stamp duty has definitely given the starter market a good boost."

So what's likely to hold its value for the future? "Santry in Dublin 9 is one of the areas which has taken a hit in recent months but this is where firsttime buyers can get good value, " says Beakey. "First-time buyers are now thinking more longterm because next time they move they will have to pay stamp duty. Santry is a good area and you can get decentsized three-bed semis with nice gardens for under 450,000."

Across the board agents are advising buyers, particularly first-timers, to purchase property close to the city and with a good garden that allows room to extend in the future. Offstreet parking and access to shops and transport also helps hold value. And if you're buying a house that needs a lot of work, make sure you bargain downwards for it. Remember that every neighbourhood has a ceiling beyond which you will never achieve, regardless of what you do to the house.

Redbricks in both the north and south city are also said to be good buys, as are former Corporation houses within three miles of the city. Expect to pay between 380,000 and 420,000 for something in good condition depending on size and location, and between 360,000 and 380,000 for one that requires a lot of work and money or, as the estate agents put it, 'some modernisation'.