Most properties are still on the market

A quarter of residential properties put up for sale in Dublin since January have had their price cut and most are still up for sale, according to a sample analysis by the Property Week website which is tracking 100 properties in Dublin throughout the year.

The analysis found that only 10 of the properties have been sold and 20 have had their prices cut by an average of 8%. Twenty-six are sale-agreed and 39 are still on the market, having stuck with their original asking price. Five of the properties have been withdrawn from sale.

The price cuts have brought the average asking price down to €3,305 per square metre, according to the statistics, which are based on the small sample of 100 units.

Paul O'Connor of Property Week said the price cuts ranged from 4% on a three-bed semi in Swords to 20% on a city-centre terrace since the start of the year.

Nicola Williams of Bergins pointed out to Property Week that purchasers are "ignoring any differentiating features, such as standard of renovation, location on a road etc. It is very difficult to get this point across to vendors, especially where they have invested emotionally and personally to improve a property, or they are under pressure from another source, such as banks".

O'Connor said one agent had told him of "a classic example of the market speaking and a vendor not listening". The vendor had received what the agent believed were good offers but his response to the advice was that 'people' "have told him things are on the up and he would be mad to take it and should wait another year".