Homes in Ireland regularly sell for well above their asking price and buyers are frustrated by what they perceive as a lack of transparency and a suspicion of 'phantom bids' designed to push prices higher. In early October, a burnt-out house in the Finglas area of Dublin went on sale with an asking price of €225,000 following an arson attack.
The drop in would-be movers, who own a home but are looking to either move to somewhere bigger or downsize, fell more sharply, down 16.8pc year-on-year in August. Those movers who did get a loan are looking to borrow more, an average of €384,887, compared with the €325,934 average for first-time buyers. The slowdown among movers combined with the lack of new housing completions points to a further strain on supply for first-time buyers.