The number of cash buyers in the housing market has dropped in the second quarter of the year.
A housing market report published by the Society of Chartered Surveyors Ireland (SCSI) shows around 35% of transactions between April and June involved cash buyers. This is down from about 50% in the first quarter.
First time buyers accounted for 44% of transactions.
Movers made up 29% - which is thought to be due to some houses lifting out of negative equity, and the fact that some lenders are allowing people to keep their tracker mortgages.
While about 22% of units were purchased as buy-to-let or investment properties.
Image: SCSI report
Houses accounted for approximately 74% of properties sold, with apartments accounting for 13% and town houses for 12%. The report says this suggests that the majority of the demand for property is still for traditional 'family type' houses.
Image: SCSI report
In Dublin, demand is far outstripping supply. Although in the west and mid west, supply is far greater than demand.
29% of SCSI members expect that there will be no change in national house prices in the next quarter, while 25% believe that house prices in Dublin may rise by 5% in the next quarter.
And 90% of respondents expect that average national house prices will be higher in 12 months' time. 30% say they believe residential property prices will grow nationally by 5% in the next year.
Simon Stokes is chair of the residential property group of the SCSI. He told Newstalk Breakfast he hopes the drop in cash buyers is a step in the right direction.
