Flat Owners in Ireland Believe Selling Now Could Be a Smart Move – TheLiberal.ie – Our News, Your Views

Flat Owners in Ireland Believe Selling Now Could Be a Smart Move




There has been a trend in Ireland of homeowners looking to sell to capitalise on favourable market conditions. After the recent downtrend in the property market in 2020, there has been a recovery. However, this may be short-lived, and some economists theorise that the UK has only just narrowly emerged from a recession.

If you are planning to sell your flat, it may be a good idea to follow in the footsteps of the experts who view now as a good time to put properties on the market. It’s also crucial to understand the nitty-gritty of government rules when it comes to selling a flat in 2024.

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High Demand and Favourable Mortgage Market

The current climate of Ireland is one of relative economic stability, which has led to a rising demand for real estate. With flats being one of the cheapest ways to get on the property ladder, many first-time buyers opt for these smaller options over houses. Despite the high demand, housing completions in the country are not set to reach the annual target of 50,000 units in 2024. Indeed, the prediction is that it will cap at 34,000 this year, meaning that the limited supply and increased demand could drive up property prices.

In addition to these conditions, there’s also a favourable mortgage market in 2024. There has been a shift towards fixed-rate mortgages, which now make up over 80 per cent of new deals. This form of mortgage protects buyers against future rate increases, which encourages more people to enter the market. This means that homeowners are keen to explore the option of selling sooner rather than later, albeit after conducting due diligence. Selling comes with its own set of uncertainties, which owners must examine and plan for before making the big leap.

What to Know Before Selling Your Flat

If you are considering selling your flat in this economic climate, there are a few things you need to know before you do. According to a specialist sell my flat site, you need to make sure that the unit has the correct cladding and that it has been properly maintained. There’s also strict government guidance to adhere to, but luckily there are companies that can help you with the process. This makes it swift and easy to get a sale.

 

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Along with such preparation from a legal perspective, it’s a good idea to make sure your flat is well presented for potential buyers. This could include anything from minor renovations to getting professional photographers in to take some great snaps.

Conclusion

With some economists expecting another recession in the coming years, some believe it could be risky to wait too long to sell. On top of that, there’s a chance that the increase in accommodation building could soon catch up with demand. If this happens, the increased supply will eventually quell price growth. Experts may deem the market currently favourable, but there’s no guarantee of how long this will last. Flat owners are thus looking to heed their advice and venture out into the housing market.  

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