Tel: 098-28000 | Email:

A+ A A-
19 Oct

Cash Buyers Driving Market

Cash Buyers Driving Market

Cash buyers accounted for half of all residential property purchases across the country in the first half of this year, new research has revealed of the nearly €2 billion-worth of property sold nationwide in the first six months of 2012, just half came from mortgages issued by the banks in the same period. 

The new data shows that bank lending is less of a factor in the property market, with a growing volume of deals being done by people who do not require mortgages. The presence of a significant number of cash buyers in the market is in contrast to the boom years, when most house purchases were supported almost exclusively with bank funding. 

Analysis of the figures in the new national house price database reveals that €1.942-billion worth of property was transacted between January and the end of June, double the amount drawn down in home loans for the same period. 

The most recent Irish Banking Federation figures, by comparison, showed €974 million worth of mortgages were issued by banks up to the end of the second quarter. This indicates that the balance was paid in cash. 

The total spend on residential property in the first half of the year increased from €1.664 billion in the same period in 2011, suggesting a turn in the property market - possibly led by cash buyers - for the first time since house prices crashed in 2007. 

Quick Search

Featured Properties


Castlebar Office - The Mall, Castlebar, Co. Mayo: Tel 094-9028710 | Westport Office - The Mall, Westport, Co.Mayo.: Tel 098-28000 |
© 2012 Tuohy O'Toole. All rights reserved. PRSA License No.:001318 | Avenir Web Design