With recession taking a grip on the economy and in particular the building sector, I went along to Sandymount Estate Agents Bennetts to see what hope there is in the market.

Bennetts is primarily a family-run, third generation business dating back to 1909, when the firm was located on South Frederick Street, Dublin 2.

In 1969 Nigel Bennett, the Managing Director and grandson of the founder, joined the firm and in 1995 opened the office on Sandymount Green, Dublin 4.

Maxine Pilkington and Helen Jones, Senior Sales Negotiators and Estate Agents with Nigel Bennett’s firm on the west corner of Sandymount Green, were very helpful and willing to discuss how the property market is for August and the autumn season.

Maxine Pilkington began by saying that traditionally July and August are quiet months, the solicitors are on holiday and families are away.

We discussed how the market peaked around May 2006 and then began to go downward until it stalled after calls by the then Minister for Justice, Michael McDowell, in February 2007, for a cut in stamp duty.

Maxine said “Obviously we would like a further reduction, it’s very high still at 7% and 9%. I think one thing that would be very beneficial is where one is trading up that they only pay stamp duty on the difference between their purchase and selling price as was done before.”

Helen Jones said that prices in the area would start at around €450,000 to €500,000 for a two-bed house in Irishtown or Ringsend and that would be for a property that would be ready to walk into. A similar two-bed house in Seafort Villas in Sandymount would cost approximately €600,000.

Maxine Pilkington said that “typically the people who buy these types of houses are young professionals, and a few years later wish to trade up to a larger house in the area. For them to buy a three or four bedroom house in Sandymount is a million or over and entails a punitive stamp duty of 9%.

“It all comes down to location, location, location and we even found that in the downturn Sandymount, Irishtown, Ringsend, Donnybrook and Ballsbridge, were the last places to be affected but likewise Dublin 4 will be the first place to recover.”

Maxine Pilkington believes that there’s tremendous value in the market at the moment. For the first time ever it’s a buyers market and there are a number of reasons for that. Number one there is more supply so there is more choice for them. Number two, even though interest rates have risen they are nowhere near what they were in the eighties at 15% and 16%. As well as that, in the early eighties when it was a slow market there wasn’t access to money. It really is a buyers’ market and there are a few astute purchasers that are availing of this. We are still very active here in selling, albeit at lower prices, but we are still selling.” Helen and Maxine both believe that the market will again pick up from September onwards.

Pictured above are Helen Jones (left) and Maxine Pilkington from Bennetts Auctioneers on Sandymount Green.