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House Prices to drop 20% more

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Fitch expects further 20% drop in Irish house prices



Wednesday, 09 January 2013





Ratings agency Fitch has said it expects house prices in Ireland to decline by a further 20% from current levels.


In its latest residential mortgage briefing, Fitch outlines what it refers to as "substantial concerns" for the peripheral eurozone markets of Spain, Portugal, Greece, Ireland and Italy.


It said: "Fitch anticipates depressed mortgage lending, continued declines in house prices and pressure on incomes and consumer confidence."


The ratings agency said that access to mortgage lending will continue to hamper property markets in a number of countries, including Ireland.


"Banks maintain strict underwriting guidelines and are strongly restricted in their willingness and ability to lend, especially in peripheral eurozone countries," it said.






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Moodys made a similar prediction last June. Of course, even with a further 20% drop, housing will still not be affordible for a huge percentage of the population. It can hardly be denied, by any honest or sane person, that capitalism - particularly the system of private land ownership - has utterly failed the Irish people.

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