Speaking ahead of the annual President’s lunch which takes place on Friday, 24th October in the Royal Marine Hotel, Dun Laoghaire, Mr.Edward Carey, President of the Irish Auctioneers and Valuers Institute said that while there are many issues that need to be addressed in the forthcoming Budget, it is clear that, when it comes to boosting confidence, finance and mobility within the property sector, both new and second hand homes have a vital role to play. “With this in mind, it is hoped that any budgetary measures will apply to both these important sectors” he said

Reports that government intends to focus on first time buyers by providing easier access to mortgage finance, and a possible re-structuring of the shared ownership scheme, are welcomed by the IAVI. The implementation of this system would help bridge the affordability gap and, with an equity share in the properties, the government could contribute to the stimulation of market confidence. As more buyers enter the lower end of the market, others are able to trade up, bringing benefit to the sector as a whole.

Recently, lenders have replaced their generous policies by a more conservative loan and mortgage criteria. For many, the restrictive conditions have had a major impact on their ability to secure funding for property purchase. However, the Housing Finance Agency could help improve the situation, for both buyer as well as the lending market in general, by providing essential liquidity for potential borrowers. In the hope of a successful outcome, the IAVI fully endorse the appeal by the Construction Industry Federation that the Agency’s role be expanded to help first time buyers on the road to becoming home owners.

Whatever the Budget holds for the future, the IAVI advises those currently involved in the process of purchasing houses, to continue. Any measures introduced to alleviate the current situation may produce a short but sharp increase in demand for housing, initially boosting the number of buyers available. There is clearly an advantage in being ahead of the competition.

“Despite an outpouring of negative news concerning the economy and the property market, there is a need to stand back and assess the future prospects of a housing market in a country whose population is rising .While we are dependent on global economic events, nevertheless if supported by government action and an increase in market confidence, the housing market still retains a healthy prospect of regaining stability by the year 2010”he said.

Guest speaker at the President’s lunch will be James Caan, serial entrepreneur and Dragon’s Den panellist. Mr.Caan will address the topical issue of surviving a slowdown in business and how to gear up for the inevitable market uptown.

Further details on the President’s lunch can be obtained on the IAVI website:www.iavi.ie or by contacting Valerie Bourke, Irish Auctioneers and Valuers Institute, 38 Merrion Square,Dublin 2. Tel 6611794,-mail valerie@iavi.ie