There are signs that confidence may be gradually returning to the housing market and that better value is being obtained for those wishing to buy their own home, the new President of the Institute of Professional Auctioneers & Valuers has stated.

Alan Redmond told the Institute’s Annual Conference in Malahide that the recent easing back of prices combined with the changes in stamp duty and mortgage interest relief, made house purchases more affordable, particularly for first-time buyers.

“That is good news for our young people who are setting up homes and starting families,” he said. “Also, the underlying demand for housing remains strong as evidenced by strong rents and is supported by the continuing relatively high employment and migratory inflows.”

But the health of the property market over the medium to long term will inevitably be linked to the health of the wider economy, he said. This, in turn, will depend on our ability as a nation to continue to attract more international investment flows and to incentivise indigenous industry and entrepreneurs which, in turn, will be a function of our competitiveness as a nation.

“Competitiveness has many dimensions, he said. “The level of taxation is one. Notwithstanding the impact of slower growth on the public finances, my advice to the new Taoiseach is that the Government must not propel Ireland back to the downward spiral that destroyed this country's economy in the 1980s with higher taxes on our most talented and most promising workers or companies: That is the way to guarantee an exodus of both people and capital from this island.”

Instead the Government must now turn its attention - and with urgency - to tackling the rapidly rising burden of public spending and the meaningful reform of the public service, with rewards going to those who enhance its efficiency, sustainability and productivity, he added.

“Well targeted investment in education - with an emphasis on science, financial mathematics, and high-end technology - must be another priority to sustain Ireland's mid-term competitiveness. Talk is cheap. Meaningful action is becoming more urgent.”

Mr Redmond also called on all members to vote ‘Yes’ in the Lisbon Treaty referendum on June 12 as IPAV believed a positive outcome was essential to continue our growth within the European Union.

A native of North Dublin, Alan Redmond is Managing Director of the Shane Redmond Group which has offices in Swords and Lusk.