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What does the property market look like for 2020?

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Good Cop Bad Cop

We have spoken many times in the past couple of years about the difficulties facing prospective home buyers in the current market. Between the rising cost of living and the increasing rental costs limiting the ease of saving the required deposit and the ever-growing cost of properties themselves it has become incredibly difficult to gain a foothold on the property ladder. There is mixed news on this front to herald us into a new decade which leaves a level of uncertainty about what we can expect going forward.

On a positive note it has been reported this week that the construction sector has seen a much-needed boost and has begun growing again for the first time since August 2019. The Ulster Bank Purchasing Managers Index suggests that this growth forecasts a strengthening of the housing construction sector which may hopefully see more supply rise to meet demand. This also extends towards the commercial construction sector which has also reported growth and will be good news for companies looking to Ireland as a new base ahead of Brexit.

The reason for this newfound growth is cited as being a reduced level of Brexit uncertainty. The uncertainty around Brexit has plagued Irish business life for a while now and the easing of this panic is a welcome change across all sectors and reflects a new expectation of continued success in 2020.

This lessening of Brexit panic also has some negative consequences as it has been reported that there is an expectation that despite a new revival of the construction sector, we may see housing prices rise once again in the year ahead. Property price increases had begun to slow significantly towards the end of last year due in large part to Brexit concerns so this will be unwelcome news for any hopefuls currently saving hard. Davy Stockbrokers reports that subsiding Brexit fears may see a higher level of spending on high-end properties. They have stated that average house prices rise by 2% this year with the possibility of further rises “if the top end of the market benefits from reduced Brexit uncertainty.” Davy Stockbrokers also support the suggestion that the construction sector will continue to grow in the year ahead. It is suggested that the increase in time before Brexit becomes reality may be the reason for this lessening of anxiety.

A little bit of good news vs bad news to balance out the beginning of the new decade!

Should you require any guidance or advice on any business or financial matters, please don’t hesitate to contact us here at EcovisDCA, where we are looking forward to helping your business flourish in the roaring 20s.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

Solutions for your business to help start 2020 positively…

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Firstly, let us take the time to wish all our clients and friends a very happy and prosperous New Year. 2020 comes to us all with a lot of uncertainty but we will weather any financial storms that may result from Brexit with our patented Irish resilience. As we have bid farewell to the previous decade and turned the page into a new one, thoughts often turn to change and what we can do to change our selves, our positions in life and our career trajectory. We here at EcovisDCA know that all of our clients and friends are incredibly hard working and focused and as such do not wish to start the decade off on a negative footing with a list of changes to be made, rather we have decided to focus on solutions to make your business and financial life run smoother in the years ahead.

 

Update your Payroll System:

As we are all aware, there has been a major overhaul to the PAYE system that has recently come into effect in Ireland. We have discussed these changes in detail in the past, and how they will affect the day to day running of your business, and whilst your payroll staff have long been setting up for this event, it is a good idea to start this new decade off with a review of your new system in case there are ways in which it can be more efficient for you. These PAYE changes are the perfect opportunity to update your current payroll software if needed.

2019, The Year in Review:

Whilst it is important not to dwell entirely on the past, whether 2019 was a more positive or negative financial year for your business it is essential to take a glance into the rearview mirror and assess how your finances were in 2019. Perhaps there are areas here that can be utilised more to your benefit.

Goals, Goals, Goals:

A new year always comes with new personal goals, and a new decade is the perfect opportunity to set some business and financial goals for your business. What are the daily/weekly/monthly steps you can take over the next 12 months to get your business closer to that end goal? Goals can be an essential method of planning out the future of your business.

Deadlines:

As we have spoken about before, Revenue have been overhauling their tax systems and clamping down on evasion and late filing. As we start this new year, take note of all the essential deadlines for the coming year and begin working towards meeting them.

These are just some small ideas to start this new decade of your business off on a positive and energetic note and start as you mean to go on.

Should you have any concerns or queries on any business or financial matters, please don’t hesitate to contact us here at EcovisDCA. We are looking forward to working with you all during the new roaring 20’s.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY