1 in 10 property sales renegotiated with average 3% price reduction – Extra.ie

Around 10% of property sales have been renegotiated due to COVID-19 with an average price reduction of 3%, a survey of estate agents by the Society of Chartered Surveyors Ireland (SCSI) has found.

The survey otherwise shows that the pandemic has had little impact on property prices to date and that activity levels are now at a higher level than prior to lockdown.

‘Clearly COVID-19 introduces a range of new variables to property purchasing, chief among them right now being the mortgage approval process,’ SCSI vice president TJ Cronin said of the findings.

10% of property sales have been renegotiated due to COVID-19. Pic: Getty Images

‘While we don’t have accurate figures for the total number of renegotiated sales, we think it’s fair to conclude that due to the knock-on effects of COVID-19 there has been an increase in the region of 10% in renegotiated sales.’

Two thirds

Continue reading this atricle at https://extra.ie/2020/08/24/business/irish/property-sales-renegotiated-3pc-reduction