. But it still remains to be seen how much of this is seasonal and what will happen in the key spring selling season which will soon be upon us.
There should be enough house-building already under way to ensure supply levels at least stay on par with last year in the months ahead – even if falling housing starts create risks of some falloff thereafter. But what about demand? Are the increases in interest rates and the affordability squeeze finally starting to tell on the market, with some reports of asking prices being trimmed to ensure sales are finalised? This is certainly a factor in the market: the gradual rise in interest rates is bound to be hitting home.
Higher interest rates also mean that the stress tests banks must carry out to ensure borrowers can manage if borrowing costs rise will limit some applicants in the size of mortgage they can secure. On the other side the loosening of Central Bank rules meaning all new borrowers can get a loan equivalent to four times income, rather than 3.5 times.
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