Trying to get confidence back into property
Fri, Sep 19, 2008

While the construction industry might have been preparing itself for a 12- to 18-month slowdown, it was not ready for a global credit crisis and a recession, writes Barry O'Halloran.

BUILDERS MORE than most people, except possibly the banks, will not have taken much comfort from the events of the last week. (3)The crisis in world financial markets means that getting credit is not getting any easier. This is a particular problem for builders, because both commercial property investors and house buyers borrow most of the cost of the properties they buy.

Friends First economist Jim Power says that after this week's implosion in world credit markets, it's hard to see it coming back on stream for several years.

"Consumer confidence is shot for lots of reasons," he says. (1)"House prices will fall further and no one in their right mind is going to buy a house in the current environment".

Power adds that (2)......

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Title: Trying To Get Confidence Back Into Property
Approximate Word Count: 1009
Approximate Pages: 5 (250 words per double-spaced page)

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