The housing market is expected to return to "normality" by Spring 2009, according to a Hooke and MacDonald report published today.

A market leader for new developments in Ireland, the company regularly undertakes surveys and publishes reports on the Irish property market.

Today's report shows that the "sharp cutback in new starts last year was a necessary response to the emerging slowdown in sales caused by the dip in consumer confidence."

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It points out that the increase in enquiries, viewings and sales activity since the start of 2008 will lead to a reduction in the stock of available properties between now and the autumn, with the market returning to normality by Spring 2009.

Hook and McDoanld conclude that: "The report also shows that the stock of completed unsold new homes has been overstated, particularly in relation to Dublin.

"While rental levels are moderating in many provincial locations they are predicted to continue to increase in Dublin City and suburban locations that are well served by transport."

(VB/JM)