First time buyers have reemerged in the Drogheda area, according to one local auctioneer.

Garry Little from Remax said the number of purchases during the last few weeks have rivalled those he saw throughout the duration of the previous 18 months.

Mr Little publicly discussed the recent success on a Facebook group set up by engineer Brian Hughes, called 'No recession here - only good news'.

"Buyers can see there is real value to be had and interest rates are very low. Buyers are making offers for properties which reflect their expectation that prices may fall a little further. But once people are making offers it means we can get business moving again," said Mr Little.

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One Remax lot in Yellowbater was listed at €200,000, later dropping to €160,000.

"We had an offer at €155,000, this at least gives the vendor the choice of selling or not," he said.

According to Mr Little, property prices are now back at 2002/3 levels, suggesting the first buyer is prepared to seize the opportunity.

"The boom prices are gone and they won't be back for the foreseeable future. In many cases it is now cheaper for people to buy than to rent and first time buyers are beginning to realise that," he added.

(PR/JM)