{"id":297522,"date":"2026-02-14T09:40:08","date_gmt":"2026-02-14T09:40:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/297522\/"},"modified":"2026-02-14T09:40:08","modified_gmt":"2026-02-14T09:40:08","slug":"homebuyers-on-soul-destroying-bidding-wars-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/297522\/","title":{"rendered":"Homebuyers on \u2018soul-destroying\u2019 bidding wars \u2013 The Irish Times"},"content":{"rendered":"

About 30 minutes after placing her first bid on a house in Tallaght<\/a> in south Dublin last week, Yvonne Healy had already gone almost \u20ac30,000 above her budget.<\/p>\n

Describing the property \u2013 which had an asking price of \u20ac360,000 \u2013 as being in \u201cturnkey condition\u201d, she was the second to bid on the home within minutes of it going live on the market.<\/p>\n

Then, after multiple offers from several bidders<\/a> in quick succession saw the price shoot up to \u20ac390,000, she pulled out.<\/p>\n

Checking the online bidding platform again during her lunch break on Tuesday, the 32-year-old noted that bids had climbed to \u20ac414,000.<\/p>\n

\u201cIt\u2019s opened my eyes at just how disheartening this process is possibly going to be for us,\u201d she says. \u201cI\u2019m prepping myself for the worst.\u201d<\/p>\n

Healy and her partner Carl have been looking for a house in the area for about the past five months.<\/p>\n

A study carried out by the Economic and Social Research Institute<\/a> (ESRI) published earlier this week<\/a> found that buyers participating in such auctions are more likely to exceed their original budget and to bid higher than what they believe a property is worth.<\/p>\n

Although she hopes to live in Tallaght long term, Healy, who works in finance, says the prices paid for houses in the area are \u201cbizarre\u201d and \u201csickening\u201d.<\/p>\n

\u201cThere are houses there to be bought in the second-hand market; it\u2019s just unfortunate that the process that\u2019s now in place isn\u2019t allowing them to be bought at an affordable price, it\u2019s gotten way out of hand.\u201d <\/p>\n

[\u00a0Explainer: Why home-buying process is so fraughtOpens in new window<\/a>\u00a0]<\/p>\n

Describing the commonly used online bidding process as \u201cvery easy\u201d, she says she can \u201cunderstand how people get caught up in it\u201d.<\/p>\n

While one in two participants of the ESRI study favoured a visible online bidding platform, which they believed to be fairer, the study found it inflated prices the most.<\/p>\n

Sealed bidding systems, whereby single \u201cbest and final\u201d offers are made, inflated prices the least, according to the study.<\/p>\n

Describing the bidding process as \u201cdisheartening\u201d, Healy says: \u201cThere\u2019s no humanity any more, and I think everything is just to take advantage or \u2018let me get as much as I can from people who are desperate to buy a home\u2019, and I think that\u2019s what\u2019s more upsetting about it.\u201d<\/p>\n

Several buyers responded to an Irish Times call-out on their experiences. Some described houses being sold far in excess of the asking price after lengthy online bids lasting weeks, with many bidding far in excess of their intended spend.<\/p>\n

Others, such as Meg Malone, raised concerns over \u201cghost bidding\u201d.<\/p>\n

\u201cOften, we questioned how legitimate counter offers were,\u201d she says.<\/p>\n

Estate agents argue that online bidding systems have stronger safeguards against ghost bidding than more \u201cold-fashioned\u201d processes, such as relying on agents to update buyers by phone or email.<\/p>\n

However, in a survey of 476 buyers included in the ESRI study, 14 per cent suspected ghost bidding, and while there is no way to verify this, the finding signals a \u201clack of trust\u201d in the process, according to the report.<\/p>\n

\"MegMeg Malone with her husband Glenn <\/p>\n

Malone, who now lives in her new home in Baldoyle, Dublin, with husband Glenn, described their search as \u201clong and painful\u201d, having viewed more than 80 properties and being outbid on 15.<\/p>\n

\u201cEvery property we bid on was well within our budget at asking price, but still we were outbid time after time,\u201d she says.<\/p>\n

On buying their home, the 32-year-old says they were \u201clucky\u201d as they \u201conly went \u20ac30,000 over the asking price\u201d of \u20ac425,000, having seen other properties achieve \u20ac60,000 over.<\/p>\n

[\u00a0Irish Times view: Odds stacked against buyers Opens in new window<\/a>\u00a0]<\/p>\n

\u201cIt was a soul-destroying process and we still pinch ourselves that we came out the other side and are actually homeowners now, which is ridiculous when we worked and saved so hard to be in the position to buy a property, but the bidding wars make it near impossible,\u201d she says.<\/p>\n

The process from placing the first bid to her offer being accepted took five weeks. <\/p>\n

Elizabeth Surgeon, who likens online bidding to gambling, believes the system should be banned.<\/p>\n

\"ElizabethElizabeth Surgeon with her husband Darren and daughter Molly. The couple had to drop out of one bidding competition after the property reached \u20ac80,000 over its asking price <\/p>\n

She and her husband, Darren, along with their two-year-old daughter Molly, have had to move in with her mother after they sold their house in Inchicore, Dublin, in September.<\/p>\n

Looking to upsize, the 36-year-old veterinary nurse says they found a \u201cbeautiful home\u201d with an asking price of \u20ac495,000. However, they dropped out after the property reached \u20ac80,000 over its asking price.<\/p>\n

She says she was told by an estate agent that if they offered \u20ac600,000, they \u201cmight take it off the market\u201d.<\/p>\n

The couple is now bidding on other homes but feel \u201chopeless, as everything we view seems to skyrocket\u201d while estate agents allow bidding to \u201cdrag on\u201d.<\/p>\n

Surgeon is one of several buyers who believe houses are being \u201cmassively underpriced\u201d to drive intensive competition. <\/p>\n

Chrissy Hughes, a 35-year-old who runs an information and support group on Facebook for first-time buyers in Ireland, says online bidding can create \u201ca sense of urgency\u201d in a \u201ccompetitive environment\u201d.<\/p>\n

\u201cWhen you see the bids coming in live, it\u2019s very hard not to react. I think you can sometimes place a bid without thinking too much about it,\u201d she says.<\/p>\n

In 2024, she entered this competitive environment and ended up paying \u20ac80,000 over the asking price. Having paid \u20ac575,000 for the house in Dublin 7, Hughes says she knew the property would go far beyond the asking price.<\/p>\n

Although online bidding platforms are \u201cmore efficient\u201d, she says their quick nature removes a \u201cpause\u201d to protect buyers from making \u201cemotional decisions\u201d.<\/p>\n

However, she believes much of the frustration is not about online platforms, but supply.<\/p>\n

\u201cIn a severely undersupplied market, any bidding is going to feel intense,\u201d she says.<\/p>\n

Several estate agents claim buyers prefer online bidding rather than \u201cold-fashioned\u201d systems such as by phone or email, which gave rise to concerns over \u201cphantom bidding\u201d.<\/p>\n

[\u00a0When one-third of Irish homebuyers expect to be ripped off, it\u2019s a big problemOpens in new window<\/a>\u00a0]<\/p>\n

Marian Finnegan, chief executive of estate agent Sherry FitzGerald, says online platforms are favoured as they are \u201cmore transparent\u201d.<\/p>\n

Sherry FitzGerald launched its own version in 2018, and, as with other large estate agents, bidders must provide identification and proof of funds to register, with all users undergoing the \u201csame scrutiny\u201d.<\/p>\n

A record of all bids is retained, Finnegan says, describing the industry as \u201cheavily regulated\u201d by the Property Services Regulatory Authority<\/a> (PSRA).<\/p>\n

In a statement, the PSRA says it is \u201cconsidering the contents of the ESRI report\u201d.<\/p>\n

\u201cEven if it wasn\u2019t on an online platform, every estate agent has to keep a record of all transactions. I think people are somewhat comparing what it was like to purchase a property 30 years ago in an unregulated industry to what it\u2019s like today,\u201d Finnegan says.<\/p>\n

She maintains that \u201cfrenzied activities\u201d in the marketplace are a result of the \u201cdreadfully low, inadequate supply\u201d of housing.<\/p>\n

[\u00a0Harris accused of \u2018allowing vulture funds buy up family homes\u2019 despite promise to end practiceOpens in new window<\/a>\u00a0]<\/p>\n

\u201cIf people are behaving erratically, either by ringing and increasing their bids above what they really want to pay or by bidding on the platform, that is a function of how distressed they are because of the lack of supply in the marketplace, rather than the mediums themselves.\u201d<\/p>\n

Orla McMorrow, deputy chief executive of estate agent DNG, says its online bidding platform was brought about to alleviate fears of \u201cphantom bidding\u201d.<\/p>\n

\u201cIf you\u2019re dealing with any reputable agency, you can be sure that there aren\u2019t phantom bids,\u201d she says.<\/p>\n

Asked about beliefs held by some buyers that properties are underpriced to generate intensive bidding, she says it is not DNG\u2019s policy to do so. \u201cIt may be other agents\u2019 policy, but it\u2019s not ours.\u201d<\/p>\n

She disagrees with the ESRI\u2019s finding that buyers overpay in online bidding, saying buyers are paying more because \u201cmore people are chasing less property\u201d.<\/p>\n

\u201cIt\u2019s important to remember that it is our duty as an agent to get the best price available for the vendor. We act for the vendor and we are duty-bound, that is our role, to get the maximum price in an open market situation,\u201d she says.<\/p>\n

Bobby Geraghty, director of Hunters Estate Agent, meanwhile, says buyers have come to \u201calmost expect to be paying in excess of the asking price\u201d.<\/p>\n

Using an online portal for most sales, he says they provide a \u201clevel playing field\u201d for verified buyers and denies they are to blame for overpaying.<\/p>\n

Instead, he says, it is \u201cbasic economics\u201d.<\/p>\n

\u201cWe have a pent-up demand and we have a lack of housing in the country, whether it\u2019s Dublin or elsewhere, and that\u2019s not going to change any time soon.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"About 30 minutes after placing her first bid on a house in Tallaght in south Dublin last week,…\n","protected":false},"author":2,"featured_media":297523,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,615,69562,3662,11596,61,60,115648,13356],"class_list":{"0":"post-297522","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-dublin","10":"tag-economic-social-research-institute-esri","11":"tag-housing-crisis","12":"tag-housing-demand","13":"tag-ie","14":"tag-ireland","15":"tag-property-services-regulatory-authority","16":"tag-tallaght"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/297522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=297522"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/297522\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/297523"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=297522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=297522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=297522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}