Thursday, 15 November, 2018

House Prices In Clare Grow By 5%

Economist Ronan Lyons Economist Ronan Lyons
Russell Knight | 02 January, 2018, 15:58

The research indicates a 1% drop in asking prices in the final three months of 2017.

House prices are expected to continue to rise in 2018 in Ireland but at a slightly slower pace due to a tightening of the Central Bank lending rules according to the latest house price report.

Turning to the average income and deposit required to buy a home, Mr Mac Coille said: "The median first-time-buyer in Dublin during the summer had an income of €77,000, a deposit of €52,800 and purchased a home worth €321,000".

"They are right up against their limit".

The report predicts a split between double digit growth outside the capital and a rise of 6% or 7% in Dublin.

"Outside the main cities and the Greater Dublin Area, the typical region has prices that are still 45% below peak values", he said.

The Daft report indicates prices rose 11.7 per cent in Dublin on average past year and increased by 5.1 per cent in Cork, 8.1 per cent in Galway, 6.9 per cent in Limerick and 8.6 per cent in Waterford.

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Mr Lyons added: "Once this change in credit conditions had been absorbed by the market, the rules kicked in".

He also noted that there was a positive side to rising house prices, in the reduction of people trapped in negative equity.

"As Ireland goes from 65 per cent urban to 80 per cent or 85 per cent over the coming few decades, this will create huge additional demand for housing in and around its major cities".

"While the increase in transactions - it should come in around 55,000 for 2017 - is welcome the overall picture is that of an illiquid market hindered by the lack of fresh housing supply".

According to the MyHome study, asking prices fell back 1 per cent nationally during the final three months of a year ago and by 0.4 per cent in Dublin. 'Asking prices have fallen in the final quarter of each of the last five years before bouncing back in the Spring and we see that pattern continuing in 2018, ' he said.

The company's managing director, Angela Keegan, said housing market transactions grew by 10% in 2017. A fully-functioning market would be seeing about 90,000 transactions a year, she said. This is equivalent to less than 1 per cent of the overall housing stock.

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