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House prices rise 6.3% over last year

House prices have increased by 6.3% in the last year, according to a new report.

Although they remained stable in Dublin, rising just 1.1% compared to the 10.2% jump elsewhere, there is still a persistent divide between the capital and the rest of the country.

Ronan Lyons, economist at Trinity College Dublin and author of the House Price Report, said a spike in demand had helped push prices up.

He said: “While supply pressures have eased slightly in the last three months, the overall dynamic in the housing market currently is one of very strong demand pulling up prices.

“In Mayo and Roscommon, for example, average prices have increased by roughly 10% since the start of the year.

“The obvious exception to this is Dublin, where Central Bank rules have linked house prices to the real economy. What we are seeing in the capital is buyers seeking out good-value locations. Whereas prices are now falling in year-on-year terms in markets like Dublin 6 and South County Dublin, they are rising by roughly 5% a year in areas like Dublin 10, Dublin 11 and Dublin 12.”

The national average asking price now stands at 215,000 euro compared to 202,000 euro a year ago and 164,000 euro at its lowest point.

In Dublin, prices rose by an average of 94,000 euro (42%) from the mid-2012 dip.

Outside the capital, the average increase has been 43,300 euro (32%) since the end of 2013.

Waterford was among the cities to have recorded the largest price hikes at 17.4% with Limerick’s 15.2% jump, a close second.

In Cork prices were 11.2% higher than the same period last year while in Galway they were up by 14%.

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Inflation outside the cities has varied from 9% in Munster to 12% in Connacht-Ulster, the report found.

Meanwhile, between March and June there were some 25,260 properties on the market – a rare increase after the nine-year low recorded earlier this year.


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