Pat Flanagan
However the market appears to be cooling down overall
The only way is still up when it comes to property with prices in May rising at their fastest monthly rate since late last year.
But overall the market appears to be cooling down as official figures show house prices nationwide rose by 2.8% in the year to May compared with massive increase of 12.4% in the 12 months to May last year.
On a monthly basis, residential property prices nationally increased by 0.5%, up from 0.2% in April, the figures from the Central Statistics Office show.
It is believed that the slow down in price rises in the last 12 months is down to prospective buyers’ having to pay spiralling rents and not being able to get a deposit together.
The figures show that the highest house price growth was recorded in South Dublin at 4%, while prices in Dun Laoghaire-Rathdown saw a drop of 2.6%.
The statistics reveal that Dublin residential property prices rose by 0.6% in the year to May, with house prices up 0.4% and apartment prices rising by 0.8%.
On the other hand residential property prices in the rest of Ireland grew by 5.1% in the year to May, with house prices up by 5.2% and apartment prices rising by 5.2%.
Price rises vary in different regions with the figures showing that the region outside of Dublin with the largest rise in home prices was the Border at 15.2%, while the smallest rise was recorded in the Mid-East at 0.5%.
The CSO stated that property prices nationally have increased by 82.6% from their low point in early 2013 while Dublin residential property prices have risen 93.4% from their February 2012 low.
Prices in the rest of the country are 79.9% higher than their trough in May 2013.
Joey Sheahan, head of credit at MyMortgages.ie said the latest CSO figures underpins the need to extend and expand the government’s Help to Buy Scheme which assists
He said: “Yes, price growth has slowed, but ultimately, prices are still rising – and faster in some parts of the country than others. “This means that thousands people are still finding it difficult, if not impossible, to get the deposit they need together to purchase a property they want.
“While it’s widely accepted by many that the Help to Buy (HTB) Scheme should be extended past its December 2019 deadline to help struggling First Time Buyers (FTB) in Ireland, less attention has been paid to their second time buyer peers – who too are finding the property market challenging as evidenced by their falling mortgage approval numbers.”
The latest figures show that consumers paid a median price of €251,000 for a home on the residential property market in the 12 months to May while the Dublin region had the highest median price of €366,000 in the same period.
The lowest median price paid for a home was €100,000 in Leitrim.
Source Irish Mirror: https://www.irishmirror.ie/news/irish-news/irish-house-prices-rose-fastest-17798445
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regulated by the Central Bank of Ireland.
