FIN­GAL HOMES COST €60K OVER AVER­AGE

DAFT.IE RE­PORT FINDS FIN­GAL PRICES WAY OVER NA­TIONAL AV­ER­AGES

Fingal Independent - - NEWS - By KEN PHE­LAN

THE aver­age price of a home in North County Dublin now stands at €315,427, an in­crease of 3.9% since last year, a re­cent re­port from Daft.ie claims.

Though house prices con­tin­ued to rise across the coun­try, the in­fla­tion rate of 6.6% in the third quar­ter of 2018 was down from 8.9% last year. In­fla­tion for Dublin stood at 5.9%, its low­est since late 2016, the re­port said.

Ac­cord­ing to the Daft.ie House Price Re­port Q3 2018, the slow­down in Dublin was due to in­creased sup­ply of hous­ing in the cap­i­tal, along with a large in­crease in es­tate houses be­ing com­pleted in the last 12 months.

‘The pre­vi­ous halt in Dublin hous­ing price in­fla­tion was driven by the in­tro­duc­tion of the Cen­tral Bank’s mort­gage rules,’ the re­port stated.

The Daft.ie re­port ex­plained: ‘Prices rose by over a third be­tween mid-2013 and late 2014 but by only a cou­ple of per­cent­age points in the fol­low­ing 18 months as the rules con­nect­ing hous­ing prices to the real econ­omy sank in.’

The re­port stated that whereas 3,350 prop­er­ties were for sale in Dublin in Septem­ber 2016, this fig­ure had risen to al­most 4,900 for Septem­ber 2018.

This, it claimed, had re­sulted in a more sta­ble sup­ply and de­mand dy­namic: ‘Both con­struc­tion and mar­ket-based mea­sures of sup­ply point to an im­por­tant change in mar­ket con­di­tions in the last 18 months: the mar­ket for es­tate homes, the three- and four-bed homes that are the typ­i­cal fo­cus of pol­i­cy­mak­ers, has steadily im­proved. The gap be­tween strong de­mand and weak sup­ply has nar­rowed in this spot­light seg­ment.’

The re­port stated: ‘As in pre­vi­ous re­ports, the pol­icy pri­or­ity must re­main on in­creas­ing the sup­ply of ur­ban apart­ments, so that our hous­ing stock bet­ter matches the likely fu­ture path of our ac­com­mo­da­tion needs – prin­ci­pally in cities and prin­ci­pally for house­holds of one or two per­sons.’

The re­port con­cluded that although the mar­ket was re­spond­ing to de­mand, ‘pol­icy fail­ures’ were still block­ing new apart­ment sup­ply from ‘com­ing on stream.’

Ac­cord­ing to the Daft.ie re­port, the aver­age price na­tion­ally for a home stands at €257,000.

That is putting Fin­gal house prices way above the na­tional aver­age by more than €60,000.

House prices in Fin­gal way over aver­age.

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