HOUSE PRICES UP 50 % SINCE 2013

demand outstrips supply

IRISH house prices are continuing to rise with the average home now costing 7% more than it did a year ago, it has been revealed.

A report by the Daft.ie property website also found the asking prices are 50% higher than in 2013. In Dublin, that rises to a 67% increase since 2012. Across the country there was a 2% hike in asking prices in the first three months of this year compared to the last quarter of 2017.

The current average advertised cost of a home is €247,000.

However, in Dublin it is €368,356, up 2.3% in the first quarter of the year.

Report author Ronan Lyons, an economics professor at Trinity College Dublin, said the numbers will not shock house hunters.

He added: “The figures are unlikely to surprise many who have an interest in the market.

“Comparing prices in the first three months of 2018 with those in the final three months of 2017, they rose in 53 of the 54 markets, with only Monaghan recording a slight fall.

“Compared with prices a year ago, only Donegal has seen a fall.”

“It is, in other words, a market that continues to see almost across-the-board strong price increases.”

The problem remains there is a lack of properties while a huge demand.

Prof Lyons added: “Planning permission was granted for a little over 5,000 apartments, nationwide, in 2017, and for 20,000 dwellings in total – less than half the likely demand.

“It is often said the mantra in the housing market is ‘location, location, location’. For housing policy in Ireland, it needs to be ‘supply, supply, supply’.”

increase in average house prices in Ireland during the past year

hike in the average price of a home in Dublin since 2012