House prices rise as the number on the market falls

HOUSE prices in Wexford in the final three months of 2017 were nine per cent higher than in the same period a year earlier, according compared to the latest Daft.ie survey.

This compares to a rise of 10 per cent seen a year ago. The average house price in the Model County is now €193,000, 54 per cent above its lowest point.

House prices nationally rose by 9.2 per cent over the comparitive period with average prices now quoted at €193,000, reflecting a rise of 47 per cent or just over €76,500.

In Dublin, prices rose by 11.7 per cent during the year, the first year since 2014 the rate of inflation in the capital exceeds the national average. In Cork, the change in prices during 2017 was 5.1 per cent, while in Galway the figure was 8.1 per cent. In Limerick city, prices rose by 6.9 per cent during the year, while in Waterford, the increase was 8.6 per cent. Outside the main cities, prices rose by 7.5 per cent during 2017.

The number of properties available to buy on the market nationwide continues to fall.

There were just over 21,000 properties on the market on December 1, 2.6 per cent lower than the same date a year previously. The total number of properties available has now fallen yearon-year for 100 months, having been above 62,000 in late 2009. Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said the main feature of the property market in 2017 was just how different the second half was from the first. ‘ The first half of the year saw prices jump by 9% in six months, as the relaxation of Central Bank rules for first-time buyers was factored into prices. But the second half of the year saw almost no change in prices, as those very same rules linking mortgages to the real economy placed a break on prices,’ he said.

‘ The overall picture of the market remains one of strong demand, but very tight supply, in particular of new homes.’