House prices across County Cork are now 8% higher than a year ago

HOUSE prices are only going one way and that’s up as houses nationally rose by more than €20,000 on average during 2017.

That is according to the latest House Price Report released by Daft.ie.

With prices stable in the final quarter of the year, this means that the average price was almost €241,000, 9.2% higher than a year ago. Compared to their lowest point in 2013, prices nationwide have risen by an average of almost 47% or just over €76,500.

In Cork City, prices in the final three months of 2017 were 5% higher than a year previously, compared to a rise of 9% seen a year ago. The average house price is now €261,000 - which is a staggering 59% above its lowest point.

In the rest of Cork, prices in the final three months of 2017 were 8% higher than a year previously, compared to a rise of 12% seen a year ago. The average house price is now €207,000, 45% above its lowest point.

In the capital, prices rose by 11.7% during the year, the first year since 2014 the rate of inflation in the capital exceeded the national average. In Galway, the change in prices during 2017 was 8.1%. In Limerick city, prices rose by 6.9% during the year, and in Waterford, it was 8.6%. Outside the main cities, prices rose by 7.5% 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 1st, 2.6% lower than the same date a year previously. The total number of properties available has now fallen year-on-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 brake on prices. “The overall picture of the market remains one of strong demand but very tight supply, in particular of new homes. As we enter 2018, increasing supply – especially of apartments in Ireland’s major cities – must become the key success metric for policymakers.”

Martin Clancy from Daft.ie said they are seeing over 1,000 property searches taking place every minute on Daft.ie.