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September 22nd 2016 – House prices up 6.7% and fewer first-time purchasers buy homes, new CSO index shows

Posted by mario on September 22, 2016
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RTE.ie – September 21st 2016

The Central Statistic’s Office (CSO) new Residential Property Price Index for Ireland which covers all home sales now also includes cash sales and measures price changes with greater accuracy. Their latest property prices figures show that nationally prices have risen by 6.7% in the year up to July compared with an increase of 4.9% in June, and that last year first-time buyers’ share fell to just 24.4% of the market indicating the effect of the central bank ruling restraints whereas in 2010 FTB’s represented 53.1% of all residential property transactions.

The report also shows that in 2015  householders paid more for a house in Dublin 6 followed by Dublin 4 in 2015 than for any other postal district and paid the least for a home in D10.

We now know this trend is changing in 2016 with prices rising in Dublin in what were originally considered the more ‘unfashionable’ areas such as D10 (Ballyfermot), D12 (Walkinstown, Crumlin), D17 (Balgriffin), and are dipping in the more expensive areas of the city –  D2, 6, 14, and 18.

This tells us that people are being forced to reconsider where to look to buy their home based on their level of income versus property prices. There is also the distinct shortage of good quality homes on the market which are steadily driving up prices. Now is a prime time to present your property to the market. If you need tips or advice or you wish to know the value of your property, please contact Clare Connolly Property Consultants on +353 1 2164724 or +353 86 1618471

 

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