Monday 24 October 2016

Property prices rise despite Central Bank mortgage rules

Charlie Weston, Personal Finance Editor

Published 27/01/2016 | 11:35

THE price of properties rose last month, despite Central Bank mortgage lending rules imposed in a bid to dampen down price growth.

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Property prices increased by 6.6pc in the year to December, after rising by 0.5pc in the month, the Central Statistics Office said.

The rise in December compared with a fall in prices nationally in the previous month.

In Dublin, residential property prices fell by 0.5pc in December, but were 2.6pc higher than a year ago. 

Dublin apartment prices were 7.8pc higher when compared with the same month of 2014.

Outside the capital, prices rose by 1.2pc in December, according to the CSO. Prices were 10.2pc higher outside Dublin than the same month a year previously.

Meanwhile, separate figures from the banks shows a slowdown in the numbers approved for a mortgage, but the average size of mortgage approval has hit €200,000.

Experts said those qualifying for a mortgage were now borrowing more, bidding up prices.

The Banking and Payments Federation Ireland (BPFI) said there was an average of 2,375 mortgages approved per month in the three months ending December 2015.

This is down 400 on the same month last year.

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