Friday 23 February 2018

Homes are beyond the reach of normal working families

In the capital prices are surging at more than twice that rate – rising by €1,300 a week, the Irish Independent can reveal. (stock image)
In the capital prices are surging at more than twice that rate – rising by €1,300 a week, the Irish Independent can reveal. (stock image)
Mark Keenan

Mark Keenan

The price of an average semi-detached Dublin home is €1,300 more than it was just one week ago, as the property crisis continues to escalate.

Prices in the capital are surging at more than twice the rate or the rest of the country, where prices are surging by €500 a week, the Irish Independent can reveal.

Three-bed semis, the most common family home type, are now increasing in price almost twice as fast as they were a year ago.

The startling trend continues to push basic family homes well beyond the reach of working families.

Overall, the average house price across the country has risen by 11.2pc over the past 12 months - this compares with 6pc in the year to September 2016.

The figures are published today in the Irish Independent/Real Estate Alliance (REA) Average House Price Survey.

"Supply is the main driver of these continuing price rises, with our agents reporting that the volume of listings is down around the country," said REA spokesperson Healy Hynes.

"In what is becoming a vicious circle, families looking to trade up are not seeing the larger homes becoming available, while empty-nesters looking to downsize do not have a ready supply of smaller homes emerging on the market."

Irish Independent

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