Saturday 21 September 2019

How much is your house worth in 2015?

Whatever type of home you own and wherever you live in Ireland, we have the answer

'Almost all' houses outside capital expected to see price rises this year, the Irish Independent 'How Much Is Your House Worth? 2015' report reveals.

Other key findings include: Guide to House Prices in Ireland

We have surveyed estate agents in every corner of the country to bring you the most comprehensive guide to house prices in Ireland. Whatever type of home and area you are interested in, the details are just a click away using the links below. 

- Prices in commuter counties experienced the biggest price surge

-Some regional price rises surge ahead of Dublin's with up to 50pc hikes experienced in 12 months

-Supply is now a problem all over the country

-Semi-detached houses are now the most common type in many counties and...

-Central Bank 20pc deposit measures are set to flatline prices in parts of Dublin

The question 'How Much Is Your House Worth?' is a particularly pertinent one right now - especially given the extraordinarily uneven performance of local property markets that we have witnessed across the country through the last 12 months.

While Ireland's property market overall continues in recovery mode, different locations countrywide are moving at wildly varying paces and it is apparent there are at least three tiers of movement. How your home's value performed depended very much on the area you lived in and at what point it is currently at in the recovery cycle.

If you live in North County Wicklow, after very little alteration to its value last year, your home's worth might have increased by a whopping 50pc in the last 12 months. North Wicklow is the micromarket with the fastest growth of all of the 64 micromarkets analysed here today in How Much is Your House Worth? 2015 - the most up-to-date and comprehensive study of Irish property prices available to you.

If you lived in Limerick's city suburbs or its county area, then chances are your home's value didn't budge by one jot through the year - what's more, it's unlikely to add value this year according to our local experts, who cite a lively market but a stubborn unwillingness by Limerick locals to pay more.

Dublin's markets, which were the first to recover from the crash, first saw prices surging at a truly unnerving pace through most of the last 12 months when prices often increased by 2pc per month.Ferocious competition from buyers chasing and an acute shortage of property meant that by the third quarter, it looked like Dublin would turn in price growth of 20pc by year's end.

However, the Central Bank stepped in with news of stringent new lending measures designed to head off reckless lending and cool property prices. Simple discussion over proposals for a 20pc enforced deposit and 3.5 times income to lending ratios were enough to put the brakes on. By year's end most markets in the capital were sluggish and as we head into 2015, our local experts are predicting half to a third, or even no growth at all, in Dublin's markets.

Even so, the last 12 months has seen some more sought-after Dublin suburbs experience very high value hikes of 25pc (notably Dublin 8 and Dublin 2) while Dublin 4, Dublin 12 and North County Dublin all saw price inflation hitting 20pc.

But in working class areas especially, it has become apparent that the Central Bank clamp down on lending may lead to wholly static prices in the 12 months ahead, as the most hard-pressed home buyers of all are sent packing after years of hard saving to acquire their first home.

Commuter counties saw prices surging the most as Wicklow North (50pc up), Kildare South (45pc up), Meath (35pc up), Laois (30pc up) and Kildare North (22pc up) surged on the back of an influx of priced-out Dubliners seeking affordable homes.

Elsewhere Cork City's markets saw the continuation of steady growth (7pc to 8pc hikes) as did Galway City (9pc). In rural Ireland the counties which recovered strongest through the year were those which had languished and had prices falling hard until last year. In these locations, bank lending commenced again and when postponed buyers realised the bottom had been reached, they jumped in together and sent prices surging, albeit from a very low base in the first place.

Monaghan, where prices had fallen 14pc in 2013, saw its prices hike by 26pc. Laois, down 5pc last year, saw its prices rise by 30pc and Offaly, which saw prices fall 12pc saw prices recover that ground in the last 12 months.

It was a common theme that counties which saw price decreases until a year or two ago, are already experiencing acute shortages of homes where demand has suddenly increased but where no new properties have been constructed for seven years.

Add to this the fact that it may be a year before new home construction becomes financially plausible again and you have the recipe for another year of property price inflation.

So amidst the varying paces of recovery and cooling among local micromarkets the question remains: How much is your house worth? Today the Irish Independent answers this question.

Whether you live in a cottage in Clare, a three-bed semi in Dublin 15 or a two-bed apartment in Limerick City Centre, we will tell you how much your home is worth today, what it was worth a year ago and how much your local professional valuer forecasts it will be worth in 12 month's time.

Unlike the Property Price Register, which is two to four months behind, and the delayed Central Statistics Office (CSO) house price data and those surveys based on largely irrelevant asking prices, our study is current and based on today's valuations of average property types in your area today.

To do this we have analysed the value movement of 37 different property types across 64 individual local micromarkets and utilised the expertise of more than 70 local valuers.

How much is your house worth? The Irish Independent has the answer.

Irish Independent

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