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Property prices up in February but massive disruption is expected

 

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Economist with Davy Stockbrokers, Conall Mac Coille, said the Covid-19 business and travel restrictions have led to a collapse in housing tractions in March and this month (stock photo)

Economist with Davy Stockbrokers, Conall Mac Coille, said the Covid-19 business and travel restrictions have led to a collapse in housing tractions in March and this month (stock photo)

Economist with Davy Stockbrokers, Conall Mac Coille, said the Covid-19 business and travel restrictions have led to a collapse in housing tractions in March and this month (stock photo)

Property prices increased in the year to February, but the impact of the pandemic is likely to have seen values in freefall since then.

The latest figures from the Central Statistics Office show that nationally prices were up by 1.1pc in February compared with a year previously.

In Dublin, residential property prices decreased by 0.1pc in the year to February.

Very few homes sales are being completed. And Covid-19 has halted the construction of thousands of new homes, construction experts say.

The CSO said that in February the highest house price growth in Dublin was in Fingal at 3.4pc, while Dún Laoghaire-Rathdown saw a decline of 2.9pc.

Prices in areas excluding Dublin were 2.4pc higher, as the regions were playing catch-up after taking longer to recover.

The region outside of Dublin that saw the largest rise in house prices was the Border at 7.6pc. At the other end of the scale, the south-east saw a 1.2pc decline.

The Dublin region had the highest median price at €370,000.

Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price at €525,000, while South Dublin had the lowest at €346,000, the CSO said.

Economist with Davy Stockbrokers, Conall Mac Coille, said the Covid-19 business and travel restrictions have led to a collapse in housing tractions in March and this month.

Transactions this month on the State's Property Price Register were down 40pc.

"This trend will likely continue as the impact of Covid-19 business and travel restrictions are felt. Even before the restrictions were tightened, estate agents and home-builders had stopped open viewings," he said.

Mr Mac Coille said transactions could fall to a negligible level, preventing the CSO from publishing house price inflation figures for April.

Irish Independent