Thursday 18 July 2019

Rate of property price rises eases nationally - but largest hike recorded in the Mid-West

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Charlie Weston Personal Finance Editor

There has been another slow-down in the rate of increase in property prices.

Prices rose by 7.1pc nationally in the year to November.

But this compares with rises of 8.4pc in the year to November. A year ago prices were going up at a rate of 11pc, according to the Central Statistics Office.

Dublin prices rose by 5pc in the year to November.

Central Bank mortgage lending rules are squeezing buyers out of the market in the capital, according to economists.

Outside the capital much sharper rises were recorded. Prices were up by 9.3pc annually in November in the rest of the country.

The region outside of Dublin that saw the largest rise in property prices was the Mid-West at 21pc, while the smallest rise was recorded in the Border region at 6.1pc.

There was a fall in the typical price paid for a property across the country.

The median, or middle price, was €250,000 in November. This is down €6,000 from the previous month. It is the first time in years that they median price has fallen.

But statisticians warned that it was just one month’s fall and was not indicative of a trend yet.

Overall, the national property price index is 18pc lower than its highest level in 2007.

Dublin residential property prices are 21pc lower than their February 2007 peak, while residential property prices in the rest of Ireland are 22.6pc lower than their May 2007 peak.

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