Friday 18 October 2019

Rate of property-price rises slows - but mid-west bucks trend

(Stock picture)
(Stock picture)
Charlie Weston

Charlie Weston

Property prices rose in the year to March, but at the slowest pace in six years.

New figures from the Central Statistics Office (CSO) show prices were up 3.9pc in the year to March, the slowest rate of rise since 2013.

It compares with an annualised increase of 12.6pc up to March last year. The market has begun to cool as previous rises have made property unaffordable.

The fact that buyers are hitting Central Bank-imposed lending restrictions means there is a limit to what they can afford to pay.

However, the mid-west region, which comprises Limerick, Clare and parts of Tipperary, saw a rise of 12pc. Across every county, prices were up 0.2pc in the month of March, reversing a trend which saw declines in the previous four months. It was the first monthly increase since October last year.

Prices in the capital were up 1.2pc in the year to March, according to the CSO. This was the lowest rise in seven years.

Residential property prices in Ireland, excluding Dublin, were 6.8pc higher in the year. The region outside of Dublin that saw the largest rise in property prices was the mid-west at 12pc, while the smallest rise was recorded in the mid-east at 1.6pc.

Households paid a median, or typical, price of €250,000 for a dwelling in March, the same as the previous month.

The CSO figures show that 44,458 residential property purchases were filed with Revenue in the year to March.

Some 31pc of these were by first-time buyers. Movers bought 52pc of the homes. Some 17.3pc were bought by non-occupiers.

This represented one in five purchases, and was made up of State bodies, such as local authorities and approved housing bodies, cuckoo funds and buy-to-let investors.

Irish Independent

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