Monday 25 March 2019

Residential property prices rose in year to January

Prices increased by 5.6pc nationally in the year to January
Prices increased by 5.6pc nationally in the year to January
Charlie Weston

Charlie Weston

Residential property prices rose again in January, but the rate of increase continues to ease.

Prices increased by 5.6pc nationally in the year to January. This compares with an increase of 11.8pc in the twelve months to January last year.

In the month of January prices actually fell by 0.4pc. It was the third month in a row that prices fell on a monthly basis.

Dublin property prices rose by 1.9pc in the year to January, according to the Central Statistics Office.

Prices in the rest of the country were 9.5pc higher in the year to January.

The region outside of Dublin that saw the largest rise in property prices was the mid-west at 16.5pc, while the smallest rise was recorded in the mid-east at 5.1pc.

Households paid a median, or typical, price of €250,000 for a dwelling on the residential property market in the first month of the year.

The Dublin region had the highest median price at €368,000 in the year to January.

Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price at €537,367, while Fingal had the lowest at €330,000, the CSO said.

The highest median prices outside Dublin were in Wicklow at €317,500, while the lowest were €98,373 in Longford and €100,000 in Leitrim.

Meanwhile, consumer prices rose last month on the back of higher rents and energy bills.

Average prices rose by 0.6pc in February on an annual basis, the Central Statistics Office said.

On a monthly basis, prices were up 0.8pc, as the cost of airfares and hotel accommodation were higher in the month, and clothing and footwear prices were up due to the ending of the January sales.

The CSO said that the cost of housing, water, electricity, gas and other fuels rose by 4pc in February compared with the same month last year.

And the fall-out from the restoration of the 13.5pc VAT rate for the hospitality sector continues, with prices in restaurants and hotels up 3.6pc.

The cost of hairdressing was also up. The sector was impacted by the VAT change.

Newspapers prices were 5.7pc in the year to February, as many publications hiked their prices at the start of the year.

The figures show lower prices for health and motor insurance premiums, as well as a fall in prices of appliances and products for personal care.

Transport costs were down due to lower air fares, which was partially offset by an increase in the cost of buying a new car.

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