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Saturday 21 September 2019

The crash is over as house prices rise in all locations

But new Central Bank rules may skew the market

Houses are selling for more than the bank threshold.
Houses are selling for more than the bank threshold.
Mark Keenan

Mark Keenan

The property crash is over throughout Ireland. Figures from an Irish Independent survey published today show that prices have risen or stabilised in all locations for the first time since 2007.

'How Much Is Your House Worth? 2015', a study of the movement of all property types through 64 local markets, shows that all but a handful of areas have seen prices rising through the past 12 months.

Independent.ie 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. 

All areas, except for a few locations in parts of Dublin and Limerick, are predicting price increases for the year ahead.

Around the country many counties turned in rises well ahead of those recorded in the capital, where a handful of postcodes showed price growth of 25pc for the year.

Previously stricken markets sprang back with surprising vigour in some counties - as a well of pent-up demand burst on to the home-buying trail.

Monaghan, where prices fell by 14pc through 2013, saw values surge by 26pc as buyers returned and found not enough property to meet demand. Offaly, which saw prices fall by 12pc in 2013, saw prices spring back by 12pc; while Laois, which had prices cut by 5pc in 2013, saw prices jump by a 27pc.

There was evidence that a shortage of housing is not just a Dublin problem any more - prices rose fastest in towns in commuter counties where postponed buyers in search of semi-ds ran into a lack of supply.

As a result, the price of average homes in north Wicklow jumped by 50pc, Meath surged by 30pc, south Kildare prices rose by 45pc and north Kildare by 22pc.

Estate agent Enda Smith of Colm McEvoy Auctioneers, Kildare said the market was "like an iceberg melting from the inside out".

"As the prices in Dublin rise, the impact spreads out to the towns of Co Dublin and as those prices rise, then so do those on the periphery such as Naas and Newbridge."

However, he admitted that the effect had not carried all the way through the county, and towns such as Athy and Monasterevin were still showing signs of flat prices.

There was steadier price growth in Cork and Galway cities with Cork city centre prices up 7pc, the south and north suburbs both up 8pc; while the west suburbs which include Bishopstown and Wilton saw values hike by 13pc because the area has a good stock of regular family semis.

The west and north county areas both saw values rise 15pc and the east county area had 10pc hikes in the values of average properties.

Galway city prices rose by 9pc on the back of an investor surge while the county area saw higher rises at 12pc, helped by commuter demand.

Limerick was the least lively market. Prices in the county area and the city suburbs both flatlined.

However, city centre prices went up 12pc as investors surged in to take advantage of prices on the bottom with cash. This happened in Dublin in 2012 and in Cork in 2013, and is the earliest sign that a local market is starting to recover.

Many estate agents named semi- detached homes as the most common type in their counties overall.

Irish Independent

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