Wednesday 22 May 2019

Fingal homes €60k above average report finds local prices way over national average

House prices in Fingal are way above average
House prices in Fingal are way above average

Ken Phelan

The average price of a home in North County Dublin now stands at €315,427, an increase of 3.9% since last year, a recent report from claims.

Though house prices continued to rise across the country, the inflation rate of 6.6% in the third quarter of 2018 was down from 8.9% last year. Inflation for Dublin stood at 5.9%, its lowest since late 2016, the report said.

According to the House Price Report Q3 2018, the slowdown in Dublin was due to increased supply of housing in the capital, along with a large increase in estate houses being completed in the last 12 months.

'The previous halt in Dublin housing price inflation was driven by the introduction of the Central Bank's mortgage rules,' the report stated.

The report explained: 'Prices rose by over a third between mid-2013 and late 2014 but by only a couple of percentage points in the following 18 months as the rules connecting housing prices to the real economy sank in.'

The report stated that whereas 3,350 properties were for sale in Dublin in September 2016, this figure had risen to almost 4,900 for September 2018.

This, it claimed, had resulted in a more stable supply and demand dynamic: 'Both construction and market-based measures of supply point to an important change in market conditions in the last 18 months: the market for estate homes, the three- and four-bed homes that are the typical focus of policymakers, has steadily improved. The gap between strong demand and weak supply has narrowed in this spotlight segment.'

The report stated: 'As in previous reports, the policy priority must remain on increasing the supply of urban apartments, so that our housing stock better matches the likely future path of our accommodation needs - principally in cities and principally for households of one or two persons.'

The report concluded that although the market was responding to demand, 'policy failures' were still blocking new apartment supply from 'coming on stream.'

According to the report, the average price nationally for a home stands at €257,000.

That is putting Fingal house prices way above the national average by more than €60,000.

Fingal Independent