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Thursday, August 5, 2021

House prices rising faster outside Dublin, according to reports

Two separate reports from Draft.ie and MyHome.ie have revealed that housing prices have risen by 13% in the second quarter of the year when compared to the same period last year, with both pieces of research discovering that prices have risen at a much higher rate outside Dublin.

MyHome.ie found that housing prices in Dublin rose by 10.6% every year while prices outside Dublin jumped 13.6%.

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Draft.ie revealed that when compared to the April-to-June period in 2020, asking prices are up 18% in Munster, 16.1% in Leinster and 15% in Connacht/Ulster. In the same period, Dublin prices were 8.4% higher.

Between the first and second quarters of the year, MyHome.ie found that housing prices rose nationally by 6.7%, outside Dublin by 7.4% and inside Dublin by 4%.

According to MyHome.ie, the average national asking price for a home is now €303,000, while in Dublin it’s €412,000 and €254,000 outside of Dublin.

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Although asking prices are increasing, the supply of homes has remained restricted, with the total number of properties available to buy on June 1st being above 12,300 which is a slight rise from 11,900 in March.

The overall availability of houses for sale nationwide is one third lower than last year and just half the amount for sale in 2019.

Trinity College economist and author of the Draft.ie House Price Report ‘Ronan Lyons’ stated, “Unlike much of the last decade, when urban centres drove house price inflation, the Covid-19 housing market has seen the opposite trend. Inflation is less severe in Dublin than elsewhere and, outside Dublin, less severe in the other cities than the rest of the country.”

Davy chief-economist and author of the MyHome.ie report Conall MacCoille stated that he expects house price inflation to reach 8% this year.

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