Average House Prices See Largest Three-Month Gain In Nearly Two Years

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Average house prices increased by almost 4% from March to June – the largest three-month gain in nearly two years.

The latest daft.ie report has also found a slight increase in homes for sale around the country.

Average prices nationwide have increased by almost 10% over the last year to over €311,000 according to daft.ie.

It also found there are now slightly more homes available to buy than a year ago, for the first time since mid-2019.

The report also found the rural-urban gap in housing inflation continues to narrow, although rural areas are still seeing the largest increases.

Report author and economist, Ronan Lyons, says as stock increases and demand starts to soften, there could be a slow down in rising house prices this year;

As people are listening to people talk about interest rates going up, inflation, potentially recession, all of those things are weighing a little on the demand side as supplies are improving and that suggests to me that the second half of the year might be different to the last couple of years.”

Sinn Féin’s Housing spokesperson Eoin O’Broin says the government should be taking advantage of nervousness in the market;

We are hearing that there will be a nervousness among private developers and builders to commence new schemes next year. There could be good value for money for the state to step in and acquire those as turn keys.”

It comes as Barry McDonald, spokesperson for the Real Estate Alliance says up to 30 per cent of houses for sale in some parts of Dublin are due to landlords selling up;

Those landlords exiting the market is having a very worrying effect on the rental market. Its incredibly challenging right now for those looking for a house to rent.”