Housing price inflation is at a ten year high, according to a report published today by Daft.ie. The report shows that house prices have risen 3% nationally during the second quarter of the year. The figures also show a rise in prices across the Western region.
There has been an increase in all the 26 counties surveyed. In Mayo, the average price of a home has inflated by 7.9% on this time last year, now standing at over €230,000. In Co. Galway, prices have inflated by 13.7%, to reach nearly €320,000 on average. It’s the same story in Roscommon and Sligo, where the average price of a home has increased by 9.7%, and 5.2% respectively, when compared to the same period last year.
The report claims that from March to June of this year, prices rose by a 3% average nationally.
As well as this, Daft.ie examined the average price of a newly-built home in the same three month period. They report that in Mayo, €350,000 is the median price of a newly-built house. In Galway, that’s even higher, sitting at €420,000.
Despite the news of increasing prices, the report claims there are signs of progress in the housing sector. Ronan Lyons, the associate professor of economics at Trinity College Dublin, says that the number of homes for sale on June 1st was 12,000, compared to below 9,300 on March 1st of this year, indicating more homes are entering the market. He notes though that a healthy market should have at least 30,000 homes for sale.”
