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Extra.ie
10 hours ago
- Business
- Extra.ie
House prices are rising at fastest rate in TEN years
House prices are spiralling at their fastest rate in ten years to a new average cost of almost €358,000, a new report shows. The typical listed price nationwide in the first half of the year is €357,851 – 12.3% higher than the previous year and 40% higher than at the onset of the Covid pandemic. Today's top videos STORY CONTINUES BELOW Prices nationally rose by an average of 3%, according to the latest House Price Report, released on Monday. House prices are spiralling at their fastest rate in ten years to a new average cost of almost €358,000. Pic: Getty Images The current rate of inflation in the market is the highest seen in the ten years since the Central Bank's mortgage lending rules were introduced. The surge in inflation is relatively broadly based, with the Dublin figure of 12.3% in line with the average for the rest of the country. In the rest of Leinster, the annual increase in prices is 14.3% – close to the average in Limerick city at 12.8% and Galway city on 12.5%. In Waterford city, the rate is higher again at 15.2% while in Cork city the increase in prices is slower at 8.6%. The report also shows that average prices in Dublin stand at €467,913, while the figure is €426,348 in Galway city, €369,938 in Cork city and €311,086 in Limerick city. The rest of the country has average house costs of €309,954, which is up 12.5%. Prices nationally rose by an average of 3%. Pic: Getty Images The report found that the strong increases in housing prices are related, once again, to 'very tight supply'. The number of second-hand homes available to buy nationwide on June 1 stood at close to 12,100. This is largely unchanged from the figure a year ago and less than half the pre-Covid average of almost 25,000. Report author Ronan Lyons, associate economics professor at Trinity College Dublin, explained that the fastest increase in prices since mortgage lending rules were introduced a decade ago highlights the importance of addressing Ireland's 'chronic and worsening' housing shortage. The current rate of inflation in the market is the highest seen in the ten years since the Central Bank's mortgage lending rules were introduced. Pic: Getty Images The mortgage rules restrict first-time buyers to borrowing up to four times their gross annual income, while second/subsequent buyers can borrow up to 3.5 times their gross annual income. All buyers also need a minimum deposit of 10%. Mr Lyons said: 'The substantial increases over the past year in almost all parts of the country are linked to the lack of second-hand supply. This in turn is related to the increase in interest rates earlier in the decade.' Housing campaigner David Hall said: 'The State needs to build more houses. 'We are running out of time as there isn't an endless supply of emergency accommodation and we already see that with 15,000 people on our streets.'
Irish Independent
11 hours ago
- Business
- Irish Independent
Roscommon house prices rise yet again amid ‘increasingly low' supply
Amid warnings of 'increasingly low' supply in the county, the average house price now stands at €228,883. According to the latest House Price Report, house prices in Roscommon are up 4.9pc on the previous quarter. Every house type in Roscommon has risen in the past year, with one-bedroom apartments rising 25.4pc to €93,000. Four-bedroom bungalows, meanwhile, stand at €283,000 (up 13.0pc) while five-bedroom detached houses now stand at €278,000 on average (up 7.9pc). Roscommon recorded the third-highest annual increase in house prices, behind County Galway and Galway City, where prices increased by double digits respectively. Separately, the Real Estate Alliance has found that the average three-bed second-hand semi-detached house in County Roscommon has risen to €265,000, up 1.9pc from the previous quarter. In Roscommon town, prices are up 1.6pc to €310,000, In Castlerea house prices are up 2.3pc to an average of €220,000, the Q2 REA Average House Price Index shows. The average time taken to sell a house stands at four weeks. Seamus Carthy of REA Seamus Carthy, a Roscommon town-based auctioneer, said: 'Supply for desired stock is becoming increasingly low in the county, with demand for ready-to-go family homes at the top of the list. 'Supply of older stock and refurbishment projects is improving but difficulty securing tradespeople may be dampening the desire among some, which could counteract the grants benefit of such a property. ADVERTISEMENT 'We are seeing a shift, as landlords begin to bed in again and hold on to property for the long term.' The RED survey found that 70pc of purchasers in County Roscommon were first-time buyers. Meanwhile, 20pc of sales in the county this quarter were attributed to landlords leaving the market. Agents across the count also y reported that the BER ratings of properties saw A-rated properties command 25pc price increases in comparison to comparable C-rated properties.
Irish Independent
12 hours ago
- Business
- Irish Independent
Mayo records notable house price increases amid ‘very low supply'
According to the latest House Price Report, the average house price in Mayo in Q2 of 2025 stood at €234,406. This is 52.3pc higher than pre-Covid prices and 4.1pc higher than the previous quarter. Every house type in Mayo recorded an increase in prices. Most notable was the price of a one-bedroom apartment, which jumped from 23.4pc to €102,000. This comes amid a nationwide annual increase in house prices. County Laois recorded the biggest annual increase, rising 16.6pc to €284,031 while Monaghan rose 2.2 pc to €245,222. Dr Ronan Lyons, author of the House Price Report, said the housing market was 'starved of supply' at present. 'The underlying reason is largely unchanged. There are simply too few homes on the market at the moment,' he said. Today (Monday, June 23) there are 868 properties in Mayo listed for sale on Elsewhere, the Real Estate Alliance (REA) has found that the average price of a second-hand three-bed semi-detached house in Mayo has increased to €265,000. This represents a 8.2pc increase in just three months – the highest increase of any area recorded during that period. According to the Q2 REA Average House Price Index, the average time taken to sell a property has increased by one week to a total of five. 'We are experiencing very low supply, with a total of just seven properties sold in Castlebar in this quarter,' said Robert McGreal of REA McGreal Burke. 'There are eleven properties on market currently with an average of €265,000 as well.' ADVERTISEMENT The survey shows that across the county, 50pc of purchasers were first-time buyers. A 20pc of sales in Mayo this quarter were attributed to landlords leaving the market. Additionally, agents across the county reported that the BER ratings of properties saw A-rated properties command 28pc price increases in comparison to comparable C-rated properties. Castlebar-based auctioneer Kevin Beirne told the Irish Independent that new building regulations were contributing to house price inflation. 'There is such a different now between a modern new home with all the building regulations and the energy efficiency of them, that's why there is such a difference in the price. Building materials and triple-glazed windows and all that are longer lasting,' he said.
Irish Daily Mirror
13 hours ago
- Business
- Irish Daily Mirror
House price inflation in Ireland hits 10-year high, report shows
Housing prices nationally rose by an average of three per cent during the second quarter of this year, according to the latest House Price Report. The typical listed price nationwide in the second quarter of the year was €357,851, 12.3 per cent higher than a year previously and 40 per cent higher than at the onset of the Covid-19 pandemic. The current rate of inflation in the market is the highest seen in the ten years since mortgage market rules were introduced. The surge in inflation is relatively broadly based, with the Dublin figure (12.3 per cent) in line with the average for the rest of the country. In the rest of Leinster, the annual increase in prices is 14.3 per cent. Inflation is also close to the national average in Galway city (12.5 per cent) and Limerick city (12.8 per cent). In Waterford city, the rate is higher again (15.2 per cent) while in Cork city (8.6 per cent) the increase in prices is slower. The strong increases in housing prices are related, once again, to very tight supply. The number of second-hand homes available to buy nationwide on June 1st stood at close to 12,100. This is largely unchanged from the figure a year ago and less than half the pre-covid average of almost 25,000. Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: 'The fastest increase in housing prices since mortgage market rules were introduced a decade ago highlights the importance of addressing Ireland's chronic and worsening housing shortage. 'The substantial increases over the past year in almost all parts of the country are linked to the lack of second-hand supply. This in turn is related to the increase in interest rates earlier in the decade. As interest rates come down and mortgage-holders come off their fixed rate terms, the picture for second-hand supply will improve. 'There are already some tentative signs in Dublin of an increase in second-hand supply. Nonetheless, the second-hand market is only part of the solution. Ultimately, policymakers have to address their failure to recognise and provide the framework for enough new homes each year.' Average list price and year-on-year change:
RTÉ News
a day ago
- Business
- RTÉ News
House asking prices rose by average of 12% in last year
Asking prices for houses have risen by an average of 12.3% to €357,851 in the past year, according to the latest House Price Report. The report notes that this rate of house-price inflation is the highest since the Central Bank's mortgage-lending rules were introduced in 2015. The rules, which are still in effect, limit the amount of money homebuyers can borrow based on their incomes - as well as the loan-to-value ratio. The property website said asking prices nationally increased by 3% between April and late June of this year, and are now 40% higher than at the outset of the Covid-19 pandemic in 2020. According to the report, since this time last year asking prices in Dublin have gone up in line with the national inflation figure of 12.3% (to €467,913), while house prices in Limerick city (+12.8% to €311,086) and Galway city (+12.5% to €426,348) have gone up by a similar figure. However, the research suggests Waterford city asking prices are 15.2% higher year-on-year at €276,420, with the increase for Cork coming in at 8.6% (to €369,938). Daft said the strong increases in asking prices for houses are related to very tight supply. It notes the number of second-hand homes available to buy across the country at the beginning of June was around 12,100, with this figure largely unchanged from a year ago and less than half the pre-covid average of almost 25,000. Commenting on the findings, report author and Trinity College Dublin economist Ronan Lyons said: "The fastest increase in housing prices since mortgage market rules were introduced a decade ago highlights the importance of addressing Ireland's chronic and worsening housing shortage. "The substantial increases over the past year in almost all parts of the country are linked to the lack of second-hand supply. This in turn is related to the increase in interest rates earlier in the decade. "As interest rates come down and mortgage-holders come off their fixed rate terms, the picture for second-hand supply will improve. "There are already some tentative signs in Dublin of an increase in second-hand supply. Nonetheless, the second-hand market is only part of the solution. Ultimately, policymakers have to address their failure to recognise and provide the framework for enough new homes each year."
