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Extra.ie
27-07-2025
- Business
- Extra.ie
Why couples on €100k can't afford vast bulk of three-bedroom semi-Ds
Property prices are now so high that a couple on a combined income of more than €100,000 will only be able to afford an average-priced new three-bed semi in one of five locations nationwide, a new housing report shows. The couple also need a minimum 10% deposit under the Central Bank's lending rules. Adding to the burden, estate agents expect prices to increase by an average of 5% over the next 12 months. Up to 70% of agents report that low supply is the main driver of house price inflation. Some 60% believe prices are increasing but will level off soon, while another 18% believe they have peaked. Fianna Fáil leader Micheál Martin and Fine Gael leader Simon Harris. Pic: Sasko Lazarov/ Some 88% of estate agents describe current residential property prices as 'expensive' or 'very expensive' – that's up from 83% in January. The Society of Chartered Surveyors Ireland (SCSI) Residential Mid-Year Market Monitor 2025 report highlights that affordability challenges have intensified for first-time buyers. The average typical listed price for a three-bed semi in the first six months of this year is €357,850, 12.3% higher than a year previously and 40% higher than at the onset of Covid. In the most expensive counties outside Dublin, a couple will face a shortfall of €65,200 in Wicklow and €22,000 in Kildare for that house type. The current rate of inflation in the market is the highest seen in the decade since mortgage market 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, according to the latest House Price Report. In the rest of Leinster, the annual increase in prices is 14.3%, whereas inflation is close to the national average in both Limerick city at 12.8% and Galway city at 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%. Areas around the country highlighted by the report show that prices in Dublin stand at €467,913, up 12.3%. A Galway city average house costs €426,348, which is up 12.5%, followed by Cork city at €369,938 – up 8.6%. Limerick city stands at €311,086 – up 12.8%. The rest of the country has average house costs reaching €309,954 which is up 12.5%. Pic: Shutterstock SCSI president Gerard O'Toole said the report indicated mounting concern over the supply of housing and a recent slowdown in home-building. He said a total of '51% of agents in our survey cite lack of supply as the main factor driving price inflation, up from 46% a year ago. 'In 2023, the figure was 35%, so we can really see the impact the lack of supply is having on house prices. At the same time, 70% of agents are reporting low stock levels of new and second-hand homes, again underscoring the persistent challenge of limited supply in the market. 'Over the past five years more than half of agents have consistently highlighted low stock levels, stressing that constrained supply remains a fundamental issue affecting the market,' he added. 'With the ESRI forecasting that 37,000 new homes will be built this year, well short of the Government's target of 41,000, the urgent need to address infrastructural shortcomings and for the Housing Activation Office to become fully operational as soon as possible can't be overstated. 'The other main factors, which 20% of our members believe are influencing price movements, include the state of the economy. 'A further 16% said the continued availability of Government support schemes such as Help to Buy and First Home Scheme are influencing house prices. 'We have had 12 years of continuous price growth and the level of increases we have seen in recent years is just not sustainable. 'In the medium to long term, the only way to ensure prices stabilise is to ramp up supply,' Mr O'Toole said.
Irish Examiner
26-06-2025
- Business
- Irish Examiner
Mortgage approval values jump nearly 18%
The total combined value of all mortgages approved during May stood at €1.6bn, an increase of 17.8% compared to the same month last year, as house prices continue to increase, new data from the Banking and Payments Federation, Ireland show. The data shows last month there were 5,038 mortgages approved — an increase of 10.5% compared to last year — of which 3,092 mortgages were first-time buyers and 948 were mover purchasers. The value of these mortgages stood at €1.6bn — of which first time buyers accounted for just over €1bn and mover purchasers accounted for €364m. Remortgaging and switching activity saw a significant increase during May, with approvals up 66.9% to 586, while the value increased 94.9%, to €169m. BPFI chief executive Brian Hayes said the increase in remortgaging and switching activity 'marks a return to historically typical levels of switching activity, following a sharp peak in activity in 2022 and subsequent slowdown'. In the 12 months to the end of May, home mortgage approvals values hit a record €14.1bn. Mr Hayes said this was the first time the value of mortgages approved in a 12-month period had exceeded €14bn. 'At the same time, the number of home mortgages exceeded 43,000 for the first time since the data series began, with 43,070 mortgage approvals in the 12 months ending May 2025. First-time buyers continued to dominate, with 32,118 mortgage approvals valued at more than €10.1bn over the same period,' he said. Earlier this week, the latest House Price Report showed house price inflation hit its highest levels in 10 years, with the typical listed price 12.3% more than a year ago. The typical listed price countrywide stands at €357,851. Average prices are now 40% higher than at the onset of the pandemic. The number of second-hand homes available to buy across the country stood at close to 12,100 as of the start of this month. This is largely unchanged compared to a year ago, and less than half the average prior to the pandemic. Read More Home building activity falls by over 4% marking 'hugely disappointing' start to 2025
Irish Independent
26-06-2025
- Business
- Irish Independent
Young people in Laois moving back in with parents amidst housing shortage and sky-high prices
House prices in Laois and Offaly are up by over 16% year on year, and are now around 60% higher than costs before the Covid-19 pandemic, according to the House Price Report for Q2. The counties are among the fastest-rising housing markets in the country, driven largely by a severe housing shortage and placing additional pressure on first time buyers in the midlands. The average house price in Laois is currently €284,031 and the price of a one bed apartment in the county at the moment is around €118,000, up just over 30% from this time last year, according to the report. Independent councillor Caroline Dwane Stanley, who was chair of the housing committee at Laois County Council for the previous two terms, said that these issues are causing 'a stressful time for young people'. 'We are bringing on a stream amount of social housing which is good, but we don't have affordable cost rental or private housing coming on stream, and that is where I see the problem. 'There are 30-year-olds who have moved back in with their parents because they can't see themselves ever affording their own home,' the councillor said. Cllr Dwane Stanley said that many young people have been in touch with the council about being 'outside the income limits' to be eligible for social housing, however, cannot afford to buy their own home. Working with housing applications through the county council, the councillor said that the greatest demand in Co. Laois is for one bedroom and two bedroom places. A two bed terrace is up 17.3% this year compared to last year at €154,000 and a three bed semi-detached house is up 13.9% at €204,000. A four bed bungalow has risen 18.5% to €412,000 and a five bed detached house is now worth €427,000, up 21.4% on last year. Independent Cllr in Laois James Kelly said that the county is the centre of Ireland and is home to many large businesses and state funded bodies. 'I'm not surprised that housing prices are increasing with the demand and infrastructure there but I would worry that we're going to head for another crash. 'As a councillor, I see the number of housing applications coming in so we have to try and meet that demand,' he said. He added that like most of Ireland, rental properties are scarce in the midlands, leading to a competitive and expensive market for tenants.
Irish Independent
24-06-2025
- Business
- Irish Independent
Cost of one-bedroom apartments soaring in Wicklow as average hits €191,000
While the average list price of a home in the county is now €454,929, a rise of 13pc compared with a year ago, the price for a one-bedroom apartment has risen by 26.5pc. This compares with a two-bedroom terraced house, which has risen to €250,000, an increase of 13.6pc, while your three-bed semi has risen to €330,000, an increase of 10.4pc. Commenting on the steep rise for a one-bedroom apartment in the county, Garret O'Bric, from agents HJ Byrne, in Bray, said that one-beds don't come around very often and they are 'a bit of an oddity' in the market, even though they are viewed as a first step on the ladder. He said the last one-bedroom apartment he sold in Bray, an own-door home in a good location at Wilford Court, fetched well over €300,000. While it is down to demand, he added that some banks are reluctant to give loans for a one-bed and there is a different loan-to-value on them. "Most first-time buyers don't really want them because you can't rent out another room, investors don't really want them because they'd rather go for a two-bed. But it's also affordability,' he said. 'It's the low-hanging fruit for people if they are going to get on the ladder.' Asking prices for houses have soared by an average of 12.3pc nationwide to €357,851 in the past year, according to the House Price Report for Q2. The report also notes that this rate of house-price inflation is the highest since the Central Bank's mortgage-lending rules, which were introduced in 2015. It means that outside Dublin, Wicklow remains the most expensive county in Leinster to buy a home. The report also notes that the typical property sells for a price that is 1.1pc below its listing price – but that gap has changed a lot over time. For example, during the period 2010-2012, properties sold on average for 10pc less than their initial listed price. Across the country, the typical transaction price in the second quarter of 2025 was 6.3pc above the listed price. A year ago, the gap nationally had been 3.5pc, while two years ago, in Q2 2023, the typical transaction price was 1.1pc above the listed price. However, the second quarter of 2025 saw the highest level of 'market heat' ,measured by the premium paid by buyers above the listed price than at any other time since the start of 2010. The Daft report author, Ronan Lyons, was quite blunt in his assessment of the current state of the housing market, when he said: 'Ultimately, the market is still starved of supply.' Remarking that there is 'little to be cheery about', he added that there are simply too few homes on the market at the moment. "On top of an insufficient number of new homes being built, there are also not enough second-hand homes being traded,' he said. 'In the year to June 1, there were a total of just over 51,000 second-hand homes put on the market. For comparison, in 2019, before all the disruption of Covid, there were almost 67,000 homes put up for sale.' Scarcity and strong demand will put 'acute pressure on prices', he said.
Irish Independent
24-06-2025
- Business
- Irish Independent
Cork protest attracts hundreds frustrated with housing costs – ‘Everyone was under the same banner'
The Raise the Roof protest was comprised of people from Munster and further afield who made their way to Cork to protest against Ireland's worsening housing crisis. Sinn Féin TD for Cork North Central, Thomas Gould, told The Corkman that those in attendance, despite coming from various backgrounds, marched as one. 'There was a really good crowd and a great cross section of trade unions, opposition parties on the left, some members of the Traveller community as well,' Deputy Gould said. 'Thousands of people marched, and they didn't just march under the tricolour. 'They marched under every flag from different political parties, all the different unions and the Travellers had their flag. 'A lot of people used their voice on the day.' According to the House Price Report for Quarter 2 of 2025, released on Monday, June 23, the average house price in Cork county is €325,999 while the average house price in Cork city is €369,938. In the county, house prices were 12pc higher in Q2 than the same time last year, while city prices increased by 8.6pc in a year. The report stated that house prices in Cork county are 44.4pc higher now compared to before the Covid-19 pandemic. House prices have risen by 32.6pc in Cork city, since before the pandemic. Mr Gould said the figures are 'another blow' for young people and their families. ADVERTISEMENT 'Today's report shows that home ownership is not a viable option in Cork for many of these people either. The price of buying a home is now so far out of the reach of most ordinary people in Cork, they may as well plan for a trip to Mars,' he said. '12 months ago, housing was unaffordable. Today, it is astronomical and entirely out of reach of most people in this state,' he added. Mr Gould said the Raise the Roof protest in Cork has shown the 'fight back' has begun. 'We saw people come out in Cork this weekend to say enough is enough. We need to build on that momentum. We need to offer young people a chance at hope and a future here. They are our future. We cannot continue to wave them off from airports,' he stated. Cork singer Martin Leahy performed at the protest. He performed his song 'Everyone Should Have A Home', which is his own personal protest to the housing crisis. Mr Leahy has performed his song outside the Dáil for the past three years. He described the Cork protest as 'cohesive', and energising. 'It felt very cohesive, and it was great that everyone was under the same banner,' the singer said. 'I felt energised by being there, and it is always good to put [the song] out there in front of people. 'Everything that I would like to say to people, I talk about in my song, so it's always good to play it in front of a crowd.' Mr Leahy has attended and performed at several housing demonstrations over the years, and he said it feels like protesters are 'building towards something'. 'There has been a lot of big protests happening in the last while, and it is great that they are happening,' he said. 'I would love to see them continue because it really does feel like we are building towards something.'
