Latest news with #DonalMagee
Irish Independent
a day ago
- Business
- Irish Independent
Property values up 8pc in June as prices have now risen for almost two years
Prices were up by 7.8pc in the year to June, the Central Statistics Office (CSO) said. This the same rate of property-price inflation that was recorded in May. New CSO figures come on the back of a recent report from which found that Irish house price inflation has reached a 10-year-high. In the year to June, the typical, or median, price of a home was €370,000, the same figure that was recorded in the previous month. The cost of a typical home is now up by €35,000 since June last year. The June figures for the property price index from the CSO represent the 22nd month in a row in that prices have risen, putting huge squeeze on first-time buyers and movers. Second-hand home prices are increasing by more than double those of new homes. A chronic shortage of new homes to buy means many first-time buyers are bidding against trader-uppers and movers. This is driving up second-hand prices. In the three-month period up to June, new home prices were 4.2pc higher than in the same quarter last year, the CSO said. Prices of second-hand homes in the second quarter of this year were 8.8pc higher than in the corresponding quarter of 2024. Property prices in Dublin rose by 6.6pc in June, and prices outside Dublin were up by 8.8pc compared with June last year The median price of a dwelling purchased in the 12 months to June was €370,000. The highest median price for a dwelling was €675,000 in Dún Laoghaire-Rathdown, while the lowest median price was €190,000 in Leitrim. The most expensive Eircode area over the 12 months to June 2025 was A94, which takes in Blackrock, Co Dublin. It had a median price of €780,000. The F45 Eircode, which takes in Castlerea, in Co Roscommon, had the least expensive price of €148,000. In June 2025, 4,029 dwelling purchases by households were filed with the Revenue Commissioners at a total value of €1.7bn. These purchases were made up of 3,092 existing dwellings and 937 new dwellings. Revenue data shows there were 1,531 first-time buyer purchases in June. The regions outside of Dublin that saw the largest growth in house prices were the West, consisting of Galway, Mayo, and Roscommon, at 10.3pc The Midlands saw price growth of 10.2pc. At the other end of the scale, the South-East area that takes in Carlow, Kilkenny, Waterford and Wexford, saw a 7.1pc rise in house prices. Senior underwriter at Núa Money Donal Magee said: 'House price inflation continues to pick up in Ireland, which has increased by 7.8pc in past 12 months to June 2025.' He said this means many people will continue struggle to buy a home. Recently, the Economic and Social Research Institute (ESRI) told an Oireachtas committee there will be no major uptick in housing supply this year or in 2026. It said Government targets set to be missed in both years. ESRI economists said a tight construction labour force and low productivity levels mean the outlook for housing remains bleak. ESRI research professor with the ESRI Conor O'Toole said these factors, coupled with the out-turn for 2024 and the first quarter of 2025, mean the group does 'not foresee any major uptick in 2025 and 2026 in housing supply'. He said the ESRI is currently forecasting 33,000 units in 2025 and 37,000 units in 2026, which would be well below Government targets of 41,000 this year and 43,000 next year. Furthermore, Mr O'Toole added most of the risks 'weigh on the downside'. The slow delivery of new homes comes at a time when demand for housing continues to surge. Close to one in five consumers in this country are looking to rent or buy, the Banking and Payments Federation Ireland said, quoting European Central Bank statistics. Demand for housing in this country is now the second highest in Europe, after the Netherlands.
Irish Independent
21-05-2025
- Business
- Irish Independent
Slight slowdown in property-price inflation but values still up by 7.5pc
But despite this, prices are still up for the 19th month in a row, according to the Central Statistics Office (CSO). Across the State, home prices were up by 7.5pc in the year to March 2025. This is down from 8pc in the year to February. Property prices in Dublin rose by 6pc, and prices outside Dublin were up by 8.7pc compared with March last year. The median, or typical, price of a dwelling purchased in the year to March was €362,500. This is up almost €30,000 in the past year alone, the CSO statistics show. The highest median price for a home in the period was €665,000 in Dún Laoghaire-Rathdown, while the lowest median price was €180,000 in Leitrim. Outside of Dublin, the most expensive region over the last year was Wicklow, with a median price of €454,000. The second most expensive region was Kildare, which had a median price of €410,000. In March, 3,617 dwelling purchases by households were filed with the Revenue Commissioners at a total value of €1.5bn. These purchases were made up of 2,866 existing dwellings and 751 new dwellings. Revenue data shows there were 1,336 first-time buyer purchases in the month. Prices for new homes were up 4.1pc than in the first three months of this year. CSO statisticians said this was higher than the increase in the same three month period in 2024. A chronic shortage of second-hand homes saw their prices rise by 9.1pc in the first three months of this year. Senior underwriter with mortgage provider Núa Money Donal Magee the CSO figures lend weight to what it is seeing on the ground. Price growth has moderated slightly, but the accessibility gap to financing is still very real. Managing director of Roundtower Capital, a firm that funds developers, Ian Lawlor said the rate of house price growth continues to ease slightly. But CSO figures also shows that Irish house prices continue to soar with annual prices up 7.5pc. 'The CSO's latest house price index comes in the same week that a report from the property website Daft found that the average asking prices for rents nationally topped €2,000 for the first time ever. He said: 'Ultimately, unless there's a significant increase in housing delivery, steep house price and rent inflation will persist and homes will continue to be unaffordable for a large cohort of young people.' Mr Lawlor said demand for housing is only going in one direction for now.
