According to MyHome.ie, asking prices for Irish homes have increased by 11 per cent

Listing prices for houses in the Republic of Ireland have risen 10.9 per cent in the year to June, with the average asking price now nationally being €320,000.

However, concerns about the cost of living and rising interest rates are expected to slow demand for property in Ireland, according to a new report from MyHome.ie.

The latest national growth rate of 10.9 per cent marks a slowdown, with the previous edition of the report from MyHome.ie showing annual price inflation for the 12 months to March was 12.3 per cent.

While average asking prices are up almost 11 per cent compared to the same period last year, prices in Dublin are up 7.9 per cent. The median asking price in the capital is now 403,000 euros.

National asking prices also rose by 5.3 percent compared to the previous quarter.

Elsewhere in Ireland, house prices rose more than average at 12.7 per cent, with the average asking price outside Dublin being €270,000.

Davy chief economist Connall MacCoille, author of the report, said the second half of the year will bring changes as price inflation slows.

“Double-digit inflation and strong stock market gains will give way to greater concerns about affordability, the economic outlook and the impact of a rate hike by the ECB,” he said.

While the report suggests that a modest fall in house prices “cannot be ruled out”, Mr MacCoille said the Irish property market was unlikely to see “double-digit declines or a repeat of the Celtic Tiger era property crash”.

Demand remains sky-high with the agreed average time to sale falling to a record low of 2.6 months. A fifth of mortgage approved homebuyers now fail to secure a home each year.

The average mortgage approval has also risen to €283,700 – up 9.4 per cent year-on-year and above Celtic Tiger’s level for the first time.

The number of homes for sale increased sequentially, which the report says is related to the return of sellers to the market.

“It is encouraging to see inventories and new registrations increasing this quarter, albeit from low levels,” said Joanne Geary, Managing Director of MyHome.ie.

“Although we have seen some correction, demand still far outstrips supply and this imbalance needs to be corrected for normality to return to the market,” she added.

https://www.independent.ie/business/irish/asking-prices-for-irish-homes-up-11pc-according-to-myhomeie-41786308.html According to MyHome.ie, asking prices for Irish homes have increased by 11 per cent

Fry Electronics Team

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