House price growth is showing signs of slowing amid interest rate hikes and pressure on the cost of living

THE real estate market is showing signs of slowing down.

Rice rose 10.8 percent in the year to September, according to the Central Statistics Office.

This is a slowdown from the 11.9 percent increase recorded in the year to August.

It’s still a fast rate of increase, but not as rapid as it was at the start of the year.

Rising mortgage rates and the higher cost of living are taking some of the momentum out of the market.

According to real estate experts, the latest figures are based on sales contracts concluded a few months ago, which means that the CSO index could show a further slowdown in the rate of price increases in the coming months.

In the year to September prices in Dublin rose 9.4 per cent and prices outside Dublin increased 11. per cent.

Buying activity remains strong.

The CSO said 4,583 market-priced home purchases were filed with the Revenue Commissioners by households, up 6.5 percent from the 4,304 purchases made in September last year.

The median price of an apartment bought in the 12 months ended September 2022 was €299,500.

The lowest average price for a house in September was €148,500 in Longford, while the highest average price was €615,000 in Dun Laoghaire-Rathdown.

The lowest median price for a flat was €148,500 in Longford and the highest was €615,000 in Dún Laoghaire-Rathdown.

The most expensive Eircode area in the last 12 months was Blackrock in Dublin with an average price of €725,000.

Ballyhaunis in Co Mayo was the cheapest at €125,000.

CSO statistician Viacheslav Voronovich said: “Residential property prices have increased by 10.8 percent over the past 12 months, compared to 11.9 percent in the year to August 2022.

“In Dublin, house prices rose 9.4 per cent, while outside Dublin house prices were 11.9 per cent higher than last year.”

In Dublin, house prices rose 9.8 percent and apartment prices rose 7.5 percent.

The highest Dublin property price growth was in South Dublin at 11 per cent, while Dublin City saw a 9.2 per cent increase.

Outside Dublin, house prices rose 12.1 percent and apartment prices rose 9.7 percent.

The region outside Dublin where house prices rose the most was the West, which includes Galway, Mayo and Roscommon at 16.9 percent.

At the other end of the scale, the South West, made up of Cork and Kerry, saw a 9.5 per cent increase.

The national index has now reached 167.8, which is 2.6 per cent above its peak at the height of the Celtic Tiger property boom in April 2007.

House prices in Dublin are 5.6 per cent below their February 2007 peak, while house prices in the rest of Ireland are 1.2 per cent above their May 2007 peak. House price growth is showing signs of slowing amid interest rate hikes and pressure on the cost of living

Fry Electronics Team

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