House prices are rising again, but the annual rate of increase is declining slightly

The annual rate of house price increases has eased slightly. August prices increased 12.2 percent in the year to August 2021.

it is down marginally from a 13.3 percent rise in July.

Prices rose 1.3 percent this month, according to the Central Statistics Office (CSO).

However, this is a slightly faster pace of increase than in July, when there was a 1 percent increase, with a 1.1 percent increase in June.

The continued rise in prices comes despite rising mortgage rates and a higher cost of living, which should ultimately take a lot of 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 may not be showing prices calming down just yet.

Prices in Dublin rose by 9.7 per cent and prices outside Dublin rose by 14.2 per cent.

The region outside Dublin where property prices rose the most was the West, which consists of Galway, Mayo and Roscommon, at 19.1 percent.

At the other end of the scale, the South West, made up of Cork and Kerry, saw a 10.4 per cent increase this year.

The average or typical price for a home bought in August was €295,100.

The lowest median price for a house in the 12 months to August 2022 was €149,500 in Longford, while the highest median price was €615,000 in Dún Laoghaire-Rathdown.

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

The cheapest was Ballyhaunis, Co. Mayo, with average prices of €120,000.

About 4,295 home purchases were filed with tax authorities in August, a 14.1 percent increase from the 3,764 purchases in August last year.

CSO statistician Viacheslav Voronovich said: “Residential property prices have increased by 12.2 percent over the last 12 months, compared to 13.3 percent in the year to July 2022.”

In Dublin, house prices rose 9.7 per cent, while outside Dublin house prices were up 14.2 per cent year-on-year.

He said the highest property price growth in Dublin was in Fingal, at 10.6 per cent, while Dún Laoghaire-Rathdown saw a 9.2 per cent increase.

The latest price numbers come after the Economic and Social Research Institute (ESRI) said house prices are overvalued by at least 7 percent.

And it said the housing market is likely to experience a slowdown in the coming months.

The think tank said greater inflationary pressures and higher interest rates would weigh on demand, it said in its latest quarterly bulletin.

However, it did not say whether this would lead to a correction in property prices or a period of falling prices, suggesting it is too early to say.

And Daft.ie found that the number of homes being put on the market has increased.

https://www.independent.ie/business/personal-finance/property-mortgages/property-prices-up-again-but-annual-rate-of-rise-eases-slightly-42063580.html House prices are rising again, but the annual rate of increase is declining slightly

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button