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Property prices up 14% on the year as mortgage expert says people face ‘huge barrier’ to buying a home

Nationwide home-buying costs rose 14% in the year to November 2020 – the 13th straight month of increases in property prices.

The latest CSO statistics show this compared to a 13.3% increase in the year to October and a 0.4% increase at the same time last year.

Nationwide home-buying costs increased 14% in the year to November 2020

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Nationwide home-buying costs increased 14% in the year to November 2020Credit: Paddy Cummins – The Sun Dublin
Joey Sheahan of MyMortgages.ie says it's understandable that people can get disillusioned with the property market here.

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Joey Sheahan of MyMortgages.ie says it’s understandable that people can get disillusioned with the property market here.

Mortgage experts said they expect price appreciation to slow this year but added that “understandably people may be disillusioned with the property market”.

They added that many people will be “flattering” as prices continue to rise and there are a number of factors that make them Irish “A tough place for people who want to buy”.

In Dublin, residential property prices rose 12.8% in the year to November, while property prices outside the capital were 15% higher.

Outside of Dublin, house price rose 14.8% and apartment prices rose 17.5%, while in the capital there was a 13.5% increase for housing and a 9.7% increase for apartments.

Dun Laoghaire-Rathdown has the highest house price growth in Dublin at 15.5%, while Fingal was up 10.8%.

The area outside Dublin with the biggest home price increase was Borders at 23.4%, while at the other end of the scale, the Middle East and Midwest saw a 12.6% increase.

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CSO indicates residential area real estate Prices outside the capital are just 6.9% below their May 2007 peak, while house prices in Dublin are 12% below their February 2007 peak.

The average price of a home purchased in the 12 months to November 2021 is €276,000.

The lowest median price for a home is €129,000 in Longford, while the highest average price is €590.00 in Dun Laoghaire-Rathdown.

Irish Mortgage Advisors Association president Trevor Grant said: “It is expected that property price appreciation in 2022 will be less than in recent years, especially because, hopefully, this year. The construction industry will not experience a Covid-related disruption like it has in the past 2 years.

BENEFITS FOR SOME

“That said, real estate prices, CBI [Central Bank of Ireland] Lending rules, and the purchasing power of commercial entities, Government agencies and cash buyers are factors that have made the Irish property market a difficult place for homebuyers. their first this year.

“Increasing house prices are not bad news for everyone, however, it is clear that sellers who want a trade up or down can command higher prices now.

Mortgists who are reluctant to move can also benefit from an increase in home prices because higher prices improve their loan-to-value ratio, allowing them to switch to a lower-interest mortgage. ”

Joey Sheahan of MyMortgages.ie said people added: “It’s understandable that people can get disillusioned with the property market – those are the major hurdles people are having when trying to buy a home.

“However, we regularly advise our clients that there are options open to them that can make buying a property more viable.

CUSTOMER CONSULTANT

“Location flexibility is obviously a big plus – if you can, do some research to find a second, third, fourth and even fifth preference when it comes to potential addresses.” your ability.

“This will open up the market for you. Attribute size is also a major consideration, which can really add to the volume of properties on your radar.”

The latest price figures also show a total of 4,566 home purchases were filed with Revenue in November, up 7.8% from 4,236. houses in November 2020.

https://www.thesun.ie/money/8230759/property-homes-houses-prices-increase-mortgage-cso/ Property prices up 14% on the year as mortgage expert says people face ‘huge barrier’ to buying a home

Fry Electronics Team

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