Monday 6 July 2015

Property prices rising outside Dublin in latest report



A new property report shows that house prices are growing significantly outside of Dublin.
The Daft.ie report for the second quarter shows the commuter counties around the capital are seeing some of the strongest growth.
Prices are up 23% in Meath and 18% in Kildare compared to one year ago. Counties Clare and Roscommon are both up 12%, while Cork City prices are up 12%.

In Dublin, the figures show prices rose by less than one per cent between March and June.
The national average house price is now €202,000, according to the survey - compared to the 2007 peak of €370,000.
Economist Ronan Lyons, who wrote the report, says Central Bank restrictions on mortgage lending are having an impact.
"The minimum deposit requirement is a well- proven measure in fighting what economists term 'excess leverage' – in other words taking on too much debt, which merely pushes prices up," he said.
"However, the loan-to-income cap is a very crude extra measure that seems to bring far additional problems than additional safety, above and beyond the minimum deposit."
He said there was now a marked difference in growth between the capital and surrounding commuter counties.
The most expensive areas to buy in Ireland are now South County Dublin (with an average price of €526k), South Dublin City (€343k), North Dublin City (€280k), and Wicklow (€272k).
On the other hand, the cheapest areas include Roscommon (€107k), Leitrim (€98.5k), and Laois (€97k).

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