Property prices up 6pc in the year but pace of rises slowing down

PROPERTY prices rose in January but at a much slower pace than in previous months.

rices were up by 6.1pc in the year to January 2023.

This is down from a 7.7pc increase in the year to December, the Central Statistics Office (CSO).

It is well down from the high values of 15.1pc in the year to February and March last year.

In Dublin, residential property prices saw an increase of 4.3pc, while property prices outside Dublin were 7.4pc higher than a year earlier.

Many of these prices reflect deals from as far back as the start of autumn as they are based on filings of purchases lodged with Revenue, and there is a time lag element to this. This before mortgage rates started to rise.

Transaction levels continue to rise.

In January some 3,675 homes were bought, according to filings with the Revenue Commissioners.

This is up by 4.4pc compared with the 3,519 purchases in January 2022.

The median price of a dwelling purchased in the January this year was €305,000.

The lowest median price paid for a dwelling was €151,500 in Longford, while the highest was €630,000 in Dún Laoghaire-Rathdown.

The most expensive Eircode area over the 12 months to January 2023 was A94 ‘Blackrock’ with a median price of €755,000, while F35 ‘Ballyhaunis’ was the least expensive at €127,500.”

Non-household entities, which include investment funds and local authorities and Government-funded agencies purchased 13,519 dwellings.

This was an increase of 15.1pc on the 11,749 purchases made by them in 2021.

Non-household entities purchased residential dwellings with a total value of €1.5bn last year.

The total value of the purchases by non-household entities in 2022 was €4.6bn, an increase of 32pc on the 2022 value.

CSO statistician Viacheslav Voronovich said: “Residential property prices rose by 6.1pc in the 12 months to January 2023, down from 7.7pc in the year to December 2022, and from the high values of 15.1pc in the 12 months to February and March 2022.

“In Dublin, residential property prices saw an increase of 4.3pc, while property prices outside Dublin were 7.4pc higher than a year earlier.”

Chairperson of the Association of Mortgage Advisers Trevor Grant said the rate of house price growth continues to slow, but at 6.1pc the rate of increase in national house prices is still strong.

House price growth outside the capital continues to outpace that of Dublin which is worrying because many people are now being outpriced of the areas which they had turned to after Dublin house prices climbed beyond their reach, he said.

“All the same, there are plenty of people in a position to buy and experience on the ground is pointing to a booming new business market when it comes to mortgages in Ireland.”

Mr Grant said the report published by the Banking and Payments Federation of Ireland (BPFI) earlier this week, which found that the highest level of mortgage drawdowns since 2008 was recorded in 2022, is further evidence of this.

Changes to the Central Bank’s lending rules since the beginning of the year are thought to have boosted activity from first-time buyers.

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