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Barry Cronin/PA Archive

Dublin house prices have stopped rising because people just can't afford them

The latest property price figures are in for June.

DUBLIN PROPERTY PRICES have fallen for the second straight month as costs outside the capital continued to play catch up.

The average price of homes in Dublin went down 0.4% in June after a smaller fall in May, according to the latest figures from the CSO.

The decrease was slightly greater in the prices for apartments than those for houses.

But outside the country’s largest city, prices were up 0.4% following a 1.1% rise the previous month.

However previous cost hikes in Dublin meant average June prices were still 11.1% higher than the same time in 2014, compared to a 9.7% annual increase in other parts of Ireland.

Prices CSO CSO

Affordability ‘most stretched’ in Dublin

In a note this morning, before the latest figures were released, Davy chief economist Conall Mac Coille said Irish house prices were now selling at five times average earnings – a similar ratio as for property in the UK.

Affordability is starting to act as a constraint; our estimate is that Irish house prices are six times average incomes in Dublin but below three-to-four times in some rural areas,” he said.

“So valuations have become most stretched in the capital.”

House prices rising in Ireland Niall Carson / PA Archive Niall Carson / PA Archive / PA Archive

Mac Coille noted that forward-looking indicators suggested prices would grow at a low rate through the second half of the year.

He said the catalyst for the slow-down was the Central Bank’s new mortgage lending rules which limited the amounts people could borrow relative to both their incomes and deposits from February.

The CSO’s figures are based on completed sales backed by mortgages, however separate analyses of asking prices have also showed minimal increases – particularly in Dublin – in recent months.

READ: Here are the industries that are hiring and firing right now >

READ: Back on track? Irish rail says train ticket sales signal resurgent economy >

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    Mute Rear Admiral
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    Aug 22nd 2018, 5:29 PM

    I’ll be sending back that “Huberman’s Haemerrhoid Cream” so

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    Mute Bazzle Bush
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    Aug 22nd 2018, 5:36 PM

    @Rear Admiral: No! That ones legit!

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    Mute iohanx
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    Aug 22nd 2018, 5:37 PM

    @Rear Admiral: does it work?

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    Mute Shelly Levine
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    Aug 22nd 2018, 5:49 PM

    @iohanx: I’m squeaky clean. Thanks Amy!

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    Mute Declan Tooher
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    Aug 22nd 2018, 6:37 PM

    Unfortunately, this is not the first scam she has been involved in. All those awful tv shows that demand you to pay a licence fee spring to mind.

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    Mute MarkS
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    Aug 22nd 2018, 6:31 PM

    Nice to see she is branching out from the weekly Irish independent mouthpiece articles that nobody cares about.

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    Mute chinaski
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    Aug 23rd 2018, 1:41 AM

    @MarkS: You beat me to it. What is it with the indos obsession with her and him?

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    Mute David Quigley
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    Aug 23rd 2018, 6:35 AM

    @chinaski: The indo is a celebrity rag masquerading as a broadsheet

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    Mute Seriously stunned
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    Aug 23rd 2018, 9:00 AM

    @David Quigley: yea we love the journal.ie woo hoooo

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    Mute MarkS
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    Aug 23rd 2018, 9:30 AM

    @chinaski: she’s on some kind of weekly nonsense rotation with Vogue William’s, Amanda Brunker & Roz Purcell. Twink lost her place in the rotation last year unfortunately.

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    Mute Brian McDonnell
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    Aug 22nd 2018, 5:36 PM

    Beauty cream warns users to beware of the sham that is…….

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    Mute Tyler Williams
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    Aug 22nd 2018, 6:12 PM

    I’m not from these parts so I have absolutely no idea who she is. What is IFTA?

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    Mute TellingItAsItIs
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    Aug 22nd 2018, 6:32 PM

    @Tyler Williams: She’s a very popular average actress and also wife to a famous ex rugby player called Brian O’Driscoll. She’s also pretty and could sell ice cream to the Eskimos.

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    Mute David Grey
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    Aug 22nd 2018, 11:47 PM

    Tyler . Google

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    Mute Margate
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    Aug 23rd 2018, 12:34 AM

    @TellingItAsItIs: Very popular? Eh? Not with that many…she wings her way simply based on looks, fame, hubby etc, otherwise limited..

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    Mute Rhona Byrne
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    Aug 23rd 2018, 8:20 AM

    @Tyler Williams: Irish Film and Television Awards

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    Mute TellingItAsItIs
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    Aug 24th 2018, 5:52 PM

    @Margate: she’s also popular because she’s a very nice lady

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    Mute Tony Maguire
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    Aug 22nd 2018, 7:06 PM

    Ya can’t beat a bit of free advertising!!!

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    Mute James O'Brien
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    Aug 22nd 2018, 11:53 PM

    This is product of RTE. Labeling people as influencers. Vogue Williams will be next or Brunker

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    Mute Jaci Black
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    Aug 22nd 2018, 10:02 PM

    Stay away from the sun and eat healthily. Water is not your enemy.

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    Mute Maggie O'Sullivan
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    Aug 22nd 2018, 10:04 PM

    Total waste of money. Margarine does the same job as any of these expensive creams.

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    Mute Colette Kearns
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    Aug 22nd 2018, 9:48 PM

    Don’t waste your money on any of them, soap & water then some E45 cream ( 400 ml ) for under €10

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    Mute Rob Cahill
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    Aug 23rd 2018, 9:31 AM

    She has fans?

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    Mute Derek Walsh Ⓥ
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    Aug 22nd 2018, 8:41 PM

    What sort of idiot would be fooled by “anti-aging cream?”

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    Mute Ann Basquille Smith
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    Aug 22nd 2018, 11:49 PM

    Who are accepting these adverts

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