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ASKING PRICES ROSE substantially in the second quarter of this year, with the median asking price for a house in Dublin increasing to €403,000, according to a new report.
The MyHome.ie/Davy property price report found asking prices rose 5% compared to the previous quarter.
The median asking price nationally is now €320,000 and outside of Dublin it is €270,000, which is a 6.1% quarterly increase.
The MyHome data show that homebuyers were bidding up transaction prices 6.6% above asking price at the median.
Figures from the Central Statistics Office last week showed residential property prices had grown by 14.2% nationally over the 12 months to April
Although prices are up on the previous quarter, annual asking price inflation has slowed to 10.9% nationwide.
Author of the report, Conall MacCoille, Chief Economist at Davy, said that 2022 should be a year of two halves, with price inflation slowing down in the second half of the year.
“Double-digit inflation and sharp price gains are set to give way to greater concerns on affordability, the economic outlook and the impact of the ECB raising interest rates,” he said.
He said that even though the slowdown has been marginal this quarter, anecdotal evidence from estate agents suggests that the momentum driving asking price inflation earlier in the year, is starting to slow.
In April, the average mortgage approval was €283,700, up 9.4% on the year, now above Celtic Tiger era levels for the first time.
“It may well be that Irish banks have taken a less conservative approach to their lending than during the pandemic, specifically, granting additional exemptions to the 3.5 times regulatory threshold on loan-to-income (LTI) ratios,” MacCoille said.
He said it is unlikely that will will be a repeat of the Celtic Tiger era as mortgage lending rules have kept the market in check.
“The expected rise in interest rates from the ECB, while notable, will also not have the same negative effect given the Irish market is well insulated at present,” he said.
Excess demand in the market meant, despite the increase in the average mortgage approval, 20% of homebuyers with mortgage approval are currently failing to secure a property each year.
MacCoille said there were some improvements in housing availability, with the number of properties listed for sale flattening off after consistent declines over the past two years.
However the 12,700 properties for sale are still well below pre-pandemic levels, he said.
“The situation is better in Dublin with the number of listed properties up 7% on the year.”
However, MacCoille said the average time to sale agreed has fallen to a fresh record low of 2.6 months, which is “indicative of the exceptionally tight housing market”.
The possibility of a modest fall in Irish house prices can’t be ruled out, he said, “correcting some of the froth built-up since the beginning of the pandemic”.
However, double-digit declines or a repeat of the Celtic Tiger era housing crash “seems very unlikely”.
The report also noted that upward pressures on rents have continued into the first half of this year, up 11.2% in the year to May.
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The Journal gets large grants and subsidies from the EU and it’s subsidiaries. So it’s journalists get prizes from the institute that pays their wages.
No need for a “debunking Fact Check” on this
@Denis Slattery: Yes: no need for debunking of something that you simply made up.
@Denis Slattery: whoa there, a deep & groundbreaking investigation into missing child migrants & this ridiculous petty ‘what aboutery’ is your input????
@Denis Slattery: Now you know two wallys that work for the journal
@Pewpew Tin: You’re one sad little virgin. You are lucky your oul one lets you squat in her box room.
@Pewpew Tin: necro creep, Saville would be proud of you. Your parents aren’t
@Pewpew Tin: Had dinner with my family, listen that empty hole in your life can’t be filled with food. Sad lonely little virgin strung out for attention he never got :)
@Pewpew Tin: oooh sick burn virgin haha
@Pewpew Tin: Im actually chuffed, I haven’t been spanked by a virgin in years
@Denis Slattery: And the source for your allegation ‘large grants’ is…?
Would some of these actually be adults that came in whilst posing as children
@Thomas Sheridan: maybe, some, but that’s the usual daily mail type reaction that misses the broader point
@Thomas Sheridan: Saw a post about a 16 year old missing migrant last week with advanced male pattern baldness. Are these lads actually around minors? Is there anyone with working eyeballs in Tusla?
They don’t care, they literally do not care, more migration bigger GDP, bigger population bigger GDP, less wealth to spread around, we all get poorer as the economy gets slightly bigger through consumption.
How many Irish children go missing every year? How many awards? Oh, right, I forgot, nobody cares!
Well done and congratulations to The Journal Investigates. Hopefully their colleagues, The Journal moderators, can do equally excellent work to clear up the multi account spammers who infect this comment section on a constant, daily basis
@Kevin Kerr: here here!!!! Funny thing is I don’t actually mind your stalking but I do get that some would be intimidated 0 fearful of your behaviour
@Kevvy kerrr: fck off
@Kevin Kerr: hi stalker, deep meaningful polite rhetoric as always!!! Right back at ya!!!! Genuine question — why you pick me????
@Kevin Kerr: Yeah be deffo good to see the back of all Stephen Kearons multiple accounts like Pat_Hazzard, noel_lee etc and the likes of the honeybadger and that hoo woo thing..all the crazy trump and kamalla bots .. and the far righ bots including the Israelis, the far left bots
@Kevin Kerr: appreciate you’re only trolling … but keep it civil, no need to go in the gutter
Missing children immigrants is one thing but when some 39 year old illegal immigrant who has destroyed their passport on a cheap flight from say Afghanistan, Nigeria or Algeria identifies as a 14 year old, well that’s another story, just not by the Journal.
Excellent work journal news hounds! You guys are the best
@Buster Lawless: yes 100%, no stone left unturned!!!!
@J B: more like an IRA nutting squad they are that ruthless.
Comments open
@Jb Walshe: It would appear so. Well spotted.
@Stephen Heffernan: perhaps they should recruit ‘jb walshe’ onto the investigative team, like a poiroit crossed with morse he is
@Jb Walshe: Nothing gets past you JB. I wonder will you be nominated for an award for that ground breaking piece of analysis.
They both folded their arms for the photo so they must be serious journalists. Congratulations on your reward, it must feel like getting a pat on the head from daddy when you used the potty for the first time, going by the pictures it wasn’t all that long ago.
Kudos! Great to see some real journalism happening, having an impact and being acknowledged.
Surely there’s some kind of accolade -award for this outstanding ( & dangerous) investigative journalism?. Then again, I’ve no doubt Patricia & Maria are in this for back slapping, well done guys, outstanding work
@Kevvy kerrr: they deserve the Roger Cook award. He was fearless.
@Kevvy kerrr: “ARE’NT” ,, bloody predictive text
@Buster Lawless: well, nobody could possibly argue with that!!!!
@Frank Mc Carthy: An entire comment thread, talking to yourself. Wow.
@FlipBip: I’ve been looking for ages for the journal.ie to carry out an investigation AND CULL of all the looners on here, even got my v own private stalker but as yet, nothing
@Frank Mc Carthy: Cool story.
@Frank Mc Carthy: once again. You should reply using the same account you posted the original on Frank / Kevvy / (I am suspecting) Buster. Now that was a massive faux pas, correcting the content of the message which was incorrectly written due to predictive text, FROM THE WRONG ACCOUNT!! Now I already knew you and Kevvy were the same person from a few days back when both accounts misspelled Kamala as Kamila in the space of a few mins of each other on separate threads. But I have a serious question to ask, would you mind answering? Have you got any form of life? How pathetic is it that you feel the need to have multiple journal accounts? You’re an embarrassing sad case tbf.
@Eoin Jackson: pewpewtim is one of theirs too and possibly freedapeople too imo.
@Eoin Jackson: what is this all about?
@Chutes: ….. and most likely Larry Betts, imo.
@Buster Lawless: methinks the multi account trolls are amalgating?????
@Chutes: what happened to ‘d paedo’ & ‘ offside again ‘….. Weren’t they under ye’re umbrella????
@Kevvy kerrr: yes I’m a multi troll account Kevvy / Frank, just been dormant for nearly 12 years, you absolute twit.
@Kevvy kerrr: Stop projecting. Stop imitating other people’s accounts. Stop being such a child!
The journal is not exactly a balanced view, everyone needs to be aware of this when reading their biased mediocre articles!
My comments have been removed twice from this article . Why ?
Congratulations to all involved. It’s not easy operating in the current environment. Respect for effort and diligence is now dismissed with nothing more than a bunch of Trumpian sound bites and clichés. If someone doesn’t like the facts, it’s the usual ‘fake news’ or MSM conspiracy. Zero engagement with the actual information and indeed reality.
They recently had a deep dive into the social media posts that provoked the riots in England during the summer. Incredibly or perhaps unsurprisingly, two thirds were from places thousands of miles away. It would be really interesting to find out how many of the posts here are from Irish people or accounts. Is this something Journal Investigates could do?
We all know there’s a huge volume of posts from abroad seeking to normalise extreme views and pull people further away from moderate and empathetic approaches to people and life. This drip feed is intended to make dangerous and inhumane policies appear normal and acceptable. We know from history and the current climate that this works. Maybe a breakdown of the exact numbers will help some people to realise that so many of these posts are not Irish and are simply there to pull us further away from a baseline of decency.
Always remember that these kind of comment sections are infested with bad actors from groups with the sole aim of stirring unrest and hate to further their political aims. There’s still a lot of decency in most Irish people. Let’s not be duped into believing everyone is now a frothing, hateful Trump supporter who sees nothing wrong with Putin, and couldn’t care less about injustice and suffering elsewhere.,
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