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HOUSE PRICES HAVE risen by almost 1.5% over the last three months, a new study has found.
A record number of mortgage approvals and a lack of supply have driven the increases, according to the quarter four Real Estate Alliance (REA) House Price Index.
The average three-bedroomed semi-detached house is now reaching sale agreed status after just six weeks on the market, falling from a 10-week average in June.
Many estate agents are reporting that houses are reaching sale agreed status within a four-week period, as mortgage-approved buyers chase a limited amount of stock.
Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bed semi across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.
Spokesperson for the REA Barry McDonald said that “people are watching the market very closely, and our agents are finding that as soon as they put a property up on our sites, the majority of the inquiries are coming within the first 48 hours”.
“It is hard to imagine that the market would perform better during the crisis than before it, but we are witnessing the highest demand levels that I have seen,” McDonald said.
The biggest rises in the fourth quarter of the year came in Ireland’s secondary cities and the commuter counties.
Both of these experienced the least movement in prices over the preceding 18 months.
The upsurge in demand is nationwide and was illustrated by REA agent Harry Sothern in Carlow, who has reported being practically sold out – with five properties up for sale when he would usually have 25.
The situation is mirrored in the capital, where there are just nine three-bed properties for sale in total in the Dublin Four area, according to agents REA Halnon McKenna.
McDonald said: “Putting a house on the market in early December would previously have been considered naive – however this year, any suitable properties placed on the market have been sale-agreed before Christmas.”
The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to 431,833 euros during the past three months, an annual increase of 1.41%.
However, with demand for homes with gardens as a main buying driver, interest in capital city areas such as Clontarf (+4% to €625,000) has skyrocketed in the past few months.
“A lot of employees from the big tech companies are moving over to Clontarf area and trading up from apartments in the city,” said Jim Gallagher from REA Grimes in Clontarf.
North County Dublin prices rose by over €6,500 on average to 311,670 euros – up 2.2% on the Q3 figure, while South County prices increased by 0.5% to €418,791.
Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.
Waterford City showed the biggest increase in this category, with prices rising by €15,000 in 12 weeks to €230,000 – a change of 7% since September.
Galway City saw prices rise by €5,000 (1.8%) in the same period, with any property with Home Office Potential (HOP) continuing to attract attention, according to agents McGreal Burke, and properties going sale-agreed after four weeks.
Cork City saw its first price movement in over a year with a 1.6% uplift to €325,000, while Limerick prices remained stable.
Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three-bed semis rising 2.2% by almost 6,000 euros on the Q3 figure to an average of €253,111.
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To ALL the Mothers out there……. THANKS & WELL DONE, enjoy your day today….. you deserve every card, bunch of flowers, meal out, chocolates,pampering etc 1000 times over!!!!!!!
@Ken Mc Carthy: this isn’t Facebook ken
@Steven: it sure isn’t—- it’s an article, a TINY thumb up to all the wonderful, fantastic Mothers in the world -!!! Get a life…….. if you’re fortunate enough to be able to spend a bit of time with your mother today— Savour it-!!!, don’t waste one more second comparing facesbook, Instagram, WhatsApp… or whatever
@Ken Mc Carthy: Thank you Ken.
@Ken Mc Carthy: this should be every day, this is all another money racket.
@Ken Mc Carthy: Celebrated last night with my sisters and a few glasses of bubbly to celebrate one of the greatest days in Ireland with the biggest NO to this referendum and the government, and all politicians and NGO’s that tried to eradicate Mother’s and Women for our citizens owned constitution.
@Shane O Mac: it’s nice to be appreciated!
@Clare Power: lol….. don’t ‘over-egg’ it Clare—— I’ve no doubt YOU ARE!!!!!
@Ken Mc Carthy: If you are going to ‘over-egg’ it Clare,wait until after Easter when they’ll all be sold off for half price.
@Ken Mc Carthy: You forgot to add an X in your message,Ken. (formerly known as Twitter)
@Ken Mc Carthy: God Ken, you can’t even be nice to someone without a snarkie remark!
@Larry Betts: All eggs bought already Larry…there flying out the shops…its an eggtravaganza
@Clare Power: Don’t shell out too much Clare
@Clare Power: ah Clare….. I was being nice!!!! Hope you and every Mother in Ireland is having a well deserved ball of a time today
Happy mother’s day and thanks to everyone who voted NO-NO
Happy Mother’s Day, congratulations and thank you.
A woman’s place is in the Constitution.
Everyone’s place is in the Constitution. Including father, who is not in any article of the Constitution.
@Brian Lenehan: thank you so much
@Brian Lenehan: A woman’s place is wherever she wants to be!
@Brian Lenehan: And in Dail Eireann.
@Clare Power: Not according to the Constitution, which says her place is in the home, making a sandwich.
@9QRixo8H: men are included in article 45 of the constitution and if you want father mentioned then fight for it, but do not remove WOMEN or MOTHER in order to do it.
@9QRixo8H: That’s if you’re bothered listening to other people telling you what to do!
@silvery moon: I don’t need Woke bs like putting ‘father’ into the constitution when it already says parents and family.
But if it makes you feel less fragile to have Woke words like a woman’s life is within the home making sandwiches then be Woke all you want.
I’m a mother and I’m deeply loved by my children, also I haven’t been erased from the Irish constitution, so double presents all round. To all mothers, biological, foster and adoptive, Happy Mother’s Day to you all.
@Anna Carr (Morrigan_Dubh): And Fathers? Do they deserve a place there?
Brother is not in the Constitution, nor is sister, father, grandfather, and so on. Because we can use simpler language, like parents or family.
Mother is mentioned in relation to two things; abortion and the other is the right to social welfare instead of working.
@Sean O’Dhubhghaill: men are included in article 45 of the constitution and if you want father mentioned then fight for it, but do not remove WOMEN or MOTHER in order to do it.
@Sean O’Dhubhghaill: of course they do, but that wasn’t in the proposal
In a wonderful way, Ireland celebrates its mothers two days running.
@Osprey: not being pedantic or taking from your v valid point ….. but you could even say 3 days running( Friday was International Women’s day).
@Alan B: a lovely thumbs up to the fantastic Mothers of the world & you try to hijack the article with juvenile trolling?
@Osprey: and March 9th was International Dishwasher Day!
@Alan B: Alan? Who da f *ck is Alan?
Well done to everybody who voted No/No, you did your country proud
It’s insane that people are gloating about the result. It might be the result you wanted but we’ve still got some embarrassingly sexist and outdated language in our constitution because the government couldn’t get the wording right. It’s a hollow victory. It’s not a happy event.
Hopefully we can do this again with wording that will help it pass next time. As is, this is a pretty depressing Mother’s Day. We couldn’t even give them equality in the constitution in the last couple of days. We’re stuck with sexist and patriarchal drivel from the last century.
@SerotoninWars: obviously, the only words you chose to see were “duties in the home” and ignored the rest. Maybe read it again a few more times and it might sink in.
@SerotoninWars: Take a day off, you’re a head wrecker.
@SerotoninWars: life is tough.
@SerotoninWars: A bitter pill to swallow, but the government’s fault. As with the rugby yesterday, the winners will have their day and there’s not point in denying them that.
@Brendan O’Brien: no point, even.
@Brendan O’Brien: Thanks for the civil reply. I’m not at all Brendan. I completely get why it was defeated and that the government screwed up royally. It just feels like a strange one to be celebrating when we haven’t made a jot of progress, wasted millions and are left with highly regressive text and ideas in our constitution. If it had been thought through and worded properly it could have been a really happy occasion and another hammer taken to the shackles of the past when we were ruled by the Catholic Church.
@SerotoninWars: THERE IS NOTHING SEXIST OR OUTDATED ABOUT WOMEN AND MOTHER’S
@Brendan O’Brien: The People Have spoken and WOMEN will not be erased in Irish society and as far as I am aware we still live in the Republic of Ireland where it’s citizens are king and politicians are supposed to work for us, well it’s high time they did just that.
@silvery moon: The idea was to erase sexist language: the opposite of erasing women. But the government screwed it up.
To my mother with the angels
Yesterday was for you ❤️
Happy Mothers day Mam
No my mam is longer with me I will lay flowers
Usually makes me sad to have all the ads related to this day displayed for a month, but the article does mention about remembering ones we’ve lost.
It was a nice thing that Deliveroo did a few years ago, letting subscribers opt out of seeing ads if found it to be a hard time. I wish more places would allow that.
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