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THE AVERAGE RENT in Ireland has increased by 85% compared to the EU average of 18% between 2010 and the second quarter of 2022, a new study has shown.
The latest Housing Market Monitor published by the Banking & Payments Federation Ireland (BPFI) has shown that the demand for housing as well as the significant gap between average rent and mortgage payments have led to prices rising consistently.
The report also said that “population growth and considerable pent-up demand” have also added to the crisis.
Brian Hayes, Chief Executive of the BPFI, said that higher housing and general living costs as well as the future uncertainty in the wider economy are likely to affect mortgage demand.
“As our latest monitor shows today, looking to the medium and longer term, the significant gap which now exists between average rents and mortgage payments coupled with significant latent demand are likely to balance any negative impact on demand for mortgage lending in the short term which will likely continue to impact house prices unless we see a substantial increase in supply,” he said.
Hayes said that, for example, the average first time buyer monthly mortgage payment was just over €1,000 during the first half of 2021 compared with the average monthly rent of over €1,400 at the national level, with the gap being significantly higher in Dublin.
The BPFI monitor found that prices are rising faster in Ireland than the EU average. This is particularly stark in terms of rental prices with the latest Eurostat data showing that average rents have increased by over 85% in Ireland between 2010 and the second quarter of 2022, the third highest increase in the EU, whereas the increase in average rents during the same period in the EU was 18%.
In terms of house prices, the increase was nearly 50% in the EU during the same period with average prices increasing by over 55% in Ireland.
The BPFI monitor also found that while there has been a significant increase in new housing to the market this year, population growth continues to outstrip supply and in addition to this “we are now seeing a decline in the figures for the commencement of new builds”, Hayes said.
He added: “Commencement figures of new housing in the first nine months of 2022 were 5.4% higher than in the same period of 2019. However, we see that the commencement activity seems to be declining on an annual rolling basis after peaking at 35,000 units during the first quarter of 2022 to some 26,600 units in October 2022.
“Meanwhile, in terms of population growth, the latest Census figures from the CSO show that, between 2016 and 2022, the housing stock increased by over 120,000 whereas population growth during the same period was over 360,000.”
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Lot of delays on shipments of online orders I assume are associated with this. But not being fed back to the customer.
Just being told there is a delay.
Some saying January delivery on orders from mid november.
I’d say quite a few waiting on crimbo presents If caught in this delay
@Brian Martin: I have amazon stuff tracked from Manchester now in northern France, they are adapting
@Tony Humphreys: me too, from Manchester to France. Tracking to be here on Monday. Amazon orders
@Tony Humphreys: hope you didn’t get me anything big
@Brian Martin: wgaf?
I went through Holyhead port in October on a breezy day and a piece of the roof in the customs check area flew off and hit my car, so I’m not a bit surprised that this storm has caused considerable damage. Parts of the port are in rag order and need upgrading.
@Stephen Heffernan: I hope they paid for the damage.
@Tony Humphreys: it wasn’t trying to dock, it was docked and the wind pushed it into the berth, an inspection on the berth was done and it was deemed safe, the James Joyce had no damage and set sail as it’s safer for the ships to be in open water rather then tied up at the berth. The Ulyssess arrived at the same berth a couple of hours later, unloaded and loaded and just after it departed the berth collapsed with 3 workers on it, they jumped off it to safety just in time.
Holyhead port is in bits, it’s been neglected for years so they can/could get government funding to build new berths, instead of Stens paying for it themselves as the owners/operators of the port. So even though the James Joyce hit the berth (through no fault of it’s own), the blame is mainly down to Stena and the storm
@John Doe: Stena, not Stens
@John Doe: I’ve been using it for 30yrs and it’s the same last week as 30yrs ago. I suppose it was a serious wind,and a big ship banging off the port not helping. Thankfully no one died
Could they not re-route through Liverpool?
@Brian Hunt: not enough capacity. I’m here in Stranraer with your parcels in a stack operation. This is a major mess for parcel companies.
Amazon is not shipping till the new year. local business will do well from this
@Alan Hickey: I bought on amazon this morning..will get the 18th
@Clare Power: you’re lucky that’s from the Irish depot. Anything coming from England is 30th December the earliest
@Alan Hickey: How do you know, though…I bought a large item 3 days ago, and ill get before Xmas…..
@Alan Hickey: I purchased an item on Monday – received today. 3 other items passed Irish customs yesterday evening are en route by tomnorrow. Not sure your info is correct.
@Alan Hickey: they are rerouting through france
@Alan Hickey: I bought on Amazon on Sunday. The tracker shows it cleared customs in the UK it is now in France and is due to be delivered on Friday.
@john murray: check today and I’m a prime member.. nothing is coming till 30th December
@Alan Hickey: talking shite again alan
@Alan Hickey: not true I ordered from amazon UK 5 days ago and it arrived yesterday
Could do with a channel tunnel ourselves
@Andy Preneur: A previous UK Prime Minister wanted one!
Announced tonight that Holyhead Port will not reopen until Fri Dec 20th at the earliest.
Will be expecting supermarkets to run very low on a lot of stuff in the build up to Christmas
Anybody know exactly what damage occurred?
@Me Me: There’s 2 berths, side by side.
During the Storm Stena correctly decided to cancel all sailings as they deemed it too dangerous.
Irish Ferries carried on, as they have done many times in bad weather, when trying to dock, their ship James Joyce smashed into the berth sinking part of it.
Part of the berth, a lot of steel and concrete, is now on the sea bed in the berth area
That’s another reason why I’ll never travel with Irish Ferries, a disaster waiting to happen.
As a passenger that was supposed to sail on Sunday they kept moving me to the next day’s sailing that would then be cancelled. Booked a flight in the end. People have said the sailings between Liverpool and Belfast are full for car passengers and the drive to the south Wales ports is a long one (not easy by public transport – have to go into England and then back into Wales). It’s been very badly handled.
@Ann Kennan: ìf a foot passenger, there is no public transport from the port into Belfast
Thanks for letting us know. The relief.
Supermarkets are now warning that some shelves maybe empty in the run up to Christmas which translates as Carte Blanche to increase prices
Buy Local and save Jobs
All my amazon purchases stuck on UK. Delivery date unknown.
Climate change affects us all, just like AIDS
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