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THE ANNUAL RATE of inflation of house prices in Ireland has fallen to less than 1% with the cost of buying a house in the capital did not increase at all, according to the latest house price report from MyHome.ie.
The report, which is published in association with Davy, found that asking price inflation slowed to 0.72% nationwide.
This means the asking price for new sales nationally is around €267,000, while the price in Dublin is €374,000. Newly-listed properties are seen as the most reliable indicator of future price movements.
Conall MacCoille, Chief Economist at Davy, said that the slowdown in-house price inflation was to be welcomed and was inevitable given stretched affordability.
MacCoille, who authored the report, said: “Central Bank rules have stopped first-time buyers taking out too much mortgage debt and should lead to more realistic asking prices.
“Our analysis shows that the average residential transaction in Ireland (€292,000) is now 6.8 times the average income of €43,000. This is only slightly below the UK’s ratio of 7x. This is the first time since 2012 that Ireland’s house-price-to-income ratio has declined.
“While there has been a 13% fall in new instructions to sell and an 11% drop in the total number of homes listed for sale, there are positives in the market. Mortgage lending to first-time buyers is up 15% in the first three quarters and transaction volumes in the €300,000-€400,000 price range are up 7% in the capital,” he said.
“It is also encouraging to see homebuilding completions rose above 20,000 for the first time in the 12 months to September, and housing starts went above 26,000.”
In December, the Central Bank announced that is leaving its current mortgage lending rules as is after its annual review.
The Central Bank’s governor Gabriel Makhlouf said that the current rules are working and that they will not be changed for the coming year.
First-time-buyers need to have a minimum deposit of 10% of the value of the property, second and subsequent buyers need to have a minimum deposit of 20% and buy-to-let buyers need to have a minimum deposit of 30%. This is what’s known as loan-to-value limits.
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Seems one sided .
@DMur: shouldn’t it be all extremism?
Wonder will the do the same for the black hebrew Israelites. They are super racist homophobic and basically anti everything else!
@DMur: Yup it is. It should be identity politics for everyone or identity politics for no one.
@DMur: Sounds like something a white supremacist would say.
@Keith O’Reilly: No it actually doesn’t.
@andyearley: what about what about what about? What about? What about? Zzzzzzzzz
@DMur: This is open to ferocious abuse from the left. The definition of a white supremacist has been diluted so much recently that simply having a conservative opinion on immigration for example is enough to render you a Nazi in the public eye. Accusations such as these have already been seen to destroy the lives and careers of people who don’t conform to the narrative. Facebook is on a precipice right now and if they continue to find ways to clamp down on free speech (which is what all this is really about) then it’s going to collapse like tower seven never to be seen again.
Let it be said I detest the idea of white supremacy but for the screechers here I feel I have to point it out.
What constitutes “hate speech”? Who decides? Is every person still allowed to express their opinion on something, even if other people may find it distasteful?
@Sirius:
hate speech
noun
abusive or threatening speech or writing that expresses prejudice against a particular group, especially on the basis of race, religion, or sexual orientation.
Amazing news, Trump supporters trying to put rational people into ovens again.
@Orla Smith: another dilusional liberal. Funny how hateful y’all are and then you want to point the fingers at everyone else. The only racists are democrats
I made one negative comment about turnips and now I’m banned from Facebook.
Yet another move by the turnip industry to silence us
@Brian Guilfoyle: This is worse than when Big Parsnip removed my Bebo
@Brian Guilfoyle: that was quite a turnip for the books.
@Brian Guilfoyle: Banned for swede f*-all
@Sean O’ Donovan: Can’t they just lettuce say what we want?
@Brian Guilfoyle: They carrot allow that.
Always best to prohibit and censor the expression of opinions and ideas that you’re unable to counter with reason and debate. Don’t think there’s any precedents in history where driving movements underground has resulted in those movements strengthening as a result either. A win win so, the hard of thinking don’t need to exercise their brains to deal with opinions with which they disagree, and if Facebook says the movements are gone then they’re definitely gone and will never return in the future.
@Orla Smith: the only racist here is trash like you. That symbol on your profile might as well be a swastika.
@Winston Smith: Shares in Homestore just rocketed…
@Orla Smith: Problem is people like yourself cant counter ‘rascit b.s.’ – real or imagined. All you seem to be able to do is call people names instead of providing a rational counter argument. Look back at your comment history, seriously!
GO’D won’t be happy…
About time.
One attack on Muslim’s everything get banned, years of use by ISIS to recruit followers all over the world and nothing happens.
About time.
What took so long?
(((Civil rights groups and academics)))
It’s crazy to see people on one side getting silenced, while the left can spout all the hate they like. Surly this isn’t right
have your say