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Tag Archives: house prices

Cheaper to buy than rent in Clare

It is cheaper to buy rather than rent a house in County Clare, a scenario that would still prevail if current interest rates increased by 2%. This is outlined in a review of the residential property market by PIBA, the country’s largest group of financial brokers. PIBA also said the Central Bank’s excessive lending restrictions, along with the shortage of suitable properties to buy are creating “a lost generation robbed of the opportunity to buy their own homes”. This is a legacy likely to follow them down through the years in terms of their financial status, Rachel McGover, chief operations officer at the organisation, added. PIPA, which represents 900 member firms throughout the country said, “This week’s Daft.ie rent report for Q2 2016 provides the latest evidence that in several locations across the country it is cheaper, in some cases considerably so, to buy a property than rent one. “In what should be startling evidence for policy makers and the …

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Clare property prices €100k below average

THE average property price paid in Clare in the 12 months up to June 30 was €133,215, according to the latest GeoView report. This price is well below the €232,862 average for the Republic of Ireland as a whole. It is also well below the average of €168,078 for the counties, excluding Dublin. The GeoView report also shows that there were 1,061 transactions during the 12 months, representing slightly less than 2% of the total residential stock in Clare. Around 88 of the transactions were new dwellings. The report shows that the total stock of residential dwellings in the county increased by 0.5% over the course of the year. The overall vacancy rate in residential property in Clare last year was 19.9%, the seventh highest of the 26 counties in Ireland. GeoView shows that 3.5% of Clare’s residential stock consists of apartments. While this is well below the average of 9%, the average is distorted by Dublin, where the figure …

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Irish house price increases top in EU

Ireland’s house prices were 16.3% higher in the last quarter of 2014 than in the last quarter of 2013, according to Eurostat estimates released today (Wednesday) This is the highest annual house price increase in the EU. The estimates also show that the rate at which Irish house prices increased over the year in 2014 was by far the fastest in the EU. However, the rate of increase slowed down as the year passed; from being up by 6.8% in Q2, then up by 6.2% in Q3, followed by a lower rate of increase of 3.8% for Q4. The year-on-year increase in Ireland is the largest among the EU Member States (for which data are available) for this period, and is followed by Malta (+11.0%), Sweden (+10.4%), Estonia (+10.1%) and the United Kingdom (+10.0%). The average house price increase in the EU for the same period was 2.6% in the EU, and 1.1% in the euro area. The largest falls …

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House prices continue to rise

The average value of residential property in Ireland rose by 1.7% in the first quarter of 2015, which compares to growth of 5.0% in the same period in 2014. Dublin house prices rose by a moderate 0.9% in the first quarter of the year, this compares to growth of 6.5% in the same period in 2014. Notably, when Dublin is excluded from the national figure, the quarterly growth figure was 2.8%. In comparison, residential property outside Dublin grew by 3.0% during the opening quarter of 2014. The regional centres outside Dublin experienced strong price growth during the opening three month period, most notably in Cork with price growth of 3.0% in the three months to end March. An analysis of the stock available for sale on the open market revealed there were 30,642 units advertised for sale in Ireland in January, which represents 1.6% of the private housing stock. This compares to 37,883 units in January 2014, a 19% reduction …

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House prices up, supply down

House prices in Ennis have begun to rise again after losing more than half their value over the past seven years and may be up by 20% this year. But the number of properties for sale are falling, as the supply of houses coming to the market contracts. “We’ve seen a significant change since the beginning of August. There was a change from March or April on but from August on – particularly in Ennis – quite a lot of housing supply was snapped up and the available stock has contracted significantly. Houses are selling but the supply is just not being replaced,” said Diarmuid McMahon of Sherry FitzGerald McMahon. “There are more people buying than selling and there’s no new supply. There has been nothing built in five or six years, and that’s starting to bite,” he said. Much of the impetus for rising prices comes from the rise in confidence in the economy this year; and also from …

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House prices down in Clare

Property prices outside Dublin registered their first quarterly increase since 2007 but not in Clare, which experienced the biggest fall in asking prices in Munster in the past year. ACCORDING to the latest Daft.ie House Price Report, the average asking price for properties outside of Dublin increased during the first three months of the year; the first quarterly rise since mid-2007 according to the report. Nationally, the average asking price is now €177,000, up 3.5% from the same time last year and down 53% from the peak. In Clare, however, prices in early 2014 were 9% lower than the same time in 2013, compared to a fall the previous year of 12%. The average house price here is now €130,000, 58% below peak levels. The latest figures show that the greatest fall year-on-year in asking prices here is in the one-bedroom apartment category which has fallen to €44,000, a drop of nearly 19%. The prices asked for five-bed detached homes …

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House prices fall 11%

LEADING property website daft.ie has found that asking prices for house prices in Clare fell by 11% between the last quarter of 2012 and the last quarter of 2013. According to their figures the average house price in the Banner county fell to €128,175, down 59% from the peak of the bubble. According to their figures, the average price for a one-bedroom apartment in this county is now just €45,000, while a two bed is €57,000. A three bedroom semi detached house is €83,000, while a four bed is €169,000. A five-bed semi detached house now has an average asking price of €189,000. According to the Daft figures the price of apartments was hit hardest in 2013, with the one beds down y 18.6% and two beds down by 16.1%. Regarding houses, the five beds were down by 15.7%, four beds by 11.3% and three beds by 13.6%. The Daft report showed a two speed property market, with Dublin seeing …

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