House price growth hits seven-year high at over 15% TheJournal.ie

RESIDENTIAL PROPERTY PRICES increased 15.2% nationally in the 12 months to March 2022, according to Today’s Residential Property Price Index released by the Central Statistics Office (CSO).

It is the highest rate of annual price growth in the housing market since a peak of 16.8% in March 2015.

Overall, residential property prices remain 2.1% lower than their highest level in 2007.

Residential property prices in Dublin are 10.1% lower than the February 2007 high, while residential property prices in the rest of Ireland are 3.3% lower than the May high from 2007.

Between March 2021 and March 2022, prices in Dublin increased by 12.7% and prices outside of Dublin increased by 17.3%.

The border region saw the biggest increase with prices rising 25.1%, while house prices in the Middle East rose 15.2%.

Households paid a median or median price of €285,000 for a residential property in the 12 months to March 2022.

The lowest median price paid for a home was €136,500 in Longford, while the highest was €601,000 in Dún Laoghaire-Rathdown.

Existing homes accounted for 3,288 (83.9%) of home purchases filed with Revenue Commissioners in March 2022, the balance of 630 (16.1%) were new homes.

The highest house price growth in Dublin was recorded in Dublin City at 13.8%, while South Dublin saw an increase of 11.3%.

Sinn Féin Housing Spokesperson Eoin Ó Broin said today that this report was proof that the private market cannot meet the demand for new housing and that the state must intervene.

“The CSO’s latest Residential Property Price Index report shows that property prices continue to rise across the state.”

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“Housing affordability has worsened since Fianna Fáil returned to power. The Housing Minister has failed to understand this while thousands of ordinary people are struggling to get affordable housing,” he said.

“As a solution, it offers another crazy developer leadership plan that will simply set prices high and provide no affordability dividends for the buyer.

Daft.ie’s latest quarterly rental report released on Thursday shows that as of May 1 this year, there were only 851 homes available for rent across the country, down 77% from the previous year.

The Irish Examiner reported that there were just 131 houses available to rent in Munster at the beginning of this month, the lowest level ever recorded.

There were 64 houses for rent in the cities of Cork, Galway, Limerick and Waterford combined on May 1, compared to more than 350 during 2019.

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