Housing minister says 2022 can bring slowdown in Irish property price rises

The Housing Minister has said that he hopes that 2022 will deliver a slowdown in the increase in Irish property prices.

© Niall Carson Housing Minister Darragh O’Brien (Niall Carson/PA)

Darragh O’Brien, speaking in Donabate in Co Dublin on Monday, insisted that the Government’s housing strategy would be able to increase supply to sufficiently arrest an increase in property prices across the country.

A new survey, published on Monday, found that the race for remote working space and the urban flight from cities was driving a huge rise in property prices outside major cities.

Average house prices have risen by 3,500 euro per month since the end of June, with selling prices in commuter areas and small towns increasing by more than double the growth experienced in major cities.

Asked by reporters when he expected the rise in house prices to slow, Mr O’Brien said: “I hope to see this level off and we’re seeing some slowdown in the acceleration of house price increases already.”

He said it was “too soon” to say when price increases would reach a peak, but said: “Supply will increase substantially next year and I hope we would see a requisite tapering off of the level of increases that we’re seeing.”

Mr O’Brien said it was clear the Covid-19 pandemic had had an impact on the Irish housing market.

“There is no doubt that the restricted market that we have there and restricted supply, particularly over the last two years with Covid, has had a real impact.

“What we need to see is more supply, frankly. And the indicators for next year are good. They’re good in the sense we’re seeing housing commencements increase quite substantially over the last couple of months.

“I believe the response to demand, but also the response to the Government’s plan in Housing for All, will lead to significant increases in commencements. There is no doubt that it is very trying at the moment.”

He insisted that the problem was not just being felt in Ireland, but across Europe and parts of the US.

A massive demand for properties outside the capital has seen unexpected quarterly rises in towns such as Nenagh, Tipperary, where scarcity of supply and bidding wars seen three-bed semis sold at 23% above their recent value – an increase of 45,000 euro.

The REA Average House Price Survey concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, giving a picture of the second-hand property market in towns and cities countrywide.

The price of a three-bedroomed semi-detached house across the country rose by 4.1% over the past three months to 264,056 euro, representing an annual increase of 12%.

The biggest rises in quarter three came in commuter counties and the country’s large towns as buyers continue to move further from the capital in anticipation of long-term remote and hybrid working.

There has also been a surge of interest from ex-pats anxious to return to Ireland after the pandemic.

Mr O’Brien said: “Thankfully people, moving into the regions, being able to find that they’re able to work in the regions and that everything isn’t just Dublin centric or east coast centric – that’s a good thing.

“But we’re seeing with that as well because of restricted supply, some increases there outside of Dublin that we would not have seen before, but from a lower base. That’s why one of the main things within our plan is to try to drive affordability in through the sector.”

The rural and commuter area increases are double those being experienced in Ireland’s major cities, with Dublin increasing by 2.3% to 467,000 euro and Cork Limerick and Galway by an average of 2.4% to 281,750 euro.

REA spokesman Barry McDonald said: “The survey’s average of four weeks to sell should be even lower because, while bidding is fast and furious, vendors are not rushing to accept offers.

“With an exceptional shortage of stock, demand is being fuelled by an increase in mortgage-approved buyers on the market.

“The rural flight, which began during lockdown, shows no signs of letting up, even in the face of a return to office working.

“In Stoneybatter, REA Fitzgerald Chambers report that all sales in the quarter were for vendors who are moving out of Dublin to locations around the country.

“The effect of this is being felt nationwide with counties such as Tipperary (9.2%), Donegal (8.4%) and Kilkenny (7.3%) all experiencing sharp rises in Q3 as buyers seek value locations.

“In Nenagh, REA Eoin Dillon has reported that three-bed semis that previously fetched 190,000 euro have sold for 235,000 euro, such is the scarcity of supply.

“Our agent in Roscommon REA, Seamus Carthy, reported that 75% of sales in the last quarter were family homes for people who are returning to the county from cities.

“In my own suburban area of Lucan, we are seeing a combination of people selling to move further afield and buyers moving out from the city centre because they feel they don’t need to be in walking distance of the office any more.”

Three-bed semis in commuter counties rose 4.6% by over 12,500 euro in the past three months to an average of 282,500 euro, with the average home selling in just three weeks.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 4.9% in third quarter to 185,379 euro.

Michael Boyd of REA Boyd’s, Kilkenny city, said “There is a surge of interest from buyers in Dublin and ex-pats wanting to come home.”

He said that average prices in Kilkenny have risen by 17,000 euro to 275,000 euro and properties are now moving in two weeks.

“We saw 90 mortgage-approved applications to view one property in three days,” he added. “The reserve was 200,000 euro and it sold for 280,000 euro at an online auction on Bidnow.ie.”

Internet Explorer Channel Network
News Related


PH lifts cap on deployment of healthcare workers to UK

THE Philippine government has lifted the cap on the deployment of Filipino health care professionals to the United Kingdom (UK). Labor Secretary Silvestre Bello 3rd disclosed it on Wednesday after ... Read more »

BSP backs bill seeking to streamline regulatory requirements for cooperative banks

Bangko Sentral ng Pilipinas Governor Benjamin Diokno – screencap from BSP video posted May 21, 2021 The Bangko Sentral ng Pilipinas (BSP) said Wednesday it is supporting the passage of a ... Read more »

Bank of England to raise rates to 0.25% in Q1, possibly sooner - Reuters poll

© Reuters/Henry Nicholls FILE PHOTO: People walk past the Bank of England during morning rush hour, amid the coronavirus disease By Jonathan Cable LONDON (Reuters) – The Bank of England ... Read more »

Lupita Nyong'o Pays Tribute After The Black Panther Family Loses Dorothy Steel

© Provided by CinemaBlend Lupita Nyong’o Black Panther film still Over the last year, the cast and crew of Black Panther have experienced tremendous loss on a few fronts. Of ... Read more »

Ronaldo, Messi, Salah bring the thrills for Champions League Matchday 3

We’re now officially halfway through the 2021-22 UEFA Champions League group stage, and it has to be said the world’s top club competition has provided countless spectacular moments and memorable ... Read more »

Marc Bergevin thinks it's a 'long shot' Shea Weber ever plays again

It’s been a brutally tough go on the ice for the 2021 Montreal Canadiens, and an even tougher one off of it for the core pillars of the team’s Cup ... Read more »

In S.Korea, an army of retail investors flocks to YouTube for stock trading advice

By Jihoon Lee, Cynthia Kim and Scott Murdoch © Reuters/Dado Ruvic FILE PHOTO: FILE PHOTO: Silhouettes of laptop and mobile device users next to a screen projection of the YouTube ... Read more »

An increase in the price of craft beer is brewing in Alberta

It’s beer week in Alberta, a time to celebrate and enjoy craft beer but not all those behind producing the brew are in a celebratory mood. © Chris Chacon/Global News ... Read more »

Family of doctor who died post Covid vaccination to move court

The family of Sneha Lunawat, a 34-year-old doctor who died after receiving Covid-19 vaccine early this year, is planning to approach the court to claim compensation and ensure timely and ... Read more »

Scientists temporarily attach pig's kidney to human body

The pig-to-human transplant is a small step in the path to using animal organs for life-saving transplants. As of now, there are more people in need of transplants than there ... Read more »

India set to cross 100 crore COVID-19 vaccination milestone today, govt plans massive celebrations

© Provided by Zee News New Delhi: The government of Indian has planned massive celebrations as the country is set to achieve the target of 100 crore COVID-19 vaccination doses ... Read more »

PM Narendra Modi to inaugurate Infosys Foundation made Vishram Sadan today

© Provided by Zee News New Delhi: Prime Minister Narendra Modi on Thursday (October 21) will inaugurate the Infosys Foundation made 806-bedded Vishram Sadan at National Cancer Institute (NCI) in ... Read more »

Meet outdoors and wear masks in crowded spaces, says Sajid Javid

© Provided by Daily Mail MailOnline logo Britons should consider meeting outdoors and wearing masks in crowded spaces to prevent a winter Covid spike, Sajid Javid said yesterday. The Health ... Read more »

Most Qantas domestic flights back by Feb

Qantas boss Alan Joyce expects the group will regain pre-pandemic domestic capacity by January as more states and territories allow visitors. © Joel Carrett/AAP PHOTOS Qantas boss Alan Joyce says ... Read more »

Woolworths, Coles staff must get vaccine

Supermarket giants Woolworths and Coles plan to order their combined workforces – about 300,000 people – to get fully vaccinated against COVID-19. © James Gourley/AAP PHOTOS Woolworths will order all ... Read more »

Gold Coast Uber driver tests positive to COVID-19 after trip to Melbourne, did not enter quarantine upon return

© Provided by ABC News Annastacia Palaszczuk says the latest COVID case is a “wake-up call” for the Gold Coast. (ABC News) A man who has tested positive to COVID-19 ... Read more »

Navy identifies 15th sailor killed by COVID-19

A Navy sailor who died of coronavirus-related complications earlier this month has been identified as Master-at-Arms Senior Chief Michael Haberstumpf. © Greg Nash A staffer adjusts a flag prior to ... Read more »

Mets starter Carlos Carrasco undergoes right elbow surgery

LOS ANGELES — Carlos Carrasco’s difficult first year with the Mets included a physical issue beyond the torn right hamstring that cost him much of the season. The veteran right-hander ... Read more »

Penyelam terkejut jumpa pedang perang salib 900 tahun

© Provided by Free Malaysia Today Seorang penyelam, Shlomi Katzin menemui sebilah pedang zaman Perang Salib berusia 900 tahun. (Gambar Shlomi Katzin: Israel Antiquities Authority) Seorang penyelam yang sedang menyelam ... Read more »

What To Do This Weekend (22 to 24 Oct): Play Retro Games

PHOTO: PEXELS/KETUT SUBIYANTO PHOTO: PEXELS/KETUT SUBIYANTO Put away the phones and tablets, and spend quality family time together over a card or board game instead. There’s a lot of plotting, ... Read more »

Jiwa hamba menurut Usman Awang

© Provided by Free Malaysia Today © Provided by Free Malaysia Today Usman Awang, Sasterawan Negara kita kalau memilin dan menganyam puisi memang luar biasa kelembutannya. Kalau puisi-puisi romantisnya serasa ... Read more »

Sagittarius: Your daily horoscope - October 21

© Astrofame Sagittarius A good deed that you performed for somebody else could be reflected back at you. Maybe you once comforted a friend or an acquaintance when they were ... Read more »

Price freeze sought on basic goods as oil prices continue to increase

© Provided by BusinessWorld LAWMAKERS from the progressive Makabayan bloc have called for a price freeze on basic goods as oil prices continue to increase for the eighth consecutive week due to increasing global ... Read more »

More firms to pursue sustainable, green finance

MANILA, Philippines — More Philippine companies, including banks and financial institutions, are seen pursuing sustainable and green financing that reached close to $5 billion as of end-September as the government ... Read more »

Vote Buying? Pacquiao to continue giving cash aid, camp says

© Provided by reportr.world Presidential aspirant Sen. Manny Pacquiao will continue giving out cash assistance to poor Filipinos despite accusations that he might be engaging in vote buying in the ... Read more »

A new Senate report calls on Australia to overhaul finance and tax regulations to become a global crypto superpower

© Provided by Business Insider Australia Australia must reshape its finance and tax regulations to harness the “enormous” economic potential of crypto-assets, a Senate committee has found. The Senate Select ... Read more »

FDA Authorizes Moderna and Johnson & Johnson COVID Boosters, Allows 'Mix and Match' from Original Dose

The U.S. Food and Drug Administration has authorized a booster shot of Moderna and Johnson & Johnson‘s COVID-19 vaccines, making boosters of all three vaccines in the country available to ... Read more »

Woolworths demands ALL 170,000 of its Aussie workers get Covid jab

© Provided by Daily Mail MailOnline logo Woolworths and Coles staff will be required to be fully vaccinated against Covid-19 in the coming months. The mandate enforced by the nation’s biggest ... Read more »

Photos: Netflix employees walk out in protest of Chappelle comedy special, transphobic remarks

Transgender Netflix employees and their allies gathered Wednesday morning on Vine Street in Los Angeles to protest the streaming giant’s decision to release Dave Chappelle’s controversial new comedy special. Some ... Read more »

Eric Adams, Curtis Sliwa go head-to-head in heated first NYC mayoral debate: ‘Lies' and ‘buffoonery'

Eric Adams and Curtis Sliwa clashed along deeply personal lines during their first mayoral race debate Wednesday night, accusing each other of spouting “lies” and “buffoonery” while staking out drastically ... Read more »

Trump announces new social media network called 'TRUTH Social'

Former President Trump on Wednesday announced the upcoming launch of his own social media network, with the new site to be called “TRUTH Social.” © The Hill Trump announces new ... Read more »

Tufts University student dies after choking during hot dog eating contest

Madelyn “Madie” Nicpon (center) was a lacrosse player for Tufts University. NCAA Photos via Getty Images A Tufts University student who recently graduated from a suburban New York high school ... Read more »

Mike Greenberg didn't realize ESPN's new NBA Countdown panel was still on the air until Stephen A. Smith chimed in

ESPN’s regular-season debut of their new NBA Countdown panel Wednesday, featuring more Mike Greenberg for some reason, ran into some technical difficulties. They wound up airing the panel (with host ... Read more »

NBA World Reacts To Mike Greenberg's Performance Tonight

Mike Greenberg made his debut at the host of ESPN’s NBA Countdown on Wednesday night. © Provided by The Spun Mike Greenberg on NBA Countdown. The longtime ESPN personality was somewhat of ... Read more »

Damian Lillard Had 1-Word Reaction To LeBron's Debut

© Provided by The Spun Damian Lillard dribbling the basketball. Los Angeles Lakers superstar LeBron James stepped out on the court to tipoff his 19th NBA season on Tuesday night. ... Read more »

PNP: NCR areas under granular lockdown rise to 105 from 98

From 98, the number of areas under granular lockdown in the National Capital Region has increased to 105 as of Wednesday, data from the Philippine National Police (PNP) showed on ... Read more »

Gordon Gives Trolls a Shoutout: Magbagong Buhay na Kayo

© Provided by reportr.world Sen. Richard Gordon on Tuesday called out “trolls” and told them to find other sources of income as the Senate blue ribbon panel continued investigating alleged  corruption ... Read more »

Case counts down, Hawaii to welcome back tourists

Hawaii’s COVID-19 case counts and hospitalizations have declined to the point where the islands are ready to welcome travelers once again. Gov. David Ige said vacationers are welcome to return ... Read more »

New Jersey man charged in Fairborn woman's attack now in Greene County Jail

Oct. 20—A New Jersey man is now in the Greene County Jail who was wanted after reportedly breaking into a Fairborn apartment through a barricaded door, knocking a woman unconscious ... Read more »

MAF says team in Haiti staying safe and vigilant after 17 people kidnapped

Mission Aviation Fellowship (MAF) in Nampa says their team in Haiti is staying vigilant after 16 U.S. citizens and 1 Canadian were kidnapped. Read more »