News
Surge in property sales since restrictions lifted
The residential property market has experienced a surge in activity since restrictions on the industry were lifted in May.
Homebuyers who have seen house prices surge during the pandemic now face a further, potentially ‘significant’, rise due to the housing shortage, the Central Bank has warned.
Pent up demand and a shortage of supply have resulted in homes selling for 10% or more over their guide prices in the past year.
In the year to April, the cost of houses and apartments rose 4.5% nationally, according to the Central Statistics Office (CSO) residential property price index.
The Central Bank expect the trend of rising house prices to continue due to the disruption to new house building during the pandemic and the build up of savings of some households.
‘’With existing supply constraints, a high degree of pent-up demand and a recovery in the flow of mortgage credit, the conditions for significant upward momentum to house prices in the months ahead appear to exist’’, it said.
A report conducted by the CSO has found that property buyers, including first time purchasers, previous owners and investors, are now purchasing residential property significantly later in life.
The median age for a sole purchaser rose from 34 to 42 between 2010 and 2019 while for joint purchasers, it rose from 35 to 38 over the same period. The Central Bank lending rules have had an impact on this as has the significant increase in the cost of renting in Ireland.
Another recent study (ESRI) found that home ownership by the age of 30 was 60% for those born in the 1960s compared to just 32% for those born in the early 80’s.
These national trends are evident on a local level with the significant shortage of supply being a dominant factor in rising prices. ‘Pent up demand and a shortage of supply of available properties is resulting in significantly higher prices being achieved at present’ says Ted Healy of DNG. ‘We are currently agreeing sales within 2 weeks of properties being listed with us and have a list of buyers registered with us seeking properties in Killarney at present.’
For anyone interested in a DNG appraisal of their property, contact DNG Ted Healy on 064 6639000 or email killarney@dng.ie
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