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What goes up, must come down ….. or does it?

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3 years ago

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By Ted Healy of DNG TED HEALY

In recent months the rate of property price increases has softened and with that questions have begun to arise around whether a drop in prices could be on the cards.

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CSO released the latest Residential Property Price Index (RPPI) on Thursday which shows national prices in the year to the end of August rose by 12.2% - the fifth successive month in which the annual rate of house price growth nationally slowed. Since August of last year, the rate of increase had been climbing in double digits, and it peaked in the early part of the year, prior to the change in the economic climate internationally.

There are a huge number of factors that influence house prices. Like any market though, at its heart it boils down fundamentally to supply and demand.

On the supply front, signs are that the availability might be starting to loosen up a little. Demand is deflating too as rising interest rates and inflation push home ownership out of the reach of some.

The European Central Bank have increased rates by 1.25% and the expectation is there will be two further increases before the year end. Central Bank mortgage lending rules also continue to help keep a lid on house price inflation.

But there are ongoing pressures keeping house prices high, and we continue to have a severe shortage of housing.

And then there is inflation. Construction price inflation was running at 14% on an annual basis in July, according to the Society of Chartered Surveyors. The soaring cost of raw materials, labour and other factors continue to make building more expensive. If this continues, the bump in new home supply we saw earlier could tail off – putting pressure on prices.

A third factor at play is that most of the main lenders here have not yet passed those increases on to borrowers - giving home purchasers some breathing space.

Central Bank data released during the week showed average interest rates here remained steady in August, while at the same time across the Euro zone they rose more markedly. There is an expectation though that the banks won’t be able to hold out on passing through the extra borrowing costs forever.

How likely is it then that house prices could fall?

House prices here have recovered significantly since the depths of the post-Celtic Tiger crash. Nationally they now stand at 2.2% above their highest level recorded in April 2007.

From January 2008 they fell for five straight years until June 2013. Since then, there has only been one four-month period beginning in July 2020, at the height of the COVID-19 pandemic, that they have fallen slightly, before recovering strongly over the subsequent 24 months.

That recovery was in large part fuelled by significant household savings accumulated during pandemic lockdowns, along with disrupted supply and pent-up demand.

With demand remaining strong and as supply has not yet caught up, leading experts say it is unlikely prices will fall dramatically anytime soon.

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Gleneagle Concert Band cast in major Hollywood Film

  Members of The Gleneagle Concert Band have been cast in a major Hollywood movie currently filming in West Cork. The WWII biopic is inspired by Hollywood legend James Stewart’s […]

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46 minutes ago

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14 October 2025

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Members of The Gleneagle Concert Band have been cast in a major Hollywood movie currently filming in West Cork.

The WWII biopic is inspired by Hollywood legend James Stewart’s life, highlighting his time as a combat pilot after putting his entertainment career on hold to join the U.S. Army Air Corps.
It’s set to be the biggest film production filmed in Ireland this year, with a U.S. release scheduled for November 2026.

Band Musical Director Vincent Condon said the opportunity came about through a mix of curiosity and perfect timing.

“I read that a major film was being shot in West Cork and got in touch to see if they needed a band. Wartime movies often feature military bands, and they were delighted that I reached out. The film required an all-male band under 25, which is historically accurate. Filming took place at the start of October, and it was a fantastic experience for everyone involved.”

Band Manager Ciaran Lynch described the experience as unforgettable.

“The band was excellent. We did everything asked of us with no fuss, and it was amazing to see how a major movie comes together. In a year or so, we’ll be able to sit in the cinema with our families and point to the screen saying, ‘We were part of that!’”

This latest experience follows the band’s highly successful summer tour to Seville and Gibraltar, where they performed alongside the Midleton Concert Band beneath Seville’s spectacular Las Setas structure. The trip marked the band’s eighth international tour, continuing a proud tradition of representing Killarney abroad.

With opportunities ranging from international tours to movie sets, the Gleneagle Concert Band continues to give its members unique and creative musical experiences both at home and overseas.

Anyone interested in joining the band or enrolling for instrumental lessons is encouraged to get in touch on 087 222 9513.

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Local schools launch initiative to promote healthy technology use for children

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49 minutes ago

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14 October 2025

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Holy Family NS Rathmore, Raheen NS, Meentogues NS and Shrone NS have teamed up with three other schools on the Cork side of the border to launch an innovative project called Agree to Agree.


This is a community wide effort to help families navigate the challenge of children and technology.


The initiative encourages parents of primary school pupils to make a voluntary pledge around healthy technology use at home.


For younger pupils, this includes keeping children smartphone-free, following age-appropriate guidelines for games and apps, and staying off social media during primary school years.


For older pupils who may already own phones / devices, the project suggests practical steps such as reducing screen time, keeping phones out of bedrooms, avoiding age-inappropriate apps, and learning about digital citizenship and online safety.


In the coming weeks, children will bring home information packs and families will have the chance to sign the voluntary agreement. Two parent webinars are already scheduled for October 26 and February 26.


This Pilot was funded by the Department of Education and Skills under the then Minister of Education and Skills – Norma Foley TD. Schools were invited to participate through Tralee Education Support Centre Director, Terry O’Sullivan.


The other participating schools are Ballydesmond NS, Kiskeam NS, and Knocknagree NS.

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