The housing market continues to be next-to-impossible to break into for the majority of first-time buyers.
Daft.ie released the findings of their Irish house price report for the 3rd Quarter of 2017, and the property market is still on an incredible upward climb in pricing, with the reasons for it being that there are currently only 20,000 homes up for sale (or around 1% of the total Irish housing stock), while more and more home-buyers are forced into taking out larger and large mortgages in order to compete in the market.
It is, in effect, a self-fulfilling prophecy. House prices increase, buyers get bigger loans to afford them, which leads to house prices to increase, and so on.
Specific highlights of the report are as follows:
- On average, the most expensive places in Ireland to buy a home are South Dublin County (average cost: €559,000), South Dublin City (€388,000), North Dublin City (€326,000) and County Wicklow (€316,000)
- On average, the least expensive places in Ireland to buy a home are County Leitrim (average cost: €124,000), County Longford (€131,000), County Roscommon (€133,000) and County Sligo (€134,000)
- Across all of Ireland, as a national average, house prices are increasing by €50 every single day
Similarly, in a new report published by MyHome.ie (via The Irish Times), and the highlights of that are as follows:
- Average price of a home in Ireland is now €253,000
- This means that the average price for a home in Ireland has increased by €21,000 in the last 12 months
- The rate of inflation in Ireland has now reached 8.9%
- Average price for a home in Dublin is now €366,000
- This means that the average price for a home in Dublin has increased by €40,000 in the last 12 months
- The rate of inflation in Dublin has now reached 11.8%
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