Irish house prices up almost 11%, says MyHome.ie report
Published date | 24 June 2022 |
Its figures show that the average asking price for homes put on the market during the second quarter of 2022 rose 10.9 per cent over the previous 12 months to €320,000.
In Dublin, those prices rose 7.9 per cent to €403,000, while outside the capital they climbed 12.7 per cent to €270,000.
All those figures show a moderation in the rate of growth. In its previous report – for the 12 months to March – MyHome.ie reported house price inflation of 12.3 per cent nationally. Dublin prices were rising at 8.6 per cent annually at that time, with prices elsewhere in the State 14 per cent up on a year earlier.
Nationally prices rose 5.3 per cent from the first to the second quarter of the year. In Dublin that increase was 3.4 per cent, while outside the city prices rose 6.1 per cent from the first quarter to the next.
Conal Mac Coille, Davy chief economist, the report's author, predicts price inflation will slow in the second half of 2022.
"Double-digit inflation and sharp price gains are set to give way to greater concerns on affordability, the economic outlook and the impact of the European Central Bank raising rates," he says.
He said evidence from estate agents suggested the momentum behind property price inflation was starting to slow.
However, Mr Mac Coille does not believe a bust will follow the boom in values as it did 14 years ago when a property bubble burst, leading to a long recession. He argues that Central Bank mortgage lending rules, which tie home loans to borrowers' incomes, have checked the market this time.
"The expected rise in interest rates from the European...
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