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RESIDENTIAL PROPERTY PRICES increased by almost 11% nationwide in the year to August, according to new CSO figures.
While the price of houses and apartments nationally remains 8.9% lower than their 2007 peak, prices have increased by 103.2% since their recession-era low in 2013.
Figures from the Central Statistics Office today show that residential prices have increased by 10.9% between August 2020 and August 2021.
House prices are rising faster outside of the capital, up by 10.2% in Dublin compared to 11.5% in the rest of the country, during the same period
The highest house price growth in Dublin was in South Dublin at 12.6%, while Fingal saw a rise of 8.3%. The region outside of Dublin that saw the largest rise in house prices was the Border at 20.7% – at the other end of the scale, the South West saw an 8.3% rise.
Apartment prices have also increased, up by 5.7% in Dublin and up 16.7% outside of the capital.
Senior CSO Statistician, Barra Casey, said today’s figures represent the largest annual change in prices since June 2018.
Casey also notes that despite rising prices there were significantly more transactions in the market in August with households purchasing 3,764 dwellings, an increase of 59.6% compared to August 2020.
Rachel McGovern, Director of Financial Services at Brokers Ireland said “it is worrying that prices are accelerating into double-digit growth and that long-standing supply and affordability issues remain.”
“While there is a headline increase in volume of transactions of 59.6% year-on-year in August it is coming off a low base resulting in an increase of just 1,463 transactions.”
Following the latest CSO data, mortgage experts have warned that values are increasing a lot more than the averages quoted in the report.
Joey Sheahan, head of credit at MyMortgages.ie, said new builds and coastal properties, in particular, are continuing to soar.
“We are seeing a huge number of buyers buying off plans, with whole developments being sold before they are built,” he said.
Trevor Grant, Chairperson of the Association of Irish Mortgage Advisors, said the acceleration in property price growth cannot be ignored but hoped prices might stabilise with the resumption of construction.
“With construction sites back up and running following more than a year of stop start production, we would hope to see an increased supply of new homes coming onstream in the near future which should help stabilise prices,” said Grant.
“That said, there are still too many developments caught in planning limbo and that is something that requires urgent action by Government.”
Social Democrats Housing Spokesperson Cian O’Callaghan said it was “utterly unsustainable” that house price increases are now almost three times higher than the rate of inflation.
“What is the government going to do to control soaring costs? Its only big idea, to solve the housing crisis, is to pour petrol on the fire of an already red-hot property market, through their proposed shared equity scheme,” said O’Callaghan.
Why do they do this? Because the construction industry tells them it’s a good idea – and, they are not the ones being engulfed by the flames.
“Schemes like the ‘help to buy’ scheme and the ‘shared equity’ scheme will not increase the supply of affordable homes – they will ratchet up prices to ever-increasing unsustainable levels.”
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He meant to say he fully expects to see Ireland OUT of the Euro 2024 qualifying campaign
Brian kerr destroyed him last night and he was right other managers with better results got left go quicker. 4 competitive wins across 3 campaigns is dreadful and wouldn’t get you out of one campaign let alone 3. Better to leave him go, use the summer to find his replacement and then give them the remaining games to bed in and find a style of play and start fresh for the world cup qualifying campaign. If Kenny stays then the next two years are a write off as it’s more of the same. If he goes at least we will feel like we are building towards something.
@Paddy Up: Not his fault he does not have the players Paddy,
@Mac Dara Powell: we’ll never know unless the manager changes. Lad has only delivered at League of Ireland level, so am unsurprised he’s struggling at this….
@Mac Dara Powell: He will have fewer going forward as 2nd and 3rd generation players will opt for country of birth if the FAI doesn’t appoint A Top Class Manager who will earn the respect the players
Wake up FAI
Why is Kenny not getting the criticism from the Dublin Media that is warranted
@Joe Tone: Because he’s not from Cork or anywhere else outside the pale, you should know that by now.
@Joe Tone: maybe because it’s futile ….what’s to be gained by ramping up critism , stirring the crowd to call for his head , sack the manager , bring in …….., Rinse and repeat …this might surprise you but there’s plenty of critism doing the rounds , but there’s also just a tiny piece of more intelligent analysis in some quarters , the reality of this teams level , the attempt to being through new blood , nobody is saying results are what we would like , but constantly calling for sacking Ireland managers is shallow populist nonsense , let’s get pitch forks that should do the trick !
“If we had won against Greece everything would be great ”
If my grandmother had wheels she would have been a bike .
He needs to go .
@Fergus Jones: yes gino,this is true
The show is over,simply not good enough
Starting to feel a bit sorry for him, seems like an honest bloke.
And lets be honest, when he goes, I doubt there will be a rush of high level clubs after him. It will be back to League of Ireland, earning about a fifth of what he is on now.
They are out at this early stage but let’s call a spade a spade. But Stephen still has a wage to draw from the FAI (tax payers money) and just like the politicians are good at lining their pockets
Brian kerr was shafted as ireland manager, barely missed out in qualifying, kenny making a jokestop of ireland results in last 3yrs but wont be sacked as fai cant afford it, delaney has a lot to ask for
@burrito girl: Not qualifying with the talent he had at his disposal was criminal.
He’s Shïté
“Stephen Kenny – I fully expect to see out all of Euro 2024 qualifying campaign”.
On his salary, of course that is what he would like. But that performance against Greece seemed to be tactically inept.
A lack of competence is surely grounds for ending a contract!
@Nestor: Whether he sees out the campaign or not he still gets the full contract amount.
We’ve no midfield ,only for the Keeper we’d have been hit for 5 ,not a Kenny fan but the team are poor at best
Show me the money
He is starting to sound a bit like Mehole now. Totally delusional.
Am I wrong but did I hear our manager say we still have a good chance of finishing 2nd in our group. Is he delusional or just stupid. What is he watching. The players are poor over all. We all can see that. But sat night was a total disgrace. There was nothing there in the whole 90 min. Kenny was not watching the same game I was. We play Gibraltar. And we are all excited we could beat them. Our schoolboy team would give them a game. 200 places below us. France only beat them 3 nil. I wonder. Glad Stephen thinks he is staying till end of euros. Does it make any difference really. Shambolic all of it. .
A contract is a contract let’s give Kenny and the team, Honesty at least
Even Somalia wouldn’t sign him as second manager.
I expect to win the euro millions, any day now and maybe Vera could do the job?
Fitting celebrities into systems is the challenge for modern, elite managers. The attitude of players, in turn, seems to have changed. It’s hard to quantify, of course, but when Darragh Lenihan, on joining Middlesbrough in 2022, spoke less of hoping to win the league or the Champions League than the Ballon d’Or, it felt like a key moment. Players now ask at least as much what a club can do for them as what they can do for the club –
Kenny to run fr FF in the next GE , his got all the right qualities
Do people think we should be beating Greece away from home? This is the worst crop of players we’ve ever had. We could get someone in to make us play hoofball, hardly ever qualify, and if we do be the laughing stock of Europe again I suppose.
Fair play to him for getting the job as the Irish Coach, mega leap from League of Ireland coaching, but Internationals are a Totally different level. It’s a doomsday scenario for both Kenny and the Team.
All the boo boys can cry all they like, but fact is you could bring in Pep and we would still be terrible, put simply we just don’t have good players, due to lack of investment from both the FAI and government, we are about 20 years behind everyone else.
I might be mad, but see if Big Sam wants the poisoned chalice. We need a manager that knows how to fight their way through a game. Even see if Graham Potter would be up for it.
@Rafa C: I agree. I’ve mentioned Big Sam before and got lambasted for it. I think he’d be a great fit and he’s managed here before so would have some affinity with the place.
Oh no ya won’t !
“We nearly scored” just after each of Greece’s goals? What game was he watching?
I don’t buy into this vicious criticism of Kenny. Dundalk proved that Kenny has motivational skills but he can’t play the match for his players and as usual the players walk away free of all blame. Silly mistakes, lack of concentration, passing, closing down etc etc etc.In general, there is no leadership on the pitch. We can get rid of a manager but what about the prima donnas. Journalists talk about bad performances but run clear of criticism of so called professional players. Club wise, they are good players but most of them have dubious pride in the Irish Jersey. Are Journalists incapable of proper analysis? We can all see the tactics but it’s all about how they are carried out. Kenny does have a system but players don’t play for each other, unlike Jack’s teams or ‘minnows’ like Luxembourg, and they suffer no accountability, like Dave O’Leary or Liam Brady. Maybe if that means replacing some players with LoI players, so be it but leave Kenny to sort it out, We will never be world beaters but we still can perform like Jack’s teams, if the pride comes back.
Nothing wrong with the manager. What we need are players who care more about winning than whether their hair looks good. Ideally you need players who know what to do with the ball when they get it, and players who try to score. Sadly we don’t have any of these. What we have are players who run from the ball and even hide from it or look the other way incase someone passes it to them. It’s not the Managers fault that the players don’t give a s***.
I fully expect to see a blue moon sometime soon.
is he still here
Disappointing coverage by The Journal on these matches. Comon Ireland
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