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Members of the public view house prices in a Douglas Newman Good auctioneers window Leah Farrell/RollingNews.ie

House prices rise by 14% as rate of increase slows slightly for first time in two years

The highest increase in property prices were seen outside Dublin, with prices rising by 16.4%.

RESIDENTIAL PROPERTY PRICES have grown by 14.2% nationally over the last 12 months to April 2022, according to new figures from the Central Statistics Office.

The rise in prices is slightly below increases reported last month - the highest increase in seven years - where it increased by 15.1% in the year to March 2022, a drop of 0.9 percentage points.

This is the first time the rate of residential property price increases have decreased in two years.

In Dublin, the overall property price increase was 11.5% higher on the year to April 2022. Houses rose by 11.3% while apartments increased in price by 12.8%.

Within Dublin, the highest price growth was seen in Dublin City, where prices rose by 12.7%.

The highest increase in property prices were seen outside Dublin, with prices rising by 16.4% in the year to April 2022.

The Border region saw a significant increase in price, going up by 22.1% while the Mid West saw an increase of 11.7%.

The median, or mid-point, price for a house was €286,000 in the 12 months to April 2022.

The highest median prices were seen in Dublin, at €410,000 across the entire county. In local areas, Dun Laoghaire was the most expensive at €605,000 while South Dublin had the lowest at €395,000.

Outside of the capital, the highest median prices were seen in Wicklow (€395,000) and Kildare (€345,000), while the lowest median prices were in Longford at €137,000. 

In a statement reacting to the latest figures, Trevor Grant, Chairperson of the Association of Irish Mortgage Advisors said that it was unlikely that property values would drop in the near future due to demand outstripping supply.

“Supply is steadily increasing which should ease property price growth, but on the other hand, the increasing cost of raw materials and as well as growing labour costs may continue to add to the upward price pressures,” said Grant.

“Prospective homebuyers are looking to know whether they should move now or wait it out, in the hope that prices might soften.

No-one can say with any degree of certainty what’s going to happen to prices, but there definitely appears to be scope for further increases, so if you’re in a position to buy now – and particularly, if you’re currently renting, then it might best to push ahead with your plans.
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    Mute Leo’s Spin Department
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    Jun 15th 2022, 2:18 PM

    Fine Gael and Fianna Fáil have handed over vast swathes of housing to vulture funds making owning a home extremely expensive for hard pressed families.

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    Mute Cowboy Ted
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    Jun 15th 2022, 2:45 PM

    @Leo’s Spin Department:
    Investment funds didn’t cause a problem in rental prices… Yes they bought houses but they did it at market rates… Government brought in measures on rental market but the problem is supply of houses..
    Cost of building has gone up and that is what is the main driver in these prices.
    If the funds sold everything tomorrow morning there would still be a housing supply problem and there would be a lot of evicted tenants with probably higher rents again as they would not be protected from rises on new leases…

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    Mute Dave Connolly
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    Jun 15th 2022, 2:49 PM

    @Cowboy Ted: ah sense! But you won’t convince the grass is greener on the shinner side that plague this forum.

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    Mute Leo’s Spin Department
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    Jun 15th 2022, 3:02 PM

    @Cowboy Ted: Bizarre listening to the #FFG Politicians that have cultivated, perpetuated and then essentially ignored the #HousingCrisis begrudgingly agree with
    @PresidentIRL
    when he calls it what it is a Disaster.

    But it’s not a Natural Disaster, it’s Man Made, by those same Politicians

    42
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    Mute Vinny Clare
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    Jun 15th 2022, 3:13 PM

    @Cowboy Ted: your having a laugh. They have bought all new developments off plans harvesting everything while price fixing rents across the country. They’ve pushed mortgage and rent up to an unsustainable high.

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    Mute The next small thing
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    Jun 15th 2022, 3:38 PM

    @Vinny Clare: No, they paid for the developments to be built as the banks are reluctant to fund too much property development after the last fiasco. We could ban them investing in this country but then supply will reduce even further. It’s more the Local Authorities buying up new devevlopments off the plans. It’s all well and good having A rated homes but there is an upfront cost of this (similar to buying an electric car).

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    Mute Vinny Clare
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    Jun 15th 2022, 3:51 PM

    @The next small thing: from 2012-2018 I worked on approx 400 units that were bought buy these funds upon completion from an Irish builder. From 2018-2021 I worked on 340 units which were developed bye a consortium and sub let back to councils on 25 year lease. Your description is a more accurate for what’s happening today agreed it’s more common in the last 5 years. Completely unregulated bye government. It was a great inscentive to get us moving ten years ago but to say all of above hasn’t pushed rentals and mortgages up is inaccurate.

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    Mute Robert Lumezi
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    Jun 15th 2022, 2:05 PM

    .Minimum wage was 10 years ago 8.50 now is 10.50.Thats an increase of approximately 20 percent. Renting a studio in Ballsbridge per month in 2005 was 450 ,and now in 2022 is 1600 euro, which is 200 percent higher. That s called property criminal. And tenants dont even get their taxes back whatsoever. Rent prices should be banned by law ,same as water charges were scrapped.

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    Mute v39e84kK
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    Jun 15th 2022, 2:07 PM

    @Robert Lumezi: Ban rental prices? How would we do that?

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    Mute Liam Collins
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    Jun 15th 2022, 2:40 PM

    @Robert Lumezi: how can you ban rent prices

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    Mute Gavin KKelly
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    Jun 15th 2022, 2:46 PM

    @Robert Lumezi: You must have a masters in Economics. Fantastic idea

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    Mute Paul Hedderman
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    Jun 15th 2022, 4:05 PM

    @Robert Lumezi: You’re comparing increases from two different time frames. In 2005 minimum wage was 7€, so theres been a 50% increase to today…… Now compare it to the increase in rent from 2005.

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    Mute Mickety Dee
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    Jun 15th 2022, 4:52 PM

    @Robert Lumezi: Renting a double room in a shared house in 2005 in ballsbridge was about 5/600 so I seriously doubt bedsits were available for 450

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    Mute Robert Lumezi
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    Jun 15th 2022, 11:47 PM

    @Liam Collins: Seriously!? With the power of the people. Together and united.Thats the way.

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    Mute Robert Lumezi
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    Jun 15th 2022, 11:50 PM

    @Dominic Carr:Lapsus, Ban the price hikes, there is extra for everyone. System is rotten to the core, and Ireland is not an example of the opposite, although I love Ireland.

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    Mute Robert Lumezi
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    Jun 15th 2022, 11:54 PM

    @Paul Hedderman: 7e to 10.50 is not 50 percent. But what im trying to say is that people are struggling lately and everyone is agreeing with whatever is pressured on tgem, so that we can prevent. And yes a bedsit in Ballsbridge was double the amount of the cost today. And its hilarious

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    Mute Robert Lumezi
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    Jun 16th 2022, 12:07 AM

    @Gavin KKelly: actually I am quite educated person, by reading yr comment i hardly think that you are to, but that’s not important because world is full of ignorance. Important thing is to oppose rules that are put into function by someone who wants to make more money then he needs. Economy is lovely science, taught by politicians. Cheers

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    Mute Robert Lumezi
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    Jun 15th 2022, 2:14 PM

    .Minimum wage was 10 years ago 8.50 now is 10.50.Thats an increase of approximately 20 percent. Renting a studio in Ballsbridge per month in 2005 was 450 ,and now in 2022 is 1600 euro, which is 200 percent higher. That s called property criminal. And tenants don t even get their taxes back whatsoever.

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    Mute Roger Bond
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    Jun 15th 2022, 6:07 PM

    Most people in Ireland are homeowners and these numbers are bound to make people feel wealthier.
    It is better news than when prices were falling in the last recession.

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    Mute Fintan O'Halloran
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    Jun 15th 2022, 10:33 PM

    @Roger Bond: we are just on the cusp of the next recession and this one is going to be a right stinker. Already seeing angel funds pulling out of investment, companies starting to fold and mortgage interest starting to rise 1/4 % at a time. Let’s wait and see if Ireland homeowners feel so happy this time next year

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