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HOMES ARE BEING sold for 9% above the asking price displayed on property websites, new figures show.
Meanwhile, first-time buyers are taking on more debt relative to income than UK counterparts for the first time since the Celtic Tiger years.
The MyHome report for the last three months of of 2024 found that annual asking price inflation was 8.4% nationwide.
One in seven homes are settling for a minimum of 20% over the asking price.
Only 17% of residential transactions were settled at a discount to the asking price in November.
Annual asking price inflation in Dublin is now 5.9% and the rate has accelerated to 9.8% in the rest of Ireland, the report finds.
Meanwhile, asking prices nationally rose by 0.4% on the quarter and fell by a marginal 0.1% in Dublin.
Economist Conall Mac Coille of Bank of Ireland says that while buyers are taking on larger mortgages, the figures aren’t comparable to the Celtic Tiger years.
“The average first time buyer was currently borrowing 3.4 times their incomes. In the Celtic Tiger period, that was four-and-half times,” he said on RTÉ Radio 1′s Morning Ireland.
“There’s very few mortgages these days that are granted with a loan taking ratio in excess of four times. Very few indeed.”
He added that, while house prices continue to rise, the rate of inflation is on par with wage growth inflation at 5%.
Yesterday, it was revealed that the average price of a second-hand home in Dublin rose by €50,000 in 2024, with further increases predicted for 2025.
That was according to figures by property advisors DNG, which said house price hikes were not slowing down, after a 9.6% rise in the capital last year.
At a national level (excluding Dublin) there was an 8.4% increase in the average price of a second-hand home – almost double the rate of growth witnessed in 2023 (+4.3%).
The MyHome report forecasts a 4% rise in Irish house prices this year.
It also found that first-time buyers are getting older, with the average age being 36 in the first half of 2024, up from 34 in 2020.
The report found the average time to sale agreed was just three months in Q4, close to a historic low.
There were 6,400 new homes listed for sale in the first nine weeks of Q4 2024, up 8% on the same period of 2023.
Additionally, housing completions in Q3 2024 were up 6% on the year to 8,900 so our forecast for 33,000 completions in 2024 is on track.
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As long as they don’t go on strike over Xmas I don’t care as I’m flying home with them then. However they have lost me as a customer from now on as I’m sick and tired of strike threats I will fly with Etihad from now on.
Etihad? But Aer Lingus don’t fly to Abu Dhabi?
Code share, look it up, if you fly from the Middle East with Klm you get on Aer Lingus in Amsterdam
Unless of course their on strike
They’re
If DAA go on strike none of the airlines will be going anywhere, at least not from Dublin
The usual pre-christmas strike action threat from the Shamrocks
Belfast
Another possible strike involving Aer Lingus? Do the staff ever work? Give me a job and I will work and I won’t even miss a day to be sick!
The quicker this Aer Lingus crowd are completely privatised the better. Overpaid,underworked, jumped up malingerers. They should all be sent to work for Ryanair for a few months. There wouldn’t be a word out of them when they came back.
It’s the DAA ye should be worried about if this strike goes ahead( which it won’t) Aer Lingus staff can’t shut the airport down…. All the Ryanair, easyjet flights won’t take off either then……
There is no easyjet flights
Rodrigo you’re a d1ckhead
Sounds like your new to town,workers have paid their own money into pensions ,some people which have 30yrs service,they will be lucky to see 20% of that!understand now?
I think we’ve all had quite enough of Trade Unions holding the country to ransom.
Explain.
Oh my goodness……how rare!!!
Can someone please explain to me why in this age of employment law and measures in place to protect employees rights we need unions at all?
Fat cat salaries for the elite union officials sends to be the only reason left.
Can someone please explain to me why in this age of employment law and measures in place to protect employees rights we need unions at all?”
– how about static or declining wages – and conditions- – zero hour contracts.
We have never needed Unions more – pity they became part of the Establishment – at least some did – but that can be changed .
I can’t understand why SIPTU has a problem with the separation of SNN from the DAA. Since the airport has went its own way there has been nothing but good news coming out of there regarding new routes and frequency increases on existing routes. This week alone Aer Lingus Regional announced the reintroduction of the route to Bristol and also the basing of a second aircraft at the airport which may lead to even more routes being introduced. Couple all that with new Ryanair routes and increases to transatlantic things seem to be going in the right direction.
Lockout please but wait until jan :)
Big Jim is turning in his grave at union fatcats who are now self serving as opposed to serving their members.
What the feck do unions know about whats good for a business, they commented on the separation last week…….it happened weeks ago……someone must have disturbed their hibernation…go back to sleep you moron…..
It’s worth remembering when people are condemning ESB workers for defending their pensions that the DAA and Aer Lingus denied any future short fall in the pension fund only a few short years ago. The airports won’t close because SIPTU will not allow it to happen. Unfortunately the employers and the government know this so how effective this ballot will be is questionable.
have your say