Annual house price growth slows slightly to 9.4% in November – CSO
Property prices rose by 9.4% in the 12-month period to last November, according to the latest figures from the Central Statistics Office.
The figures indicate a slight moderation in the pace of acceleration, but prices are still increasing and are 16% above their peak during reached during property boom in 2007.
The rate of increase of 9.4% in the 12 months to November compares with 9.7% in the 12 months to October, 9.9% in the 12 months to September and 10% in the 12 months to August.
The most recent CSO figures show that prices rose by 9.6% in Dublin and 9.2% outside the capital in the latest figures.
The average price paid by first-time buyers in Dublin in November was over €480,000. The mean price paid by those who are not first-time buyers was over €650,000 in the capital.
The median cost of purchasing a home nationally was €350,000.
The lowest areas were Leitrim and Longford at €180,000 and the highest was Dún Laoghaire-Rathdown at €654,000.
“In the 12 months to November 2024, house prices in Dublin rose by 9.9% while apartment prices increased by 8.3%,” the CSO said.
“The highest house price growth in Dublin was in Dublin City at 11.7% while Dún Laoghaire-Rathdown saw a rise of 6.9%,” it added.
Outside the capital the area that saw the largest rise was in the border region of Cavan, Donegal, Leitrim, Monaghan and Sligo at 13.8%.
On the other end of the scale, the commuter belt of Kildare, Meath, Louth and Wicklow saw a 6.5% increase.
Property prices nationally have increased by 158.7% from their trough in early 2013.
Commenting on today’s figures, Trevor Grant, chairperson of Irish Mortgage Advisors, said that while the rate of annual house price growth has eased slightly, it remains very high.
“Given this steep house price inflation, all eyes will be on the new government to see if it can tackle this country’s seemingly insurmountable housing crisis and it if can deliver on its promise to deliver 300,000 homes by the end of 2030,” Mr Grant said.
“The new government will need to do its utmost to reach these targets and to make housing more affordable for the many who are priced out of the market. More supply will ultimately make more homes available to would-be buyers, while also keeping the rate of house price growth in check,” he stated.
But he added that falling ECB rates will add to the new government’s housing challenges.
“Recent ECB rate cuts – and the expected cuts to follow this year – could fuel further house price growth as falling rates could encourage more to buy and drive prices up more,” he said.
Trevor Grant also said the new government must address the lack of labour to build houses.
“Skill shortages and access to labour are critical challenges for the building industry which unfortunately are also driving up house building costs and in turn house prices,” he added.
Article Source – Annual house price growth slows slightly to 9.4% in November – CSO – RTE
