House Prices in the South East Continue to Rally

The latest round of Irish residential property price changes has just issued from the Central Statistics Office, or CSO, and the trend from the last few months continues.  While average prices nationally are up 11.6% year on year, prices outside of Dublin are growing at a faster rate than they are around the capital.  The breakdown is as follows: property prices throughout the rest of Ireland (i.e. not including Dublin) were 11.8% higher in the 12 months to June, with the increase for Dublin 11.1%.  This puts annual inflation at 11.6%, which is the fastest pace in two years.

When we look further into those average figures, it appears that the South East region (including Wicklow and Wexford) showed the greatest house price growth with an increase of 16.7% – almost double that of the Mid West and significantly above Dublin rises.

In terms of recovery, prices in the South East region have increased in excess of 50%  since the recovery began in 2012/2013; however, they remain approximately 35% below peak/2007 prices.  RTE and Irish Times commentary on current Irish house price inflation attributes the pick-up to “the robust economic recovery”, increased mortgage lending, relaxation of the Central Bank deposit rules for home buyers and the Help-to-Buy (HTB) scheme – which, incidentally is under review and in threat of being axed.

If all this talk about rising house prices locally has made you think about selling, you might be interested in the following article:  How to Know When it’s the Right Time to Sell

 

If you are considering selling in the South Wicklow and North Wexford areas, call into one of our offices (located in Carnew and Gorey) and chat to any of our expert team or you can contact us online at www.KinsellaEstates.ie.  We are happy to facilitate overseas buyers and sellers via Skype or similar, outside of regular office hours.

 Alternatively, email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718