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Report Shows Houses Selling For A Fifth More Than Asking Prices

By News
October 7, 2024
Est. Reading: 1 minute

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The Irish Property Owner’s Association

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A new report shows one in seven homes is selling for 20% above asking prices, according to the latest quarterly house price report from MyHome.ie.

An under supply in the housing market contributed to a 7.5% increase in national asking prices over the past 12 months.

The very high rates of employment and population growth not seen since the 2007-08 Celtic Tiger period is increasing the pressure on the housing market.

Inflation in asking prices is lower in Dublin at 6.2% year-on-year, but the rate is accelerating to 8.5% outside the capital.

The number of properties listed for sale on MyHome.ie last month was just 13,100, way down on pre-pandemic levels of more than 20,000.

The average time to sale agreed was just 12 weeks in the third quarter, a near historic low, as on-sale properties are quickly snapped up.

Conall Mac Coille, chief economist at Bank of Ireland and report author, has revealed a widening gap despite all the steps taken by the Government over its term.

A simple way to illustrate this is to ask how many homes Ireland would need to build to match the UK’s housing-to-population ratio. Our report shows that to ‘catch up’ with the UK’s housing stock we would now require an additional 206,000 homes, versus 138,000 in 2020.

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