Asking prices for properties increase by 4%

Michael Bolton

The asking price for properties increased by 4 per cent in the third quarter of the year.

The report by MyHome.ie showed a second successive quarter of increases, with buyers paying a 3 per cent over asking prices in September.

The annual asking price inflation was 3 per cent in Dublin and 4.9 per cent elsewhere in the State.

Sellers are putting houses on the market for an average of €330,000, with the average house in Dublin sold for €425,000. Homes are now being sold for 3 per cent over asking prices, the figures added.

The average mortgage approved for first-time buyers is also at a record high at €298,800, showing an annual increase of 4 per cent.

The number of houses for sale is down on pre-pandemic levels, with 13,400 properties for sale in the third quarter, compared to over 20,000 houses for sale before Covid.

Average rents on new tenancies rose by 2.5 per cent in Q1 to €1,533, up 8.9 per cent annually.

MyHome.ie also noted that over 10 per cent of the population are adults living at home with their parents, up 28 per cent since 2016.

The report author Conall MacCoille said the strong performance of the economy and high employment has meant housing demand has remained robust.

He added: "The Irish housing market has been less liquid than other countries, so less vulnerable to the unexpected rise in ECB rates."