Conor Pope, in The Irish Times, reports:

House prices rose by 12.3 per cent in the 12 months to the end of December and the rate of increase is accelerating significantly, new figures show.

The rise revealed today compares to a 9 per cent increase in the same period of 2016 and compares to a hike of 11.4 per cent in the average cost of a house in the 12 months to the end of November.

The latest numbers mean that from the trough in early 2013, prices nationally have increased by 72.1 per cent.

House prices rise 12.3% in a year and rate of increase accelerates (The Irish Times)

32 thoughts on “How Much?

  1. Pat Harding

    One word…… Cartel.

    The Irish property market is corrupt beyond all belief.

    So Irish property prices going up?….only a sucker would buy into that ‘Big Lie’

    Plus, never forget the Irish Times (who always have a property feature on their website every day) are in the business of selling property advertising.

  2. Cian

    you missed this part (for completeness):
    Dublin residential property prices are 24.4 per cent lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 28.4 per cent lower than their May 2007 peak.

    1. Andrew

      The peak in 2007 is not something to be aspired to. It was a bubble.
      I suppose though, that it’s in the interests of those who bought in to that bubble, the banks who lent on the strength of that bubble and other property owners in general feel wealthier.
      The politicians know this and don’t care about the implications for everyone else, never mind the effect this will have on competitiveness .
      The pixies like high property prices in Ireland, they like buying new cars and shiny new things on the strength of their unearned ‘wealth’ and then lament when their kids have to emigrate.
      Job done as far as FG are concerned. This was and is government strategy to get prices back up. Michael Noonan stated this a few years ago.
      Also a ban on repossessions does not help but that’s what the pixies want

      1. Cian

        Andrew, I realise that it was the peak of a bubble, and not a good place to be – but added it for context.

        You say “The politicians know this and don’t care about the implications for everyone else.”
        Why exactly don’t the politicians care? There is a small proportion of people that bought in 2005-2008 and are/were in negative equity. Why would the politicians pander to that small demographic and ignore everyone else?

        1. ahjayzis

          Because insanity.

          People who own property take comfort and pride in the value of their asset rising. Irrelevant of the fact that they have to live somewhere and were they to sell it they’d have to buy another at the inflated price.

          It adds to a sense of a booming economy – and completely fupps over the younger people coming up.

        2. Andrew

          They are not pandering, they are making a judgement. Most owners of property whether they bought in that time period or not; like to see their property value rise. Bank balance sheets also look far healthier with rising prices.
          They have little regard for people who do not own property and it has been ever thus.
          I’m surprised they allow people with no property to vote as used to be the case.

          The more of people’s income spent on accommodation, be that rent or mortgages, is less money being spent on goods and services.Property essentially sucks money out of the economy in to unproductive assets and increases personal debt enormously.
          Ireland is the sow that eats its own farrow.

        3. Inquistor

          Because the government is all about repairing the banks balance sheets. They don’t care a whit for those in negative equity.

          1. Cian

            Context? Context of how near we are getting to the bubble peak.
            The article above says “The latest numbers mean that from the trough in early 2013, prices nationally have increased by 72.1 per cent.” If you only compare current prices to the lowest it lacks context.

        4. Andy

          Because they pander to absolutely everything.

          Monday – hard pressed home owners,
          Tuesday – hard pressed renters,
          Wednesday – hard pressed homeless,
          Thursday – hard pressed commuters
          Friday – day off

  3. Anomanomanom

    I normally never question these things, but where the hell has a property gone up by 70%+ in that time frame. Its certainly not where I live.

      1. Anomanomanom

        Dublin 8 and iv checked that register. In the exact area I live, comparable property, the properties have gone up by only 35%. I say only, its still fantastic.

        1. Cian

          Out of curiosity – did the prices fall by 60% from 2008? It is possible that Dublin 8 wasn’t hit as hard as the rest of the country.

      2. Andrew

        In answer to your question on why politicians do this? Because it’s short termism and it’s what people want today with little thought for tomorrow. A politician cares only about the next election and not the long term good of the country. But you know all this; unless you’re getting at something else and if you are, just come right out with it please.

        1. Cian

          I suppose I’m confused that if (a) the people are short-term driven; and (b) they elect myopic politicians that improve things for them in the short-term; Then why do the people then give out about the politicians doing what they were elected to do?

          1. Andrew

            Peasants want to be governed this way Cian. It’s a cap doffing, masochism.
            Just look at the way even the current generation of those in their twenties congratulate themselves on how popular they think Irish people are, or funny, or how much ‘craic’ they are compared to anyone else.
            Class clowns. They in turn vote for whomever the gas man is, or whomever buys pints for the local winning GAA team.
            The vast majority of the electorate don’t put a great deal of thought in to who they vote for and don’t joint the dots when the repercussions for voting for these incompetents has come to pass.
            Lightweights and bluffers.
            I repeat Cian, they don’t join the dots

    1. edalicious

      Houses on my road have probably gone up by that amount since 2013. It’s hard to be too specific given the difference between individual houses but the range seems to be increases of between 60 and 100%. It’s your standard 1950s council estate in Dublin 14.

  4. qwerty123

    Prices have steadied or dropped though the last 2 quarters. EA’s have said second half of 2017 was very quiet. First half of 2017 was driven by HTB and changing of central bank rules. Irish times at it again, driving panic into market.

    Also, interest rates were a lot higher in 2007, so in real terms we are way off the peak from then in terms of affordability.

    1. Andy

      Have been bidding on houses from abroad.
      In Q3 & Q4 other bidders seem to be loosing the run of themselves.
      Houses we’ve bid on have been going for €50k over ask to €100k over ask.
      Huge demand for certain areas and certain types of houses.
      Other houses I’ve considered, which might be only 1 street away from high demand locations, have failed to get bids anywhere close to their ask and have been sitting on the market for months. Agents in these cases seem to have lost interest.

  5. Yep

    Another factor could be value of homes assessed actually increasing in value due to renovation, public transport infrastructure improvements etc?

  6. johnny

    Vancouver,BC has identified one off the drivers off its out off control housing market as tax cheaters,money launders,criminals,offshore absentee landlords,probably not applicable in Irl !

    “The ruling New Democratic Party will unveil measures to address speculation, along with legislation to crack down on tax cheats and money laundering, as part of its budget on Feb. 20, Lieutenant Governor Judith Guichon said in the Throne Speech outlining government plans for the year.

    “Safe, decent housing is a right that is under threat by speculators, domestic and foreign, who seek windfall profits at the expense of people who work, live and pay taxes in B.C.,” she said, noting the “first step must be to address demand and stabilize B.C.’s out-of-control real estate and rental market.”

    https://www.reuters.com/article/us-canada-housing-britishcolumbia/british-columbia-to-curb-housing-speculation-crack-down-on-tax-cheats-idUSKCN1FY00N

Comments are closed.