From the Central Statistics Office…
In the year to February, residential property prices at national level increased by 10.7%. This compares with an increase of 8.1% in the year to January and an increase of 5.4% in the twelve months to February 2016.
In Dublin, residential property prices increased by 8.3% in the year to February. Dublin house prices increased 8.1%. Whereas apartments increased 9.1% in the same period. The highest house price growth was in Dublin City, at 9.2%. In contrast, the lowest growth was in Fingal, with house prices rising just 3.7%.
Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 13.2% higher in the year to February. House prices in the Rest of Ireland increased 13.1% over the period. The West region showed the greatest price growth, with house prices increasing 19.8%. In contrast, the Mid-East region showed the least price growth, with house prices increasing 9.3%. Apartment prices in the Rest of Ireland increased 13.9% in the same period.
Residential Property Price Index February 2017 (CSO)
It’s dreadful, at the same time, does this mean houses in no part of the country are worth what they were in 2005?
That’s also dreadful. I mean, 2005 was 12 years ago, prices increased by 25% until 2007-ish, but then the bottom fell out of the market. That means that anyone who did buy a house, and has managed to continue paying their mortgage for 12 years is probably still trapped in negative equity.
and anyone who bought in January 2008 will probably never live to see their property regain that value (another crash before we get there)
Like others I bought in 2008 and although I won’t get what I paid but I now owe less than what’s owed on more mortgage. The deposit is gone tough shit il never see it again. But how I see it is would have been renting anyway and never see it again. At least when I sell I’ll have a small lump sum as a deposit in somewhere else.
At the end of the day, if you can pay meet your mortgage repayments, and like living in the house you are in, it doesn’t really matter how much it is worth vs how much you paid.
If you paid €300,000 for your house in 2008, and it is only worth €250,000 now, it’s not that you are necessarily worse off; sure, you will get less money if you sell today, but if you are selling to buy another house, you will get a house for less than it would have cost at the peak, also.
Yep, houses on my road seem to be still about 100k off their peak.
You’re mostly correct. This is the average prices – so some houses/areas will be worth more, others less than this.
Secondly, if you bought a house in 2005 for on a 100% mortgage, and have paid this back every month, then you have probably paid 25-30% of the principal so would not be in negative equity. On the other hand, if you were on an interest-only mortgage then you’re an idiot and deserve to be in debt.
or just someone who took a chance and it didn’t work out
If u can only afford interest only, it doesn’t make you an idiot.
people need a roof over their heads.
if you can only afford “interest only” you shouldn’t be buying. Especially at the height of a boom.
especially at the height of the boom? That’s a statement made in retrospect.
Relying on landlords to be fair wouldn’t be that prudent either..
people need shelter.
You’re right. You should never go interest only. Because if the prices drop you are hugely exposed.
yeah..exposed to the elements.
people need shelter.
This blushirt bubble is now akin to their ff brother’s
House prices should be 2.5-3X average income, it is clear that the “market” can not be trusted and the nationalisation of landbanks held by developers and vulture funds should begin immediately.
This state built houses for it’s citizens until the early 2000’s, it’s time to start doing so again
And there should be no poverty in the world and we should all hold hands a sing songs. Your the worst troll/commentator, what’s the average salary 35/40k which means you would want the average house to cost 105/120k + a deposit. Its never going to happen.
aiming to reduce poverty is a worthwhile aim..making people homeless while facilitating vultures isn’t conducive to that.
Ok
It should be based on affordability – not some magic income multiplier.
exactly. The same with corpo property, I know a couple on well over 80k a year living in corpo housing just because he’s always lived there. I understand they’ll pay rent in line with earnings but surely when you get to that level of earnings you should no longer be eligible for the corpo house.
you want them gouged like everyone else basically..gotcha
Gouged, on 80k. Oh I see, your all for helping low earners till it effects the high earners. Social housing should not be for people who can afford mortgages.
did u get a peak at their wage slips by the way..or pluck their wages from bottom area.
Unlike the poo you spew out I actually just talk about things I know, like the fact that both their salaries are online since they work in the public sector.
Sooner or later the bubble will burst again. There is no reality in the Irish property market. It’s based on a hype and perceptions. I look forward to the time when someone pulls back the curtain in the Emerald city and reveals the Property Wizard of Oz as a PR spoofer
I kinda wish it was a bubble, as then I’d just wait till the crash to buy some property and enough room for some animals.
The very significant difference this time around however, is that people are limited to 3.5 times their income and need a significant deposit, so people aren’t really getting what they can’t afford.
The problem is a lack of supply and a difficulty in raising the deposit due to expensive rents. I look forward to buying a gaff because after doing so, my spending ability will double as my rent money will cover the mortgage repayments and the same figure that I’m saving is for spending :-) unless I need a creche :-(