Average House Prices In County Kildare Up 1.8% - Report

Monday, 10 July 2023 16:52

By Caoimhe Harney

However, asking price inflation nationally is slowing

In Kildare, the median price of a house was up 1.8% on the year to €280,000 in Q2 2023, according to MyHome.ie's property report.

Median asking prices in the commuter belt counties made small gains in Q2 2023.

In Wicklow prices were up 1.3% to €390,000, while there was a sharper 3.5% gain in Meath, to €295,000.

However, asking price inflation nationally is slowing, but the supply of homes remains a problem.

Myhome.ie's Property Price Report for the second quarter of this year shows annual asking price inflation is running at 2.2%.

Homes are now being sold for only 1% over the listed price, versus 5/6% 12 months ago.

Supply remains an issue with 6 thousand fewer listings on the property website compared with pre-pandemic levels.

The author of the report, Conall MacCoille, Chief Economist at Davy, said the data suggested that the market was stabilising and may even be generating some momentum.

“Asking prices rose by 4% in Q2 2023, a healthy gain ahead of the busy summer trading season and following three consecutive declines. Housing demand remains resilient.

"There were €1.27 billion of mortgage approvals in May, a fresh record high. This represents 11.5% volume growth in the numbers of homebuyers with mortgage approval.

“The average approval for house purchase was €298,600 in May, up 3.5% on the year. Despite the European Central Bank’s (ECB) rate hikes, homebuyers are still taking on more debt, pointing to upward pressure on house prices in H2 2023.”

Mr MacCoille added that supply was still an issue but a rising rate of housing starts was encouraging. “The reality is that Ireland’s housing market remains exceptionally tight. The average time to sale agreed in Q2 2023 was still close to a historic low of 3.3 months.

"There are currently just 14,000 properties listed for sale on MyHome, still well down from pre-pandemic levels which exceeded 20,000.”

However, the added that “there were 30,900 housing completions in the year to Q1 2023 – well ahead of expectations. Furthermore, there were 13,000 housing starts in the first five months of 2023, up 7.4% on 2022 – this growth looks to entirely reflect apartment construction in Dublin," he added.