Wednesday 15th November, 2023                          

CSO House Prices - Market May Have Picked Up Slightly Since September - IPAV

Commenting on today’s CSO Residential Property Price Index for September, IPAV, the Institute of Professional Auctioneers & Valuers, said prices have stabilised, and have picked up again in areas since September. 

Pat Davitt, IPAV’s Chief Executive, said: “Rapidly rising interest rates are having an effect but with a high proportion of non-mortgaged buyers, which could be up to 40%, it’s not significant,” he said.

And he said, unfortunately, many aspiring buyers have found themselves already excluded from the market and chasing a moving target with increased interest rates. 

“If we succeed in improving housing supply the market will continue to stabilise and it will create more momentum in the second-hand market, as well as taking pressure off the rental market. 

“While there are some positive signs, the challenge remains huge with planning issues being amongst the most arduous for developers,” he said. 

He said today’s CSO figures continue to mirror IPAV’s own Residential Property Price Barometer of prices actually achieved by agents which found an overall increase of 2.05pc in the first six months of 2023, compared with 2.44pc in the previous six months.

And he pointed out that in the lowest priced county in today’s CSO report, Co Longford, prices are still up to 25% behind where they were in 2006.

“We would see a lot more of this happening in the market over the coming months,” he said.

Ends