Wednesday 15th February, 2023
CSO House Price Index – Lower Country Prices Attracting Renewed Interest – IPAV
Commenting on today’s CSO Residential Property Price Index for December, IPAV, the Institute of Professional Auctioneers & Valuers, said the slowing rate of increase in prices is in line with what auctioneers throughout the country are reporting.
However, some of the stronger prices are being achieved outside of Dublin with country agents starting to report again a lot of interest from Dublin buyers, Pat Davitt, IPAV’s Chief Executive said.
“Some of this is being driven by people selling at the top in the Dublin market and buying elsewhere and catching better prices outside of Dublin, where that arrangement suits their plans.”
He said areas such as Longford and Ballyhaunis with the lower prices are very accessible for first-time buyers in particular.
“Acquiring a mortgage has become more difficult for many first-time buyers and the situation is now exacerbated with new, more stringent stress testing by banks along with rapidly increasing interest rates.”
Mr Davitt said areas in which the price of homes is below the cost of building them will not attract new builds while this situation maintains.
IPAV has called for mortgage terms to be extended for periods of up to 40 and 50 years to address the current situation where home ownership has effectively, become the almost exclusive preserve of those on higher incomes.
Ends