Market shows signs of stability despite interest rate hikes – MyHome.ie Property Report
The latest MyHome.ie Property Report for Q2 2023 was released this morning and shows that annual asking price inflation is running at 2.2% nationally with homes now being sold for 1.4% over asking price versus 5-6% this time last year.
The key findings of the report are as follows:
- Annual asking price inflation running at 2.2% nationally
- Homes now being sold for 1.4% over asking price versus 5-6% this time last year
- Demand remains particularly strong, with the value of mortgage approvals at record levels and average time to sale agreed close to historic lows
- Supply an ongoing issue, with 6,000 fewer properties on MyHome.ie compared with pre-pandemic levels
- Housing starts compare favourably with the same period in 2022, with an increase in activity almost entirely reflecting Dublin apartment construction
- Central Bank’s new lending rules for first-time buyers, ongoing Government supports and continued robust demand mean Ireland compares favourably to other markets such as the UK despite interest rate hikes
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