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|(03 September 2014)|
|HOUSE PRICES OUTSIDE DUBLIN RISE AT FASTEST RATE IN 7 YEARS!!|
House prices outside Dublin are now rising at their fastest rate for 7 years, suggesting recovery in the market is no longer confined to the Capital. The lastest official figures show residential property prices outside Dublin rose by 4.9 per cent in 12 months to July, up from a rate of 3% in June and 1.8% in May.
This is the highest rate of house price inflation recorded outside the capital since 2007. Despite the acceleration, prices outside Dublin are still on average 43% per cent below their 2007 pre-crash peak. The Residential Property Price Index, compiled by the Central Statistic Office (CSO), suggest residential prices nationally rose by 2% and were 13.4% higher on an annual basis.
Davy analyst David McNamara said property price inflation was still being driven by cash buyers rather than mortgage lending, as evidenced by the fact that the former accounted for 50% of all transactions. "With little new supply coming on stream, prices have trended upwards, and this could persist unitl construction ramps up to meet demand," he added. Property Industry Ireland, the group which represents businesses in the proeprty and construction sectors, said the latest set of numbers further highlighted the serous supply problems in the market.
Director Peter Stafford said: "The figures show the real impact of a lack of new supply into the housing market. With no new major housing schems in the Urban areas reaching the market, and interest amongst buyers improving, it is not surprising that prices continue to rise so fast, especially in Dublin".
The Government has pledged to announce measures aimed at boosting supply, particularly in Dublin where pressure on prices is at its stongest. In addition, the National Asset Management Agency said it plans to invest €1.5 billion to develop housing in Dubin.