The annual asking price for houses has risen by 9.7% within a year, finds a new report by MyHome.ie. Meanwhile the number of homes listed for sale across the country is at record low of 11,300 on MyHome.ie, says the quarterly property report documented by the website along with Davy.
Currently the average national asking price for a home is €311,000 which is 9.7% higher than previous year. In Dublin, the average price is €421,000, which is a 7.4% rise than in 2020. The homes outside Dublin have an average asking price of €263,000 which also rose by 10.6% compared to last year.
The author of the report, Conall MacCoille, Chief Economist at Davy, said that the findings of the report painted a grim picture for prospective homebuyers.
“The unwelcome message from this quarter’s MyHome report is that there is little sign of conditions easing.” he said.
“Prices also rose by an uncharacteristically sharp 1.2% in Q4 during the normally quiet winter months. This reflects the market grinding tighter, with the stock of homes listed for sale having fallen to a fresh historic low of just 11,300” MacCoille said.
Meanwhile the report also makes it clear that the construction industry is gaining power after the impact from pandemic.
Angela Keegan, Managing Director of MyHome.ie, said: “It is promising to see construction activity has increased for seven months in a row to November, but the stark reality is that we will unfortunately be living with a dysfunctional property market for some time to come.”