Irish housing transactions see modest growth in Q1
There are now sufficient residential transactions recorded on the Property Price Register for us to assess trends in early 2025. We estimate transaction volumes in January and February were up 3% on the year, modest growth, but merely serving to reverse the 3.5% fall in transactional activity to 61,000 in calendar year 2024. The underlying story remains that the lack of homes for sale, particularly amongst the existing stock rather than new-build, is hindering Irish housing market liquidity from picking-up. Hence, we estimate that homes were still being sold 7.8% on average above the original MyHome asking price in Q1 2025, indicative of intense competition amongst homebuyers. One-in-seven homes is being sold 20% above asking. Looking forward, rising pay and leverage contributed to the average mortgage approval rising to €318,400 in January, up 6.7% on the year, pointing to further house price rises in 2025.
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