MyHome Asking Price Inflation 7.5% in Q3 2024
The MyHome report, in association with Bank of Ireland, was published this week. Asking price inflation accelerated to 7.5% in Q3 2024, a two-year high. Perhaps ever more striking were data showing transactions in September were being settled on average 8% above the original asking price, and for one-in-seven homes, 20% or more above, illustrating the intense competition for homes. At the same time, housing availability remains extremely challenging. There were just 13,000 homes listed for sale on MyHome at end-Q3, with the average time-to-sale-agreed close to a historic low of 12-weeks. Furthermore, demand for housing continues to grow. We now know the population grew by 1.9% to 5.38 million in 2024. In July, the average mortgage approval for house purchase was €318,300, up 6% on the year, pointing to further house price gains. Our forecast is for 7.75% house price inflation in 2024 and 4% in 2025.
Read the weekly in full here: