MyHome report shows asking prices still buoyant in Q4 2024

This morning we have published the Bank of Ireland, MyHome report, pointing to sustained upward pressure on house prices. MyHome asking price inflation accelerated to 8.4% in Q4 2024. Also, properties are now being sold 9% above the original asking price, with one-in-seven transactions being settled at a 20% premium to asking. The market remains exceptionally tight. There were just 11,500 homes listed for sale on MyHome in December, vs levels of circa 20,000 pre-pandemic. The average time-to-sale-agreed is still close to a historic low of 3-months.

Rising incomes, leverage and savings are adding to demand. The average mortgage approval in October was €321,000, up 8% on the year, pointing to further house price rises in 2025. There are some signs of improving supply, 7,641 new listings for sale in Q4 2024, up 12.5% on 2023. A rush of activity due to the expiration of waivers on development levies likely artificially inflated the 57,741 housing starts in the 12-months to November. However, housing completions should pick-up substantially in 2025 from the 33,000 we expect in 2024.

Read the weekly in full here:

Bank of Ireland Economics Weekly 9 January 2025