Taking the temperature of the Irish housing market

MyHome data show homebuyers were paying 4.1% above the original asking price to secure a property in May. In Dublin, the premium over the asking price was 5.4%. This demonstrates housing market conditions in Ireland remain very tight, with robust demand driving intense competition for homes. In contrast, Zoopla reported the average UK residential property sale in March was settled at a 3.9%, £10,000 discount to asking. Irish house prices look set to rise further. In April, the average mortgage approval rose to a fresh record high of €313,200, up 4.6% on the year. On the supply side, there are currently 12,250 homes listed for sale on MyHome, a small improvement from the 10,900 record low in March. Notably, there were 5,805 new listings in the six weeks to June 2nd, up 2.4% on 2023, perhaps a tentative sign that would-be vendors, put off by reports of ECB rate hikes and weak demand, are returning to the market.

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Bank of Ireland Economics Weekly 4th June 2024

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