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Dublin house prices surged 17.7pc in 13

Tuesday, January 21 14:03:29

Dublin second hand house prices increased by 17.7pc last year as a lack of property coming to the market and improved buyer sentiment lead to the 6th consecutive quarter of growth, according to the DNG Annual Property Review today.

Cash buyers continued to dominate the market, accounting for around 54pc of all sales in the first 9 months of 2013, but this dropped to 40pc in September and October as an increased reliance on financial institutions to fund purchases started to appear. In contrast 30pc of sales in the UK are reported as financed with cash.

Although house prices in the capital outpaced the rest of Ireland, growth was visible with a 21pc increase in transactions outside of Dublin versus 15pc in the greater city area between January and October 2013, with full year figures forecasted to be similar.

During 2013 Q3 (July-Sept) experienced the biggest jump in prices at 5.6pc with the average price of a house in Dublin now standing at E302,846. Houses in West Dublin showed the biggest annual increase at 20.6pc followed by south of the city at 17.5pc, with north Dublin showing an increase of 16.6pc. Houses above the E500,000 mark increased most in value at 18.7pc narrowly beating houses in the E251,000 to E350,000 price range which increased at a rate of 18.6pc during the year.

Commenting in the report Dermot O'Leary, Chief Economist, Goodbody Stockbrokers noted, "that the return of employment growth has been the most unambiguous sign that the economy is returning to health", while from a housing market standpoint he added that "the return of full time jobs should make the uncertain buyer more likely to take the plunge".

Keith Lowe, CEO, DNG said it is very encouraging to see 18 straight months of price increases for residential property in the capital.

"This has been largely driven by an improvement in consumer sentiment and confidence in the property market both from within Ireland and externally from non-Irish investors investing in the market. National and international market commentators have also recognised this improvement in sentiment and economic fortunes or Ireland. It is also interesting to note that both house prices and rental values are both simultaneously rising in the Greater Dublin Area which is a sure sign that there is a shortage housing supply in the capital," he said.