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Home sales up near 40pc in past year

Tuesday, September 02 14:58:57

The property market is continuing to gain momentum with the number of transactions for the first six months of the year up by over 39pc on the same period last year.

That's according to a new study based on an analysis of the Property Price Register carried out by property website Myhome.ie.

It shows that there were 15,864 sales nationally between January 1st and June 30th.

That represents a 39.3pc increase on the 11,387 for the same period in 2013.

During this period, every county in the country saw their sales figures rise, while the amount of money spent on property in each of the 26 counties was up in all of them bar Carlow, where the amount spent fell back by 8pc. However it seems this was influenced by the one off sale of Oakley Wood in Tullow for E2.1m back in March 2013.

Unsurprisingly, it was Dublin that led the way in the first six months of the year with 5,240 sales - an increase of 32pc on the 3,966 sales recorded for the same period last year. The amount of money spent in the capital also grew by 46pc to E1.8bn.

The capital was followed by Cork (1,694) and Galway (851) with the commuter counties of Kildare (649) Wicklow (537) and Meath (525) close behind.

Angela Keegan, Managing Director of Myhome.ie said the positive trend of the first six months was very good news for the property sector.

"After some very challenging years the market is growing again and we need it to keep on growing if we are to return to a normally functioning market. Sales are closely linked to employment opportunities and that is why we see more sales in our cities and the commuter belts. While we still have some way to go and the shortage of stock in Dublin and some other urban areas is a real concern - it's clear confidence is returning to the market," Ms Keegan said.

According to the study, the biggest percentage increases were recorded in the midlands and western areas. While Cavan led the way with sales up 114pc, this was helped significantly by the sale of 43 properties in the Clare's Court development on Church Street in Cavan town.

The other counties which saw impressive sales growth were Kilkenny (68pc), Offaly (67pc), Laois (62pc), Mayo (57pc), Sligo (50pc) and Westmeath (49pc).

Ms Keegan said that while these increases were coming off a low base it was heartening to see an increase in sales in these counties as it showed the recovery was beginning to spread from urban areas.

The counties with the lowest number of sales were Monaghan (141), Leitrim (145), Longford (152) and Carlow (157).

The most money was spent in Dublin (E1.8bn), with the least being spent in Longford (E10.6m).

For more visit www.businessworld.ie