The number of house sales nationally has increased by 8.4% in the first half of 2017, compared to the same period last year.
This is according to a new study based on an analysis of the Property Price Register. The study, which was carried out by leading property website MyHome.ie, shows that there were 23,148 sales nationally in the first half of the year. The value of those transactions also increased significantly, rising from €5.1bn to €5.8bn, an increase of 15%.
Dublin that led the way in the first six months of the year with 7,455 sales – an increase of 11% on the 6,717 sales recorded for the same period last year. The amount of money spent in the capital also grew by 13.2%, from €2.7bn to over €3bn.
The capital was followed by Cork (2,532), Kildare (1,212), Galway (1,138) with Meath (970) and Limerick (834) making the top six. Other counties which saw impressive sales growth included Cavan (27%), Offaly (18%), Roscommon (13.5%) and Kerry (12.6%).
While sales figures rose in twenty counties and fell in six the amount of money spent on property in each county was up in all with the exception of Clare and Donegal where the amount spent fell back by 19% and 7% respectively. While the falls in the number of sales in Galway, Limerick and Waterford were low or even marginal, there were sizable falls in Longford (19%), Sligo (17.2%) and Donegal (14.5%).
Commenting on the figures, Managing Director of MyHome.ie, Angela Keegan said, "In 2016 there were over 48,000 house sales and we think that if current trends continue we should comfortably exceed 50,000 sales this year. The rise in sales and values in the commuter belt is the standout feature in these figures and indicates that the lack of supply of affordable houses is pushing buyers out of Dublin. We can see that the number of sales in Meath is up 43% while the value of transactions is up 47%. In Wicklow sales are up 21% while values are up 25%."
She added, "The downside of this trend and something which has been highlighted in recent reports is the increase in commuting times for people working in Dublin."