New Myhome.ie Report Shows Increase In Wicklow Housing Prices

New analysis from Myhome.ie in association with Bank of Ireland. shows Ireland would need over 200,000 extra homes this year alone to match UK’s housing to population ratio

This figure is rising rapidly; in 2020, Ireland would have needed 138,000 extra homes – 68,000 fewer than this year – to match the UK’s market in relative terms.
 
The Q3 2024 report shows the Ireland’s exceptional population and labour market growth has put intense pressure on the housing market, which is seriously under-supplied.
 
Key findings:
 

 
The MyHome.ie report for the third quarter found that annual asking price inflation was 7.5% nationwide. The last time this annual figure was higher was in Q3 2022, when inflation was 7.8% nationwide.

Annual asking price inflation in Dublin is now 6.2% and the rate has accelerated to 8.5% in the rest of Ireland.
 
Meanwhile, the report found asking prices rose by 0.8% on the quarter nationally, by a marginal 0.3% in Dublin and by 1.2% outside the capital.
 
This means the median asking price for new instructions nationally in the quarter was €365,000. In Dublin it was €455,000 and elsewhere around the country it was €315,000.
 
Other findings include:

• Pay growth in Ireland is running at 5.6%, allowing homeowners to borrow more.
   
• As a result, average mortgage approval values have risen to a fresh record high of €318,300 – up 6.2% on the year.
   
• Properties are being sold for 7% over the original asking price, with 14% of transactions settling for at least 20% over asking.
   
• The average time to sale agreed was just 12 weeks in Q3, still close to a historic low.
   
• Residential transaction volumes in H1 were down 5% on the year, despite strong demand – signalling the lack of available stock is holding back demand.
   
• The number of properties listed for sale on MyHome.ie in September was just 13,100, still well down from pre-pandemic levels.
   
• Housing starts have risen to 49,000 in the 12 months to July, and we expect completions to rise sharply in 2025 – to above 40,000 units.
   
• The rate of rent inflation has softened to 4% on the year.