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Residential property price growth slows to 3.1% in April

Residential property price growth slows to 3.1% in April

New figures show that Dublin residential property prices grew again at a slower pace in April than the rest of the country.

The latest residential property price figures from the Central Statistics Office show that prices nationwide rose by 3.1% in April compared to the same month last year.

This is the lowest rate of price growth since the recovery in prices began in 2013 and compares with an increase of 13.3% the same time last year.

Dublin residential property prices rose by 0.5% in the year to April, with no change in house prices and apartments rising by 2.2%.

The CSO noted that the highest house price growth in the city was in South Dublin at 4%, while Dun Laoghaire-Rathdown saw the greatest decline in house prices with a fall of 1.5%.

Residential property prices in the rest of the country rose by 5.6% higher in the year to April, with house prices up by 5.8% and apartments by 5.9%.

The region outside of Dublin that saw the largest rise in property prices was the Border with growth of 11.4%, while the smallest rise was recorded in the Mid-East at 1.5%.

The CSO has calculated that property prices nationally have increased by 81.9% from their trough in early 2013.

Dublin residential property prices have risen 91.9% from their February 2012 low, while residential property prices in the rest of Ireland are 79.9% higher than at their trough in May 2013.

Today’s CSO figures show that households paid a median price of €250,000 for a home in the 12 months to April 2019.

The Dublin region had the highest median price of €366,000l. Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price at €537,000, while Fingal had the lowest at €331,887.

The CSO noted that the highest median prices outside Dublin were in Wicklow at €315,000 and Kildare (€295,000). Tthe lowest was €100,000 in Longford and Leitrim.

The CSO also said that a total of 44,598 household dwelling purchases were filed with Revenue in the year to April.

Of these, 30.7% were purchases by first-time buyer owner-occupiers, while former owner-occupiers purchased 52.2%. The balance of 17.1% were acquired by buy-to-let purchasers.

Revenue data shows that there were 1,005 first-time buyer purchases in April, an increase of 5.7% on the 951 the same time last year.

These purchases were composed of 310 new homes and 695 existing homes.

Commenting on today’s figures, Goodbody economist Dermot O’Leary said that while the house price data may somewhat lag market developments, it is clear affordability, binding mortgage rules and a higher stock for sale continues to weigh on price growth.

“In contrast, rapid employment growth, rising earnings and a pick-up in mortgage approvals should provide support,” he added.

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