Dublin house prices reach critical level as Brexit leaves future uncertain

Dublin house prices reach critical level as Brexit leaves future uncertain

House prices in Dublin have reached critical levels however there is still room for them to rise elsewhere in the country.

That is according to a new survey by the Irish Independent/Real Estate Alliance on expected house prices for 2019, which found that, on average, growth of 4.2% is expected nationally.

The increase, however, is dependent on the outcome of Brexit, with a 'no-deal' scenario expected to mean house prices will either stay static or even fall in many areas.

Spokesperson for the Real Estate Alliance, Barry MacDonald, says places still recovering from the economic crash have the potential for the largest price rises next year.

"Interestingly, Galway agents are expecting values to increase by 5% but that is coming off the back of rises of about 10% in 2018," said Mr MacDonald.

Waterford City expects values to rise by 10% which is a huge figure but they are still in recovery mode whereas in Dublin the affordability level has gotten to such a price, when you couple that with the Central Bank rules, the values have reached critical level.

Mr MacDonald said that in the case of a hard Brexit there are some particular focus points.

"We'll say in the likes of border counties where it is obviously a critical issue, the higher end of the market in Dublin city it's a major thing where there is potentially pluses and minuses and obviously then in the likes of farming areas that are highly dependent on the farming industry," said Mr MacDonald.

"Take, for example, we have an agent in Tipperary, Eoin Dillon, who commented that he expects growth values of houses in the region of 5-10%.

"However, with a no-deal Brexit that could be closer to zero."

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