New Year brings growth in property prices as the number of houses for sale falls to new low

New Year brings growth in property prices as the number of houses for sale falls to new low

The property market grew in the first quarter of the year, new figures indicate.

After a decline in prices toward the end of 2015, the new year has brought renewed growth, according to the survey from MyHome.ie in association with economists from the Davy Group.

Asking prices for newly listed properties for sale rose by 2.1% nationally and by 0.9% in Dublin between January and March.

The author of the report, Conall MacCoille, chief economist at Davy, said a key factor supporting house prices this year would be a tighter market.

"The stock of properties listed for sale on the MyHome website in Q1 fell to a fresh low of 21,650, down 6% on the year," he said.

"Despite popular opinion, the immediate impact of the Central Bank lending rules was to make it easier to buy as sellers anticipated the slowdown in Dublin house prices and decided to bring their properties to the market in 2015.

"This won't be repeated this year while housing supply in the capital is likely to pick up less sharply through the summer months."

Mr MacCoille said he believed five-year construction goals set out by the last government were unlikely to be attained, citing ongoing political instability in the wake of the election.

"Overall, homebuilding levels look set to remain depressed for some time and while this will support Irish house prices, it will hurt activity levels," he said.


More in this Section

'One in a million': Ghost ship from African coast washes up on rocks in Cork'One in a million': Ghost ship from African coast washes up on rocks in Cork

Storm Dennis: Hailstones the size of marbles fall in KilkennyStorm Dennis: Hailstones the size of marbles fall in Kilkenny

Gardaí concerned for well-being of missing Wicklow womanGardaí concerned for well-being of missing Wicklow woman

'If I had a euro for every time I've been called the 'c word' in the last month...''If I had a euro for every time I've been called the 'c word' in the last month...'


Lifestyle

When Marisa Murphy went to play as a teenager on Dinish Island, she could still see the flowers growing among the ruins in her grandmother’Islands of Ireland: Barely inhabitated Dinish became an industrial zone

MAC make-up artist Lucy Bridge shares her tips backstage at Roland Mouret.How to create the perfect matte red lip, according to a backstage beauty expert

New trends include chunky heeled boots, silver belts and lots of plaid from the British designer.Victoria Beckham got ‘rebellious’ for her new collection – as David and family watched on

When horses were shown photographs of angry human faces, their hearts speeded up.Jackass penguin talk is similar to humans

More From The Irish Examiner