Rise in house prices and average rents in May

Rise in house prices and average rents in May

The price of housing across the country has risen by 3.7% in May.

The latest Daft.ie Housing Market Report shows the rebound after the cost of buying a home fell by 5.5% in April.

The number of places available to rent is up slightly nationwide by 6% in May, compared to the same month last year.

It also found a 0.6% rise in average rents in May, compared to April.

The report said that the average monthly rent nationwide in May was €1,398, 0.7% higher than a year ago.

Meanwhile, the average listed sale price was €245,545, 1.6% lower than in May 2019.

In the whole country, the report found that there were 22% fewer homes for sale on 1 June 2020 than on the same date a year previously.

The report states that "this reflects a collapse in new ads of homes for sale, with just one quarter the number of homes put on the market in May 2020 than the same month a year ago."

Ronan Lyons, an economist at Trinity College Dublin and author of the Daft Report, said: “The latest figures from the housing market shows clear differences in how sale and rental markets are responding.

"Sale markets have been more volatile – something to be expected given the role confidence plays in making a home purchase. Rental markets have been steadier but are also pointing to lower rental levels.

"As the economy begins to open up again after the Covid-19 lockdown, it remains to be seen the extent of the damage, in particular in the numbers out of work. Ireland’s ability to get back to work – and to reconnect with the rest of the world economy – will be critical in restoring a healthy level of housing demand. Nonetheless, huge underlying supply shortages remain, in particular homes for renters in Ireland’s main cities."

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