South County Dublin homes see €15,000 wiped off value in three months - survey

The average three-bed semi in south County Dublin has seen €15,000 wiped off its value in three months, according to a national survey carried out by Real Estate Alliance.

The survey's authors have said new deposit rules are "stifling" the higher end of the market, and rising rental prices are bringing additional pressure on those seeking a home.

South County Dublin homes see €15,000 wiped off value in three months - survey

The average house price in Dublin city and county has fallen by over €5,000 in the past three months, but south County Dublin has been the hardest hit, with prices falling by 4.17% since the end of June.

The price of an average three-bed semi in Dublin city and county has fallen by 1.47% from €339,500 to €334,500 since the end of June.

South County Dublin homes see €15,000 wiped off value in three months - survey

Meanwhile, the average semi detached house nationally now costs €188,102, the Q3 REA Average House Price Survey has found – a slight rise on the Q2 figure of €186,968.

“Our agents on the ground in Dublin are reporting a growing withdrawal of couples aged between 25-40 from the market due to the new mortgage deposit regulations,” said REA Chief Executive Philip Farrell.

“When the Central Bank introduced the new rules, they stated that they could revisit them, and we believe that they need to do so as a matter of urgency.

“We believe that the new borrowing requirements are exceeding their desired affect and are now starting to prevent the market from functioning in a cohesive manner.

“Falling house prices are not a sign of success or affordability, they are falling because young people cannot afford to qualify for a mortgage, and second-time buyers cannot afford to move out of houses in the €220,000 band.”

South County Dublin homes see €15,000 wiped off value in three months - survey

He said a typical couple was now expected to pay rent of €1,200 a month on a two-bed apartment in Tallaght.

“When you combine this massive rent with childcare and other expenses, there is very little chance that people will then save the 10%/20% deposit required on a property," said REA Chief Executive Philip Farrell.

The survey found the biggest upward movement in prices over the past three months have come in Roscommon (+8.33% to €65,000), Cavan (+7.79% to €70,000) and Monaghan (6.36% to €117,000).

South County Dublin homes see €15,000 wiped off value in three months - survey

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