Property prices show slight rise in April

Property prices rose by just 0.6% in April, according to the latest figures from the Central Statistics Office.

The CSO said prices are up 15.8% when compared to April of last year, and the figures show that the increases continue to be larger in Dublin compared to the rest of the country.

In Dublin house prices rose by 1.0% in April, compared to just 0.3% in the rest of the country. Prices are up 20.2% year-on-year in Dublin and 11.4% in the rest of the country for the same period.

Nationally property prices were 37.8% lower than their peak level in 2007.

Dublin house prices were 36.3% lower than their peak, Dublin apartment prices were 42.2% lower than their peak, and Dublin residential property prices overall were 38.1% lower than their highest level.

Outside of Dublin, residential property prices were 41.4% lower than their highest level in 2007.

The figures indicated no change in the price of an apartment in Dublin over March.

The Davy group said that house prices were broadly flat across the first four months of the year, and that it predicts that prices will rise by close to 10% in the calendar year 2015.

However, analyst Conall Mac Coille warned that the impact of the Central Bank’s new mortgage lending rules on the housing market is not yet apparent.

“We estimate that at least 28% of mortgage loans in 2014 exceeded the new 80% limit on loan-to-value (LTV) ratios, well in excess of the 15% of loans allowed to do so,” he said.

“That said, around half of these were first-time buyers who would have faced only a small 1% to 3% reduction in their LTV ratio. Irish banks have already indicated that they tightened mortgage credit in Q1 2015 for the first time since 2013 and expect to tighten availability further in Q2 2015.”

He said house price data is broadly in line with projections for the first half of 2015, but added: “The true test of our forecasts for Irish house prices will come later in the year as the impact of the new Central Bank rules becomes apparent.”



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