Fall in property sales in June amid static prices

Fall in property sales in June amid static prices
The average price of a house in June was €250,500. Picture: Eddie O'Hare

The Central Statistics Office (CSO) residential property price index for June showed that 2,268 homes were filed with Revenue, a 33.1% decrease compared to the 3,391 purchases in June 2019. 

However, it was a 17% increase compared with the 1,937 purchases in May 2020, the CSO said.

The total value of transactions filed in June was €650m, while the average price was €250,500.

Existing homes accounted for 81% of those filed with Revenue in June, which represented a decrease of just under 34% compared to the same month in 2019. 

Some 19% were new, a decrease of over 29% compared to June 2019, the CSO said.

In the year up to June, just over 42,004 home buys were filed with Revenue, the statistics body said.

Of these, 13,666, or 32.5%, were by first-time buyers, while those who had bought homes before purchased 22,317, or 53%. The balance of 14.3% were acquired by non-occupiers.

In June itself, there were 804 first-time buyer purchases, a decrease of just under 29% on June 2019. 

Households paid a mean, or average, price of €296,311 for a home in the 12 months to June 2020.

The mean price in Dublin at €440,941 was the highest in any region or county. Dún Laoghaire-Rathdown had the highest mean price in the Dublin region at €601,214, while South Dublin had the lowest at €364,060.

Outside of Dublin, the Mid-East was the most expensive region, with a mean price of €305,525, the CSO said. Wicklow was the most expensive county in the Mid-East region, with a mean price of €370,789.

The Border region was the least expensive region in the year to June 2020, with a mean price of €146,282. Leitrim was the least expensive county, with a mean price of €118,001.

Residential property prices increased by just 0.1% nationally in the year to June. 

This compares with an increase of 0.3% in the year to May and an increase of 2.0% in the twelve months to June 2019, the CSO said.

In Dublin, house prices decreased by 0.9% and apartment prices increased by 2.4% in the year to June. The highest house price growth in Dublin was in Dun Laoghaire-Rathdown at just 0.1%, while South Dublin saw a decline of 2.7%.

Residential property prices outside of Dublin were 0.9% higher in the year to June, with house prices up by 1.2% and apartments down by 1.3%. 

The South-West at 6% saw the largest rise, while the South-East saw a 0.7% decline, the data showed.

Overall, the national index is 17.8% lower than its highest level in 2007, with Dublin residential property prices 22.7% lower than their February 2007 peak.

Residential property prices in the rest of Ireland are 20.5% lower than their May 2007 peak, according to the data.

Brokers Ireland said prices are reasonably steady but with a much-reduced volume in June.

With a mean house price of €286,663, the organisation which represents 1,225 broker firms said a first-time buyer would need a household income of almost €82k, based on the Central Bank income limit of 3.5 times income. 

Such a buyer would need to have saved a deposit of €28,666, Brokers Ireland said.

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