House price boom is sliding to a halt


A SIX-YEAR run of ever-increasing house prices is ending, new figures show. Prices have still risen this year but the rate of increase has slowed considerably in Waterford and across the country.

In Dublin, which saw the steepest increases, prices have started to fall.

In Waterford city, prices in the third quarter of 2019 were 5% higher than a year previously. The comparable rise in 2018 was 8%. The average house price in the city is now €181,000, 73% above its lowest point.

In the rest of Waterford, prices in the third quarter of 2019 were 6% higher than a year previously, compared to a rise of 8% seen a year ago. The average house price is now €235,000, 63% above its lowest point.

Nationally, housing prices in the third quarter of 2019 were just 0.1% higher than a year previously, effectively marking the end of six years of rising housing prices, according to the latest Sales Report released by the property website.

The average price nationwide in the third quarter of the year was €257,000, down just over €4,000 on the second quarter of the year.  Compared to its lowest point in 2013, the average price nationwide is now 57% higher – but still over 30% lower than in 2007.

In Dublin, the annual inflation rate for prices has turned negative, with average prices in the capital 0.6% lower in the third quarter of 2019 than a year previously.

In the other major cities, there is still price inflation, with year-on-year increases of just below 3% in Cork and Galway and roughly 5% in Limerick. Outside the cities, inflation is negative in Leinster (-1%) and Connacht-Ulster (-0.6%) but remains at 2.5% in the province of Munster.


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