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Slight increase in Clare property prices

property2There was a modest 2.2% increase in property prices in Clare during the final three months of 2014 according to a new quarterly survey by property website, Daft.ie.

The average asking price for a house in Clare increased from €128,144 to €130,964 during the period despite an average 1% fall nationally, the first quarterly fall since mid-2013.

The average asking price nationwide is now €193,000, compared to €171,000 a year ago and €378,000 at the peak.

propertyOTHER SURVEY FINDINGS:
– Asking prices in the capital in the final quarter of 2014 were 0.7% lower than in the third quarter, the first time since mid-2012 that values in the capital have fallen quarter-on-quarter.
– After three quarters of rising asking prices, the average outside the capital fell by 1.3%, with the largest falls in Munster.
– Just under 30,000 homes were for sale on December 1, the lowest national total since March 2007, and less than half the highest figure seen in 2009.
– Nationwide, 62% of properties now find a buyer within three months, compared to 49% a year ago.

Commenting on the figures, author of the Daft.ie Report, Ronan Lyons said: “The intention of the proposed Central Bank limits on mortgage lending is to limit increases in house prices by affecting both buyer expectations and the credit available to them. It seems that, even though the limits have not yet come into force, they have already had some impact. For example, When asked what they expected will happen Dublin house prices over the coming 12 months, survey respondents in September expected an increase of 12%. In December, however, that figure had fallen to 5%”

“Restricting the amount lent to each household is a necessary first step to ensuring a stable housing market. The second step is addressing the cost base, to ensure an adequate supply of housing. With fewer than 30,000 properties on the market currently – and just 3,500 of those in Dublin – this is the challenge for policymakers as we move into 2015.”

The full report is available from http://www.daft.ie/report.

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About Mark Dunphy

Founder and Editor of The Clare Herald, Mark Dunphy is a native of Connolly in County Clare. Mark also operates Dunphy PR.

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