Commenting on the recent CSO Residential Property Price Index, IPAV, the Institute of Professional Auctioneers and Valuers, said it is showing “a mixed, if unsurprising picture in the year to October” with a slight drop outside Dublin overall, yet a 21.5 percent increase in the Mid-West and a small increase in Dublin of 0.5 percent
Pat Davitt, IPAV Chief Executive, noted the tapering in the level of house price growth, first identified by IPAV in its own Residential Property Price Barometer published in February of this year, “augurs well overall.”
“It means that, despite the ongoing shortage of properties for sale, the very large increases have tapered back considerably while many areas of the country continue to play catch up.
“This is a more sustainable trend, indicating there is little or no prospect of a bubble in prices.”
However, he warned that with the lack of access particularly by young people to their own properties “and the still uncompetitive cost of borrowing for purchasers and builders there remains much that is deeply unsatisfactory in our property market.”
The CSO figures show that existing dwellings accounted for 81.7 percent (3,376 ) of the dwellings purchased in October, while just 18.3 percent (758 ) were new dwellings.