CSO house price index details property price increase due to onset of Brexit

Commenting on the most recent CSO Residential Property Price Index for December IPAV, the Institute of Professional Auctioneers & Valuers, said the very high increase in the Border region, 23.7 percent in the year to December is likely driven by an approximate 15 percent sterling advantage in purchasing power to Northern Ireland buyers, together with the increased appeal of Southern Irish property addresses, within the EU but as close to the Border as possible, arising from Brexit.

Pat Davitt, IPAV Chief Executive said work from home changes emanating from the pandemic are driving the strong growth especially in desirable areas such as the South East within reach of the capital, which saw an increase of 16.9 percent in the Midlands region.

“Properties with sea views and one-off houses, especially within commuting distances of the cities are commanding the highest prices, often exceeding asking prices by a considerable margin.

“The CSO index, obviously, does not distinguish between the various property types within any region, which means that within the overall increase of 14.4pc there would be huge variation, both upwards and downwards.

“In today’s market properties needing work or those with a poor BER rating often take much longer to sell,” he said.

 

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