House prices are increasing nationally but continue to fall in Mayo, according to a new report.
More houses have come on the market for sale in the past three months than in any previous quarter since 2008, according to the House Price Report released this week by Ireland’s biggest property website Daft.ie
Almost 15,000 properties came to market between April and June as the national average asking price rose by nine per cent compared to the same period last year. The average asking price nationwide is now €187,000, compared to €171,000 a year ago and €380,000 at the peak.
However, in Mayo prices in early 2014 were four per cent lower than a year previously, compared to a fall of 11 per cent seen a year ago. The average house price is now €121,000, 54 per cent below peak levels.
The Daft House Price Report, which also analyses the Property Price Register, highlights that there were 28 per cent more transactions at the start of 2014 than a year previously. This also represents the 10th consecutive quarter of growth in the number of property sales.
Commenting on the report, economist with Daft.ie, Ronan Lyons, said: “There has been much talk of the housing market being illiquid, with a lack of homes available to buy. The evidence from the period between April and June is that the tide may be turning.
“Further increases in supply will be needed, though, to work through the backlog in pent-up demand from the years of the crash.”