New report shows house prices up four per cent in Mayo

House prices in Mayo are four per cent higher than a year ago, according to a new report published today by property rental website Daft.ie

The Daft.ie 2014 Year in Review House Price Report shows that while the average asking price for a house in Ireland fell by one per cent in the final three months of 2014, the average asking price nationally is still up 12.8 per cent overall compared to a year ago.

The average house price nationwide is €193,000 while the average house price in Mayo is €121,000.

The four per cent increase recorded in Mayo in 2014 contrasts with a fall of 8 per cent a year ago.

Average house prices in Mayo are still 54 per cent below their peak in 2007.

Commenting on the figures, author of the Daft.ie report, Ronan Lyons, said the proposed Central Bank limits on mortgage lending seem to be 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,” he said.

“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 per cent. In December, however, that figure had fallen to 5 per cent.

“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,” added Mr Lyons.

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