House prices in Cork prove 'Government policy totally failing young people', TD says 

THE average price of a house in Cork is almost €20,000 more than the average price of a house nationally, a new report has found.

According to the latest daft.ie report, the average price of a house in Cork is €331,000 against a national average of €312,000 — a difference of €19,000.

The average price of a house in Cork increased in the past year from €303,000 to €331,000, a hike of €28,000.

Cork North Central Socialist TD Mick Barry noted that the average price of a house in Cork increased last year by more than the average annual wage of a young worker.

He said Government housing policy and the capitalist market are locking a generation out of the housing market.

“When house prices shoot up by an amount which is greater than the annual earnings of young workers, then Government policy is without question totally failing our young people,” Mr Barry said. “Young people are just being locked right out of the housing market.

“Affordable housing is what young workers need but the Government are completely failing to deliver it.”

The daft.ie report shows the average price of a house nationally has increased by 9.5% but the rate of increase in prices has slowed.

The report also shows that house price increases were higher in Cork, Waterford, Galway, and Limerick than in Dublin.

The daft.ie report coincides with the publication of a national survey by the Real Estate Alliance (REA), which shows the average price of a second-hand, three-bed semi in Cork City has risen 1.5% to €345,000 in the last three months.

First-time buyers active in Cork city

The REA survey also shows that 40% of sales in the city are to first-time buyers, with 20% of all purchasers coming from outside the area.

Average house prices across Cork county rose 0.7% to €207,500 over the past three months, while the average time taken to sell a house is four weeks.

The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving what it says is an accurate picture of the second-hand property market in towns and cities.

Michael O’Donoghue of REA O’Donoghue & Clarke, Cork, said there was still a strong demand from first-time buyers in the new homes market, something he said was reflected in a general increase in sales and new developments coming on stream.

“The current inflationary pressures and the continuing situation in the Ukraine may feed into the property market in time, but overall demand continues to be strong with a mixture of both cash purchasers and mortgage-approved clients,” Mr O’Donoghue said.

“However, there is a continuing lack of second-hand stock coming to the market and this remains a significant issue in relation to all property types in both the city and the wider county in general.”