Value of second-hand homes rise by 11%

The average value of a second-hand home increased by 2.8 per cent in the first quarter of 2022
Value of second-hand homes rise by 11%

Muireann Duffy

The average value of a second-hand home increased by 11.1 per cent over the past 12 months, jumping by 2.8 per cent in the first three months of this year.

Figures from Sherry FitzGerald show price growth in Dublin matched the national figure for the quarter, however, the annual increase for the city and county was slightly behind on 9.2 per cent.

The annual increase excluding the capital was 13.6 per cent, and was strongest in the Border region where year-on-year values shot up by 19.9 per cent.

Dublin was the only part of the country where price increases were not in the double digits.

The figures also show that activity in the housing market almost fully recovered to pre-pandemic levels in 2021, with second-hand sales particularly strong in the lower average value market and in coastal counties.

"Lower calqued properties have recorded the largest increases in the rate of growth, albeit sustained price inflation is an almost ubiquitous trend nationally at present," Sherry FitzGerald economist, Eoin Lynch said.

"Although the outlook for the market is clouded given the uncertainty in how geopolitical events will unfold, there is some reason to believe the moderating forces will begin to take effect as the year progresses, tapering house price inflation.

"It appears increasingly likely that the ECB (European Central Bank) will begin to raise interest rates later this year. Additionally, new listings in the second-hand market are recovering towards their pre-pandemic levels and the heightened level of commencement activity over the past twelve months should help see some improvements in the levels of supply currently available."

"All of these factors have the potential to coalesce to reduce the current heightened rates of inflation" Mr Lynch added.

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