House price growth slows for eighth successive month

Annual property price growth slowed to 8.6 per cent in November compared to 9.7 per cent in the previous month
House price growth slows for eighth successive month

Tomas Doherty

Annual house price growth slowed for the eighth month in a row in November, new figures from the Central Statistics Office (CSO) show.

Residential property prices grew by 8.6 per cent compared to the most recent peak of 15.1 per cent in March 2022.

In Dublin, residential property prices saw an annual increase of 7 per cent, while property prices outside Dublin were 9.8 per cent higher than a year earlier.

Trevor Grant, chair of the Association of Irish Mortgage Advisors, said it was unlikely that residential property prices would fall significantly in 2023, even though price growth is slowing.

"Logic suggests that prices increase when demand exceeds supply and fall when supply exceeds demand – but this does not hold true in this particular instance," he said.

"Whilst supply is currently improving with a greater number of new builds for completion achieved and more houses coming onto the second-hand market, regretfully, demand still comfortably exceeds supply."

November last year also saw 4,901 dwelling purchases filed with Revenue, the CSO said, an increase of 7.3 per cent compared with the 4,566 purchases in the previous year.

Households paid a median or mid-point price of €300,000 for a residential property in the 12 months to November 2022. The lowest median price paid for a dwelling was €150,000 in Longford, while the highest was €620,000 in Dún Laoghaire-Rathdown.

The most expensive Eircode area over the year to November 2022 was A94 (Blackrock, Co Dublin), with a median price of €745,000, while F35 (Ballyhaunis, Co Mayo) was the least expensive at €125,000.

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