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Number of properties on the market ‘at lowest level’ since 2007

A new report puts the average national asking price at €195,000.

45ffed3b-2897-403c-a7e8-643d9c2545c5 Source: Daft.ie

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THE AMOUNT OF properties on the housing market is at its lowest level since 2007, a new report has found.

The figures also show that prices have risen by 14% over the past year, largely due to a 25% increase in the capital, with the average national asking price now standing at €195,000, up €25,000 from a year ago.

This average price is now just over half of the €380,000 peak during the boom years.

The findings are contained Daft.ie’s Q3 House Price Report, published this morning. A separate report published last week recorded a similar national asking price of €191,000.

Daft.ie economist and report author Ronan Lyons said there is the concern is that this dramatic supply shortage “is now feeding into expectations”.

Stock Source: Daft.ie

“While price rises driven by shortages can be stopped by increasing supply, tackling price rises driven by expectations is significantly trickier,” Lyons said.

The report also conducted a survey of 1,000 potential home buyers, and found that they expect prices to rise in Dublin by as much as 12% over the next year.

There’s also an expectation that prices across the country will continue to rise by as much as 6%.

Over the course of the past year, prices have risen by 18% in North County Dublin and 29% in Dublin city centre.

Surrounding counties also recorded a double-digit increase.

Prices roses by 11%, 13%, and 3% in the cities of Cork, Galway, and Waterford respectively, while Limerick prices continued to fall, with a decrease of 4%.

TheJournal.ie is part of Journal Media Ltd, which has some shareholders in common with shareholders in Daft.ie.

Read: Builders are not happy with the government’s new social housing plan >

The new homeless: ‘Her life just turned bad, by one simple thing’ >

Numbers crunched: New report reveals the extent of Dublin’s housing shortage >

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