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HOMES ARE BEING sold for 9% above the asking price displayed on property websites, new figures show.
Meanwhile, first-time buyers are taking on more debt relative to income than UK counterparts for the first time since the Celtic Tiger years.
The MyHome report for the last three months of of 2024 found that annual asking price inflation was 8.4% nationwide.
One in seven homes are settling for a minimum of 20% over the asking price.
Only 17% of residential transactions were settled at a discount to the asking price in November.
Annual asking price inflation in Dublin is now 5.9% and the rate has accelerated to 9.8% in the rest of Ireland, the report finds.
Meanwhile, asking prices nationally rose by 0.4% on the quarter and fell by a marginal 0.1% in Dublin.
Economist Conall Mac Coille of Bank of Ireland says that while buyers are taking on larger mortgages, the figures aren’t comparable to the Celtic Tiger years.
“The average first time buyer was currently borrowing 3.4 times their incomes. In the Celtic Tiger period, that was four-and-half times,” he said on RTÉ Radio 1′s Morning Ireland.
“There’s very few mortgages these days that are granted with a loan taking ratio in excess of four times. Very few indeed.”
He added that, while house prices continue to rise, the rate of inflation is on par with wage growth inflation at 5%.
Yesterday, it was revealed that the average price of a second-hand home in Dublin rose by €50,000 in 2024, with further increases predicted for 2025.
That was according to figures by property advisors DNG, which said house price hikes were not slowing down, after a 9.6% rise in the capital last year.
At a national level (excluding Dublin) there was an 8.4% increase in the average price of a second-hand home – almost double the rate of growth witnessed in 2023 (+4.3%).
The MyHome report forecasts a 4% rise in Irish house prices this year.
It also found that first-time buyers are getting older, with the average age being 36 in the first half of 2024, up from 34 in 2020.
The report found the average time to sale agreed was just three months in Q4, close to a historic low.
There were 6,400 new homes listed for sale in the first nine weeks of Q4 2024, up 8% on the same period of 2023.
Additionally, housing completions in Q3 2024 were up 6% on the year to 8,900 so our forecast for 33,000 completions in 2024 is on track.
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Another brilliant idea that I didn’t think of
**shakes head**
How can it send an SMS text or relay your position if you are outside phone range at sea?
It doesnt relay position. it advises overdue. Position is available as last know position visible to the network which is pretty accurate if coastal
If you wish to minimise the “Search” in Search and Rescue, then dont play with apps, just use approved Marine Radio Safety equipment – the IMO say so and they are the International Authority on such matters:
http://www.imo.org/blast/mainframe.asp?topic_id=69&doc_id=581#mobiles
Mobile phones should not be promoted for use in maritime emergencies. VHF, EPIRBS, SART’s are the approved method of relaying your distress. This app may cause more harm than good with users relying solely on this disregarding the fact that mobile coverage is needed. The tit Bon homme tragedy shows just how deadly disregarding the correct methods on favor of a mobile phone can be. This goes against all training in good seamanship.
All proven points bit I think this app is geared towards more inland and coastal water users such as canoes, small day boays, leisure boat users, who may not have a vhf on board or higher, so the coverage may not be an issue and having used it you pre program your course and your due arrival time and if you go over the allotted time then the main system alerts a number you give to raise the alarm, they then ring the coast guard and with a little help from some tracking the coast guard would have a fair idea where you might be….anything which can help narrow a search area can cut down a response time….it’s a handy free app for those who want a bit of safety but can’t afford, in these times we live in to have a full marine communications centre on their boat
I agree it’s a handy aid but this sort of promotion is not relaying any of the dangers related with its use to inexperienced mariners. It would be more prudent to encourage people to carry a relatively cheap handheld VHF. There are always issues when it comes to the use of mobiles for such things. Batteries don’t last long on smartphones, contact numbers input don’t receive the text for whatever reason etc. No coverage, coverage but no Internet. At least with the use of VHF the mayday is immediate and all vessels in the area can respond immediately. Mobile phone usage is NOT encourage within the maritime community.
All I’m saying is yes it’s a useful aid but much more reliable resources should be focused on, and the dangers of mobile phone usage really need to be highlighted. I just feel it could actually increase the response time to an emergency.
Michelle – you Dad in his posts misses the point that the phone doesnt send the sms messages – its the server. So you could even leave you phone on the quay side and the texts would still be sent out at the right time to the right people and all you trip data incl whos onboard, where going, lifejackets carried, etc etc will be available to the rescue services including all your historic voyage patterns. Indeed this app will work best when combined with an EPIRB or PLB. Gary should have accepted an invite to attend the public briefing I would have thought?
Chris, firstly these are my own opinions. I’m not sure if you are aware, but I am a seafarer, qualified to chief mate with a BSc(hons) in Nautical Science, so when it comes to safety of life at sea I’m more than qualified to form my own opinions on such matters. You seem to be missing my point also, I am saying its a useful aid, but the approved and tested means are what the coastguard should be promoting for water related activities. You will find that most maritime organisations will not promote the use of mobile phones in maritime safety.
Agreed. But thats not what it does. look at what it does – dont assume its a comms device. its not
have your say