House prices in Dublin have fallen for the first time in three years while properties located in commuter towns are also decreasing, a report has revealed.
The REA Average House Price Index said this was down to rising interest rates and energy costs which are halting potential homeowners from entering the market. They also said that the time taken to reach a sale has risen steadily and found there was a “less frenzied approach to viewing and buying and a slowdown in bank funding turnaround times”.
The report found prices across Ireland for a three-bedroom semi-detached house had risen by 0.36 % over the past three months to €291,667 but fell by 0.34% in the capital for the first time since September 2019. REA spokesman Barry McDonald said: “Following a frenetic start to the year, the market has slowed somewhat, with affordability having a definite effect on demand.
Read more: Electric Ireland customers to receive €50 credit as company to forgo profits
“This is illustrated by Dublin’s postcode districts, where prices average €495,833, seeing a slight fall back on its end-September figure for the first time since 2019. However, north county Dublin, where the average sale is €416,670, saw a small rise of 0.4%.” The REA said prices in commuter towns located in Meath and Wicklow fell the most, where average prices went from €314,667 to €312,778 .
In addition, the time taken to sell in these areas has doubled to six weeks from three in June. At present, first-time buyers now make up 61% of the market – a rise of 3% since September. This figure rises to 73% in Dublin. The most affordable county in Ireland is Donegal with the average house is now selling for €145,000, up €17,500 in the past year.
Read next:
Winter storm forecast to New Year's as wet and windy conditions to remain
- Bed sheet hack with dry your clothes in half the time
- Inside Boyzone star Shane Lynch’s Irish pub named after Dublin home
- Dublin celebrities and where they went to school - from Conor McGregor to Colin Farrell
- Cold, flu or Covid? Useful symptoms chart to guide you through your illness
To get the latest news to your inbox, sign up to the Dublin Live Newsletter.
