House prices increased by 3.4% last year
House prices rose by a further 3.4% in 2023, Daft.ie’s quarterly report has found.
The rise is the smallest increase since 2019 and means the average property price listed on the website was worth €320,046.
That figure is 14% lower than at the peak of the Celtic Tiger.
Prices rose across the nation but increases were largest in Connacht-Ulster, up 8.3%, and in Munster, up 6.8%.
By contrast, prices rose 2% in Dublin and 0.8% in the rest of Leinster.
“Unfortunately for many people, the prices have moved on again,” Institute of Professional Auctioneers and Valuers CEO Pat Davitt said.
“It looks like they’re continuing to move on and going to move on in 2024 – unless something else happens in the marketplace.”
There was also a noticeably drop in availability with the 11,100 homes listed as available to buy on December 1st.
That figure is down 27% year-on-year and represents the lowest figure since March 2022.
Mr Davitt said many people are struggling to get their mortgage applications approved by banks.
“Despite the fact that they’re able to show that they’re paying a lot more rent than what a mortgage would cost, they’re still not able to borrow that extra money to be able to buy a property,” he said.
“It’s very unfortunate for a lot of people, I think, to have to stay in that situation when they could actually buy a house.
“At the same time, there aren’t that many houses for sale either – which is another problem.”
In November last year, Housing Minister Darragh O’Brien said the Government would have to increase its housing targets.
Main image: A view of Annascaul village in Co Kerry. Picture by: Michael Diggin / Alamy Stock Photo