The recent trend of lower house price inflation seems to be continuing apace according to the CSO (Central Statistics Office) figures.
Based on national figures, the last six months has seen house price inflation fall from 8.9% in August 2018 to 5.6% in January 2019 based on YTD figures. Nowhere in this 6 month period has there been a blip with a consistent pattern emerging of lower house price inflation.
The fall is a reflection in a number of factors – residential property prices have recovered about 80% of their losses from the 2008 property price crash with the volumes more than doubling since the trough of 2012 when 20,680 transactions were recorded compared to 44,459 in 2018.
Central Bank lending limits and deposit requirements are also playing their part, an intentional policy to try and limit the self inflicted damage caused by lax lending policies in the past.
In Dublin, just a 1.9% increase in residential property prices was recorded in the YTD January 2019 with the remainder of Ireland still showing a 9.5% based on a YTD January 2019. However it’s a shame that the indexes aren’t more location specific to help gauge market movement in local areas.