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Latest Property Price Trends

April 10, 2019 #

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.

Eircodes & Property Prices

July 16, 2018 #

Not many people are aware but it is now possible to track property prices using the Eircode system. Like many things property related, the averages it gives are pretty much useless if you want a specific value for your property but in terms of seeing overall trends in property prices for a given area, it can be quite useful.

Regarding Cork, the Eircode system is broken down into a few specific areas – For example, P25 covers the Midleton area, P36 the Youghal area, P24 is Cobh whereas T12 and T23 covers Cork (city) southside and northside respectively.

If we visit the CSO website and track prices by Eircode, the most recently available data tracks the median house price in the year to April 2018. It’s important to remember that the CSO uses median values rather than mean values to calculate the Eircode figures. If you don’t know the difference between mean and median, kindly follow this link for a quick summation. Anyhow, the median property prices for Midleton, Youghal and Cobh are given as follows

Median property price Midleton – €200,000
Median property price Youghal – €148,000
Median property price Cobh – €185,000

Taking the Cork city divide of Southside / Northside, the median house price shows quite a dramatic difference between the two areas having a 43% difference which equates to €80,000;

Median House price Cork City Southside – €265,000
Median House price Cork City Northside – €185,000

In comparison, the median national house price is given as €233,000.

The CSO also breaks down the purchasing figure into the buyer type – first time buyer owner occupier, former owner occupier and non occupier. The titles may be a bit lethargic in description but fulfill their job admirably and the illustration demonstrates the buyer breakdown for three areas – Midleton, Youghal and Cork City Northside.

Property buyer type Eircode area

Finally, the CSO page also shows volume of sales by month per Eircode area ranging from January 2010 to the most recently available April 2018.

If you’re a bit of a numbers geek like us, the CSO website gives all sorts of interesting information and is regularly updated as data becomes available. To finds the average house price in a specific Eircode area, just follow this link and locate your area

Median house prices in your Eircode area

Happy browsing!

Cork area rents & Rent Pressure Zones

June 13, 2018 #

Rent pressure zones were introduced under the Planning and Development (Housing) and Residential Tenancies Act 2016 and were intended to moderate increases in rent for tenants.

Currently, in Cork, there are a number of areas that are included in the rent pressure zones being Cork city itself, Ballincollig – Carrigaline and Cobh. Other towns such as Midleton, Youghal and Fermoy for example are not currently classed as rent pressure zones despite the large increases in rent in these towns.

For a town or area to be included in a rent pressure zone, two criteria must be met;

1. Rents must have increased by more than 7% in four of the last six quarters
2. Average rents in the last quarter must be above the national average as measured by the National Indicative Rent in the RTB’s Rent Index Report

The most recent RTB Index Rent Report which is for Q1 2018 put average national rents at €1,060 which was a 7.1% increase year on year and a 0.4% increase from the previous quarter.

In comparison, the following averages were given for Q1 2018 for the Cork based areas;
Cork City rents were listed at €1,075
Ballincollig – Carriagaline at €1,251,
Cobh at €1,074
The greater East Cork LEA area was lower at €892.

Thus whilst rents may have jumped in successive quarters in areas outside current rent pressure zones, they can still fail the criteria for inclusion as rents are listed as below the national average.

For areas in and around Cork City already included under the rent pressure zones, rent increases for existing tenants are limited to a maximum 4% a year. Landlords must still show show three comparable rents when writing to tenants and the proposed rent must be in line with local market rates when seeking a rent review.

The formulae devised to calculate rent increases in a rent pressure zone is as follows;

R x (1 + 0.04 x t/m)
calculations should be done working from right to left

R= The amount of rent last set under a tenancy for the dwelling (the current rent amount)
t = The number of months between the date the current rent came in to effect and the date the new rent amount will come in to effect.
m = you must enter 24 OR 12

The RTB website has a fairly comprehensive information section on rent pressure zones and the minutiae along with a calculator whereby you simply input the information to determine the potential increase in rent.

The PRTB rent indices and reports can be accessed here and make for interesting reading for anybody seeking up to date information on Irish property rental trends.

Number of transacted properties in Youghal per year

May 28, 2018 #

With data gleaned from the publicly available property price register, it’s possible to track the number of transacted properties in Youghal town per year.

The great recessionary dip is self evident with the numbers having recovered over subsequent years. 2017 for example, had three times as many transacted properties as 2010 whilst the number just short of doubled between 2014 and 2015 alone.

Long term, it will be interesting to note what the more usual yearly average is as time progresses.

Standards for Rental Properties

April 14, 2018 #

 

 

New standards for rented accommodation have come into force since the 01st July,2017.

This further updates the previous revision of 2009 and so Landlords should be aware of their obligations under these regulations.

Known as the Housing Standards for Rented House Regulations 2017,many of the regulations are straightforward and involve common sense but in brief, some of the particular standards are:

– The property should be in a “proper state of structural repair” – no dampness whilst the roof, floors, ceiling, walls and stairs should be in good repair.
– A bathroom should be equipped with bath or shower whilst hot and cold water should be available in the house.
– Every room used for habitation should have an appliance capable of providing heat.
– Every room should have a suitable means of ventiliation to remove fumes and / or vapour.

– The property should be provided with:

4 ring hob with oven & grill
Fridge-freezer
Microwave oven
Hot & cold water
Food presses for storage
Washing machine or access to a washing machine.
Where there are no external facilities for drying clothes, a dryer should be provided.
All the above appliances are the responsibility of the Landlord to maintain or repair.

– In terms of fire safety, the following apply:

The House should contain a fire blanket and either a mains-wired smoke alarm or at least two 10 year self-contained battery operated smoke alarms.

In the case of a multi unit building (eg an apartment block), there should be a mains wired smoke alarm, fire blanket & evacuation plan provided. In addition, emergency lighting linked to the fire alarm system should be provided in common areas.

The property should have access to adequate pest and vermin proof refuse storage facilities.

Updates to the regulations in 2017 also introduced the need for carbon monoxide alarms;

“Each house shall contain,where necessary,suitably located devices for the detection and alarm of carbon monoxide”

It also specified safety features on upstairs windows;

“Where a window has an opening section through which a person may fall,and the bottom of the opening section is more than 1400mm above external ground level, suitable safety restrictors shall be fitted. Safety restrictors shall restrain the window sufficiently to prevent such falls”

For a full look at the Housing Standards for Rented Houses regulations 2017, you can see it full here

Youghal house price trends

April 13, 2018 #


Available since 2010, the property price register can take a bit of work to glean the information you want from it.

Composed at the minute of date, address and transaction price, there is no description of the property recorded such as square footage, number of bedrooms or site size.

If these were recorded, a more accurate and realistic comparative value could be recorded for any given area.

Still, even in it’s basic form, it’s better than nothing as we had before. Taking Youghal as an example, we can track the average property price for transacted properties in Youghal town over the last 7 years.

The collapse in house prices between 2010 and 2013 is evident with some signs of a recovery showing in 2014 and 2015. Then, house prices begin to increase dramatically again for 2016 and 2017. It will be interesting to see how 2018 fares as more properties are transacted during the year.

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