MyHome.ie predicts house price growth of 5% for 2016
Property website MyHome.ie has predicted another year of “robust” house price growth this year on the back of rising incomes and the ongoing economic recovery.
A new house price survey from MyHome, in association with Davy, has pencilled in growth of around 5% for 2016.
Davy economist Conall MacCoille, who authored the report, said the disparity between growth in the capital and outside is likely to continue, with greater house price growth outside of Dublin.
In 2015, asking prices nationally increased by 7.4%, but in Dublin the rate was just 2.6%.
It also noted that prices in Meath last year rose by 16%, while they were up 12% in Galway and 10% in Kildare, Clare and Louth.
MyHome.ie said that the adjusted asking price for new sales nationally is €215,100 while the corresponding figure for Dublin is €312,400.
Mr MacCoille welcomed the slowdown in house price inflation from double digit levels, adding that the housing market had “normalised” in the final quarter of last year.
He said that the Central Bank’s new mortgage lending rules appear to have stopped home buyers from taking out ever-higher leveraged mortgage loans, “thus limiting the pace of house price inflation”.
MyHome.ie is Ireland’s leading property and homes portal and was established in 2001. The property website attracts over 28 million page impressions per month, with over 3.2 million visitors.
