According to the latest round of Irish mortgage figures from the Central Statistics Office (CSO), residential property prices in Dublin have dropped by 0.4 per cent in June (0.4 per cent drop for apartments and 0.3 per cent drop for houses), while nationally, prices have increased 0.1 per cent. The rate of increase outside of Dublin has declined (from a 12.5 per cent increase late year) and this might well be attributed to the dearth of stock to the market coupled with new deposit rules introduced by the Central Bank earlier this year that require many would-be buyers to have saved up to 20 per cent of the value of their proposed new home before they can secure a mortgage. The net result is that many buyers are simply holding back and waiting for new stock to become available in their preferred areas. A quick scout at local planning authority websites will help house-hunters determine what number of residential properties are due to hit the market over the coming year to 18 months and, equally important, the type of properties i.e. houses or apartments. While prices are not available at this stage, a look at recent transactions on the National Property Price Register (www.property priceregister.ie ) will give some indication of local pricing trends and these are not likely to increase sharply – with obvious exceptions.
This will put further presssure on the already-burdened rental market in Dublin and regional cities just at a time when parents are starting to seeking accommodation for first-time college and university students.