Cantillon: After a pandemic surge, are house prices finally going to fall? via IrishTimesBiz
Daft.ie’s latest housing market report indicates that asking prices, as distinct from actual prices paid, fell in the first quarter of 2023. Photograph: Tim Ireland/PAPrice growth in the State’s housing market continues to slow in the face of higher borrowing costs and wider inflationary pressures. Will it turn negative? There’s mounting evidence that it will.indicates that asking prices, as distinct from actual prices paid, fell in the first quarter of 2023, the first such decline in a decade.
The firm said asking prices across the State were down 0.3 per cent, with this drop extending to 0.4 per cent in Dublin. The average asking price was put at €308,497. This was still up 2.7 per cent on the same period last year but on a quarterly basis prices are falling. The figures come on the back of the latest Residential Property Price Index from the Central Statistics Office, which is based on actual transactions. It shows that prices on a monthly basis fell by 0.
The impact of higher interest rates has been somewhat softened with lenders only partially passing on the latest European Central Bank rate increases, Conor O’Toole of the Economic and Social Research Institute said on Tuesday as the institute published its latest quarterly report. He noted that this could change if higher interest rates are maintained.
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