Asking prices for homes increased by 6% nationally last year despite evidence of a slowdown in the second half of 2022 following 'an unprecedented couple of years' of high demand and low supply.
Yet the declines observed in the second half of 2022 may continue into 2023, he said, if demand for homes continues to falter amid rising interest rates.
“Interest rates have risen. One mortgage market provider started the year with fixed rates below 2 per cent but will enter the new year with rates for the same product of almost double that. This mathematically filters through to affordability and the maximum loan a provider will lend.” Overall, Mr Lyons said that demand had remained strong in 2022. Although the supply of homes had improved, the availability of new homes remained low at the start of last month.on Tuesday, which also showed a slowdown in asking prices in the final three months of the year, the second consecutive quarter of decline. MyHome is owned by the company that publishes The Irish Times.
Separately, the report indicates that the house asking price inflation gap between Dublin and the rest of the country was beginning to close.
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