The ongoing rise in house prices, requiring buyers to take out ever-bigger mortgages, is concerning
Newly built houses in Youghal Ireland: borrowers have been taking on ever-higher mortgages over the past few year. The financial burden being taken on by those buying homes continues to rise, according to two new reports, and there is little sign yet of a slowdown in price growth. The latestlisted on the site was up 8.4 per cent year on year in the final quarter. And with a lot of properties selling above the asking price, the level of price inflation is even higher.
Figures out on Friday from the Banking and Payments Federation Ireland show that the average mortgage being taken on by a first-time buyer rose by 8.3 per cent, or more than €24,000, in the twelve months ending November 2024 to reach over €319,000. The total value of mortgages taken out by first-time buyers in November was more than 11 per cent higher year-on-year.
‘I make a mark in the grass with my foot as I go.’ How GAA groundstaff line pitches for new football ruleshas calculated that house prices have now risen above the level which would be justified by the underlying strength of the economy. This has left them overvalued by 8 to 10 per cent, it said in a report last month, and increases the chances of a “painful correction” in prices if the economy hits a difficult period.
The outlook for house prices this year is uncertain. Price growth could slow as this year goes on, as affordability factors come more into play. However, prospects of further falls in interest rates could give buyers a bit more room for manoeuvre and support prices, particularly if the jobs market remains strong and wages continue to rise.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How To Make The Most Of Your Christmas LeftoversSTELLAR Magazine, Irish Fashion, Irish Women's Magazine, Irish Beauty, shops in Ireland, celebrity news, glossy magazine, Fade Street, make-up tips, Irish style, Vip Magazine Group
Read more »
Why Can't Fashion Quit Smoking?STELLAR Magazine, Irish Fashion, Irish Women's Magazine, Irish Beauty, shops in Ireland, celebrity news, glossy magazine, Fade Street, make-up tips, Irish style, Vip Magazine Group
Read more »
Here's What Team STELLAR Is Loving This WeekSTELLAR Magazine, Irish Fashion, Irish Women's Magazine, Irish Beauty, shops in Ireland, celebrity news, glossy magazine, Fade Street, make-up tips, Irish style, Vip Magazine Group
Read more »
Here's What Team STELLAR Is Loving This WeekSTELLAR Magazine, Irish Fashion, Irish Women's Magazine, Irish Beauty, shops in Ireland, celebrity news, glossy magazine, Fade Street, make-up tips, Irish style, Vip Magazine Group
Read more »
Tonnes Of Leftover Christmas Chocolate? Here's What You Should Do With ItSTELLAR Magazine, Irish Fashion, Irish Women's Magazine, Irish Beauty, shops in Ireland, celebrity news, glossy magazine, Fade Street, make-up tips, Irish style, Vip Magazine Group
Read more »
Hundreds take part in Dublin vigil to show support for Palestinian journalistsMembers of Irish press gather for Irish Palestine Solidarity Campaign’s New Year’s Eve vigil
Read more »