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      Residential property prices decrease by 0.8% nationally in the year to September

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      Residential property prices decreased by 0.8% nationally in the year to September, according to the latest figures from the Central Statistics Office (CSO).
      This compares to a decrease of 0.9% in the year to August and an increase of 1.1% in the twelve months to September 2019.
      In Dublin, residential property prices saw a decline of 1.8% in the year to September, while property prices outside Dublin were 0.1% higher.
      In Dublin, house prices decreased by 1.6% and apartment prices decreased by 0.6%. The highest house price growth in Dublin was in Fingal at 2.1%, while Dublin City saw a decline of 4.2%.
      Outside Dublin, house prices were up by 0.2% and apartment prices up by 0.4%. The region outside of Dublin that saw the largest rise in house prices was the Midlands at 4.0% – at the other end of the scale, the Mid-West saw a 5.7% decline.
      Overall, the national index is 17.6% lower than its highest level in 2007. Dublin residential property prices are 22.7% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 20.1% lower than their May 2007 peak.
      Property prices nationally have increased by 83.7% from their trough in early 2013. Dublin residential property prices have risen 91.5% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 83.9% higher than at the trough, which was in May 2013. More

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      Housing market showing resilience in the face of Covid-19

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      The housing market has not been severely impacted by Covid-19 and has outperformed expectations, according to a new report from Goodbody.
      Its latest BER Housebuilding Tracker – which it calculates using data from Building Energy Regulation certificates – estimates that 5,500 units were completed in the third quarter of the year.
      That was up from 3,290 in the second quarter of the year, when the pandemic restrictions were at their most severe and building sites were closed down for several weeks.
      According to Goodbody’s calculations, that left output just 3% lower year on year.
      “This suggests that productivity levels have not been as severely affected by social distancing measures as we would have feared,” Dermot O’Leary, chief economist with Goodbody said.
      “We now expect 20,000 units to be completed this year, down 8% year on year, and up from our previous estimate of 16,500,” he said.
      The Central Bank estimates that 35,000 completions a year are needed to satisfy demand.
      However, Goodbody also said there were some indications that the impact of the Covid-19 pandemic may be longer lasting.
      Many of the completions in the most recent quarter were accounted for by developments being completed at a faster pace.
      In the three months to August, housing starts fell by over a third.
      Goodbody also revised downwards its expectation for house price reductions.
      It now expects prices to fall by 5% by the middle of next year – half its previous forecast.
      Rents are expected to fall to a greater extent, the stockbrokers also predicted.
      “Mortgage lending is making some recovery, but we still expect new lending to fall 20% in 2020, before growing by 9% next year,” Mr O’Leary said.
      “Given the unpredictable nature of the virus and the government reaction to it, forecasts are still subject to a higher degree of uncertainty than normal,” he added.

      Tags: Ber housebuilding tracker, Goodbody

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      MyHome.ie Webinar: What the Level 5 restrictions mean for the property industry

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      Following on from the country’s move to Level 5 at midnight and the publication of the new guidance protocols published by the PSRA, IPAV and the SCSI, we caught up with IPAV CEO Pat Davitt for a special edition webinar where he outlined what the new protocols mean for agents.
      In the Webinar, Pat clarifies that:
      Agents can travel beyond their 5km radius or across county boundaries to carry out tasks associated with the business
      Agents will not be held responsible for providing a viewing to someone who has travelled more than 5km for it or across county boundaries
      All estate agent offices should remain closed in Level 5
      The new protocols were signed off on by Government so are fully approved
      Check out the full chat with Pat below….
      [embedded content]
      The full document containing guidelines for the various levels in the Government’s Living with Covid plan can be found here.

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      Residential property prices down 0.6% in the year to August

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      Residential property prices decreased by 0.6% nationally in the year to August, according to the latest figures from the Central Statistics Office (CSO).
      This compares to a decrease of 0.6% in the year to July and an increase of 1.9% in the twelve months to August 2019.
      In Dublin, residential property prices saw a decline of 1.6% in the year to August – house prices decreased by 1.4% and apartments increased by 0.1%. The highest house price growth in Dublin was in Fingal at 1.7%, while Dublin City saw a decline of 3.4%.
      Residential property prices in Ireland excluding Dublin were 0.3% higher in the year to August, with house prices up by 0.4% and apartments down by 0.7%. The region outside of Dublin that saw the largest rise in house prices was the South-West at 5.2% – at the other end of the scale, the Border saw a 2.7% decline.
      Overall, the national index is 17.6% lower than its highest level in 2007. Dublin residential property prices are 22.6% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 20.1% lower than their May 2007 peak.
      Property prices nationally have increased by 83.8% from their trough in early 2013. Dublin residential property prices have risen 91.8% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 83.9% higher than at the trough, which was in May 2013. More

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      Help-to-buy scheme extended in Budget 2021

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      The help-to-buy scheme for first time buyers was extended to the end of 2021 in the Budget on Tuesday.
      The scheme helps first-time buyers with the deposit needed to buy or build a new house or apartment with relief of the lower of 10% of the value of the property or €30,000 available.
      Public Expenditure Minister Michael McGrath signalled what he termed a “radical reappraisal on how we deliver housing.” in his Budget 2021 speech.
      Announcing a record level of funding for the Department of Housing – an increase of €773 million on last year – he said the Government will place a “much greater emphasis on building social and affordable housing.”
      He said his policy will deliver 9,500 social homes next year.
      The Stamp Duty Residential Development Refund Scheme due to expire on 31 December 2021 will also be extended to operations commenced by 31 December 2022.
      Stamp Duty Residential Development Refund Scheme provides for refund of a portion of the Stamp Duty paid on the acquisition of non-residential land where that land is subsequently developed for residential purposes.
      Minister for Finance Paschal Donohoe said that due to the impact on the sector of Covid-19, and also to certain issues that have been brought to his attention since its introduction, he is to make a number of changes to it this year.
      Apart from the extension to the expiration date, the time allowed between commencement and completion of a qualifying project is being extended by six months to two-and-a-half years.
      Michael McGrath allocated €110m for affordable housing and cost rental schemes in Budget 2021.
      Announcing the funding, the Minister said that thousands of people find themselves locked out of the property market due to high rents.
      He announced a total of €5.2 billion to the Department of Housing, Local Government and Heritage next year.
      Mr McGrath said that an extra €500m would facilitate the construction of 9,500 new social housing units in 2021 and a total of 12,750 units will be added to the social housing stock.
      He said there would be €65m to fund deep retrofitting of social housing stock.
      Minister McGrath promised an additional €22m to support homelessness programmes and the introduction of a cold weather initiative.
      He said a basic need in life is to have secure place to live and he said that for too many people in Ireland that need remains unfulfilled.
      Tackling homelessness was a top priority for Government, he said.
      Minister McGrath said that the country was able to deliver public housing when it was much poorer than it is today, and he said they would do this again.
      He said the Land Development Agency would play an important role in the Government’s affordable housing strategy into the future.
      The Minister said that the agency would have over €1.2bn of funding to progress the range of projects already under way.
      Responding to the Budget 2021 announcement, Dr David Duffy, Director of Property Industry Ireland (PII), the Ibec group for businesses working in the property sector, said: “Property Industry Ireland welcomes the commitment in the Budget to housing and capital spending.
      “The reference by Minister McGrath that the housing crisis will be solved through both public and private delivery of housing is positive. PII also welcomes the announcement of an Affordable Purchase Shared Equity Scheme for first time buyers.
      “While the budget allocated will mean that it will have limited impact on making more homes available, PII is ready to engage with the Department of Housing on the structure of the scheme to ensure that families can be in new homes as soon as possible.” More

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      MyHome.ie Webinar – Real Estate Alliance chairman Anthony McGee

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      We’re delighted to bring you another MyHome.ie Webinar today.
      In this week’s episode, we chat to Real Estate Alliance chairman Anthony McGee.
      Anthony, who runs REA McGee in Tallaght, discusses the impact of Covid-19 on the business, the launch of their new product BidNow and on the trends he has noticed in the Irish property market in recent months.
      Check it out below…
      [embedded content]
      For further details on Real Estate Alliance visit www.realestatealliance.ie. REA McGee’s website can also be found here. More

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      Residential property prices fall by 0.5% nationally

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      Residential property prices decreased by 0.5% nationally in the year to July, according to the latest figures from the Central Statistics Office.
      By contrast was no change in the year to June and an increase of 2.2% in the twelve months to July 2019.
      In Dublin, residential property prices saw a decline of 1.3% in the year to July – house prices decreased by 1.2% and apartments increased by 0.4%. The highest house price growth in Dublin was in Dun Laoghaire-Rathdown at 1.3%, while Dublin City saw a decline of 2.7%.
      Residential property prices in Ireland excluding Dublin were 0.2% higher in the year to July, with house and apartment prices up by 0.3%. The region outside of Dublin that saw the largest rise in house prices was the South-West at 4.3% – at the other end of the scale, the South-East saw a 1.6% decline.
      Overall, the national index is 17.7% lower than its highest level in 2007. Dublin residential property prices are 22.7% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 20.2% lower than their May 2007 peak.
      Property prices nationally have increased by 83.5% from their trough in early 2013. Dublin residential property prices have risen 91.4% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 83.6% higher than at the trough, which was in May 2013. More

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      Prospective homebuyers still confident about buying despite Covid-19 impact

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      71% of potential buyers are planning on purchasing a property in the next year
      40% expect property prices to fall by up to 10% in the next year
      76% believe the Government could do more to help the property sector
      73% feel safe viewing properties at present
      Prospective homebuyers are still confident about their ability to buy despite resilient house prices and the ongoing effect of Covid-19 to the economy, according to a new survey from MyHome.ie.
      The survey suggests that 71% of prospective buyers are still planning on buying a new property in the next year. This compares with 68% of prospective buyers who were surveyed last May.
      However, consumer opinion regarding house prices has changed since the summer. Now, just 13% of survey respondents believe property prices will fall by over 10% in the next year, whereas last May 37% of consumers predicted that outcome.
      Four in ten consumers now believe that prices will fall by up to 10% in the next year, while half of all respondents believe next year will represent a good time to buy property.
      The survey of 2,716 people also found that three-quarters (76%) of respondents believe the Government could do more to help the property sector.
      The virus is expected to have significant long-term effects, with 61% of respondents believing it will lead to more online processes in general to minimise unnecessary contact. Meanwhile, 23% believe it will lead to quicker sales processes in general.
      In a boost to the sector, 73% of respondents to the survey said they felt safe viewing properties at present.
      Angela Keegan, Managing Director of MyHome.ie, said that the findings reflected the ongoing demand that was evident in the market.
      “Even though consumers have not seen the price drops that many predicted when Covid-19 emerged, demand has stayed strong throughout Q2 and Q3. It appears that many prospective buyers have not been hit by the economic fallout from Covid-19. MyHome.ie had its busiest ever month for website traffic last July, and this is reflected in the fact that seven out of ten respondents are planning on purchasing a property in the next year.”
      However, Ms Keegan warned that it was crucial that construction activity be allowed to continue in the coming months.
      “Our analysis shows that stock levels are down by 22% year-on-year, which is concerning. A healthy, functioning property market needs a good balance of supply and demand, and as such we need to see construction continue unimpeded over the winter if at all possible.” More