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      in Residential

      MyHome.ie Webinar – A chat with Steven Blanc of BidX1

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      We’re delighted to bring you another MyHome.ie Webinar today.
      In this week’s episode, we chat to Steven Blanc, Head of Business Development for Bid X1.
      Steven discusses the business, how it has been impacted by Covid-19 and what its plans are going forward including a move into digital private treaty sales.
      Check it out below…
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      You can check out all the latest properties available from BidX1 at www.bidx1.com More

    • 88 Shares119 Views

      in Residential

      Housing market resilient in face of Covid-19

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      Asking price inflation up 1.2% nationally in August compared with Q2 2019
      Dublin inflation up by 0.3%; rest of country up by 1.5%
      Strong quarterly inflation recorded
      Demand likely a combination of high interest from those with mortgage approval and shortage of stock
      Annual house price inflation has risen by over 1% despite the impact of Covid-19, according to analysis from leading property website MyHome.ie and Davy.
      Key findings:
      Region
      Mix-adjusted asking price
      Annual % change (Q2 2019 – > August 2020)
      Quarterly % change (Q2 2020 – > August 2020
      National
      €280,000
      +1.2%
      +4.3%
      Dublin
      €383,000
      +0.3%
      +2.9%
      Ex-Dublin
      €234,000
      +1.5%
      +4.7%
      Asking price inflation rose by 1.2% nationally compared with Q2 2019, by 0.3% in Dublin, and by 1.5% elsewhere around the country.
      The rise in quarterly asking price inflation has been even more pronounced – by 4.3% nationally, 2.9% in Dublin and 4.7% elsewhere around the country.
      This means the mix-adjusted asking price for new sales nationally is €280,000, while the price in Dublin is €383,000 and elsewhere around the country it is €234,000. Newly listed properties are seen as the most reliable indicator of future price movements.
      Conall MacCoille, Chief Economist at Davy, said: “The MyHome data shows pricing has held up during the summer months; the negative 3% inflation rate seen in Q2 2020 now seems an aberration, driven by the small numbers of vendors prepared to put their homes on the market during the exceptionally uncertain period of the lockdown. Looking ahead we think prices will be broadly flat in 2020, or see marginal declines, but the impact of Covid-19 on the housing market could have a longer, slow burn impact than many appreciate.”
      Angela Keegan, Managing Director of MyHome.ie, said the increase in asking prices was likely a combination of people who already have mortgage approval moving to secure properties, and a shortage of stock. “One of the many negative effects of Covid-19 has been the decrease in construction output, which has had significant ramifications for the property market. Anecdotally we are also seeing people who have mortgage approval acting fast to secure properties and this, added to the fact that stock levels are low, is driving asking prices upwards.” More

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      in Residential

      One in 10 property sales renegotiated during Covid-19

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      About one in ten property sales was renegotiated due to Covid-19 with an average price reduction of 3%, according to a survey of over 260 estate agents nationwide carried out by the Society of Chartered Surveyors of Ireland.
      About two thirds of practitioners said property values had remained unchanged compared to the situation before the pandemic and the subsequent economic shutdown.
      28% said prices had declined with 6% saying they had increased.
      Figures from the Central Statistics Office last week suggested that annual property price inflation nationally practically came to a standstill in June at 0.1%. Dublin prices were down 0.7%.
      The volume of transactions in June dropped by a third compared with the same month last year, the CSO figures indicated.
      A separate set of figures from the Banking and Payments Federation showed that mortgage drawdowns amounted to €1.5 billion between April and the end of June, down 35% on the year.
      About three quarters of estate agents surveyed by the SCSI said they had experienced at least one failed transaction as a result of the pandemic.
      It is estimated from the survey findings that about 12% of sales fell through as a result of Covid-19 and the associated economic shock.
      SCSI Vice President, TJ Cronin – a Cork based estate agent – said the findings underlined the resilience and the adaptability of the property sector, but he warned that the outlook remained challenging.
      “Activity levels have been brisk due to pent-up demand. Confidence within the house purchasing market remains strong, especially among those who have been unaffected financially by Covid-19 or those that had finances in place.”
      “However new mortgage approvals and drawdowns are down, and the salaries of home purchasers are likely to be impacted as a result of Covid-19,” he added.
      On the rental side, the survey found that on average 8% of tenants had not met their monthly rent obligations due to Covid-19.
      Just over a third of these had provided satisfactory evidence of inability to pay to their landlord.
      The SCSI warned of a sharp rise in rent arrears with the removal or reduction of the pandemic support payments. More

    • 138 Shares179 Views

      in Residential

      MyHome.ie Webinar – A chat with Ronan McKenna of Glenveagh Homes

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      We’re delighted to bring you another MyHome.ie Webinar today.
      In this week’s episode, we chat to Glenveagh Homes sales director Ronan McKenna about the new homes market in Ireland,
      Ronan discusses Glenveagh’s series of new developments around the country, what impact Covid-19 has had on them and what is coming up in the weeks and months ahead.
      Check it out below…
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      For further details on Glenveagh Homes visit www.glenveagh.ie More

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      in Residential

      Residential property prices increase by 0.3% nationally in the year to May

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      Residential property prices increased by 0.3% nationally in the year to May, according to the latest figures from the Central Statistics Office.
      This compares with an increase of 0.7% in the year to April and an increase of 2.6% in the twelve months to May 2019.
      In Dublin, residential property prices showed no change in the year to May – house prices increased by 0.2% and apartments increased by 0.9%. The highest house price growth in Dublin was in Fingal at 2.2%, while South Dublin saw a decline of 1.3%.
      Residential property prices in Ireland excluding Dublin were 0.7% higher in the year to May, with house prices up by 1.0% and apartments down by 1.5%. 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 0.8% decline.
      Overall, the national index is 18.1% lower than its highest level in 2007. Dublin residential property prices are 22.4% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 21.1% lower than their May 2007 peak.
      Property prices nationally have increased by 82.7% from their trough in early 2013. Dublin residential property prices have risen 92.1% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 81.6% higher than at the trough, which was in May 2013. More

    • 150 Shares119 Views

      in Commercial

      MyHome.ie Webinar – A chat with Davy chief economist Conall Mac Coille

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      We’re delighted to bring you the 10th MyHome.ie Webinar today.
      In this week’s episode, we chat to author of the MyHome.ie Property Report Conall Mac Coille, chief economist with Davy.
      Conall outlines what the report is telling us and discusses the various challenges the market will have as it looks to rebound out of lockdown.
      Check it out below…
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    • 63 Shares129 Views

      in Residential

      MyHome.ie Webinar: Focus on Donegal

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      This week’s MyHome.ie Webinar focuses on Donegal. It’s fair to say that Covid-19 has changed the world with many people now considering remote working as a more long-term solution. A recent report by Irish Tech News found that estate agents in Donegal were receiving more and more calls from businesses and individuals based in Dublin […] More

    • 113 Shares129 Views

      in Residential

      MyHome.ie Webinar: A chat with IPAV CEO Pat Davitt

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      We’re delighted to bring you the eighth MyHome.ie Webinar today. In this week’s episode, we chat to Pat Davitt of IPAV about how Covid-19 has impacted its members and the work he is doing at present. Pat also gives his views on the future of the industry. Check it out below… [embedded content] For further […] More