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Irish Independent
24-06-2025
- Business
- Irish Independent
Foreign buyers could be driving Waterford city's soaring house prices
Some of that increase may be caused by a growing number of people wishing to move to Waterford from other parts of Ireland and even from outside the State, including from north America and Europe. The average house price in Waterford city is now €276,420, while the average in the county is €339,276. In the year to March, the average listed price nationally rose by 12.3pc, said the report's author, Ronan Lyons, an associate professor in economics at Trinity College Dublin. 'Such a rate hasn't been seen in the market since the first quarter of 2015, during the spike in prices that prompted the Central Bank to introduce the mortgage market rules. 'Ultimately, the market is still starved of supply. But the total number of homes for sale on June 1 was over 12,000, compared to below 9,300 on March 1. A healthy market is probably above 30,000 – but at least these latest figures show a step in the right direction.' The median price of a new home in Waterford, during the period from October 2024 to Mar 2025, was €349,000. The average list prices for Waterford city, and annual per cent change, in 2025 Q2, were as follows: one bed apartment (€134k – up 33.4pc), two-bed terraced (€162k – up 15.7pc), three bed semi-detached (€231k – up 13.5pc), four-bed bungalow (€424k – up 20.3pc), five-bed detached (€474k – up 15.4pc). The figures for County Waterford are: one bed apartment (€144k – up 22.2pc), two-bed terraced (€164k – up 9.8pc), three bed semi-detached (€224k – up 5.1pc), four-bed bungalow (€459k – up 11.9pc), five-bed detached (€457k – up 9.3pc). Margaret Fogarty of property specialists RE/MAX, told the Irish Independent that the figures reflect the growing interest in Waterford city as an attractive destination to live and work in, both for Irish people from other parts of the country, and for international clients from abroad. 'I think people are seeing the value of Waterford city and what it has surrounding it,' said Ms Fogarty. 'We've got a lovely central area and then you have access to the beaches and to the mountains and the greenway (cycle and pedestrian trail). 'It's become quite a sought-after city. As you can see from the report, house prices are a lot cheaper than other cities, Limerick, Galway, Cork, and certainly Dublin.' Ms Fogarty said any property which is priced correctly in the market 'will move very quickly'. There is a huge demand from first time buyers. 'The market up to probably €500k is where the bulk of the buyers are. And then as you go higher, there is slightly less. But properties are moving at every level.' A notable increase was seen in one bed apartments in the city, up by a third in 12 months. Apartment living has become more attractive. 'It's affordable, it's a price point where you can get a nice two-bed apartment for under €200,000. There are not many cities in the country were you can get that, and in a nice location, and in a good condition,' said Ms Fogarty. 'It's an affordable price point for a first time buyer, a single person, or that person who doesn't have access to the €300k or €250k for a new house. It's a very good option for them.' Generally, Waterford is seeing huge progress, with a new bridge recently installed, and new transport, retail, office, and living quarters planned for the North Quays. All of that is even attracting attention from abroad. 'We at RE/MAX particularly, because I've spoken to other agents, but because of our global connections, we are getting a lot of American inquiries. There has been a huge increase in inquiries from outside the State,' said Ms Fogarty. The high temperatures in mainland southern Europe mean that more Irish people are holidaying at home, and in the sunny south east. 'We've had quite a few Europeans contact us as well through the network. It seems to be trend that there's more movement from outside the State as well. Quite a number of our inquiries are coming that way,' added Ms Fogarty.
Irish Independent
24-06-2025
- Business
- Irish Independent
Cost of one-bedroom apartments soaring in Wicklow as average hits €191,000
While the average list price of a home in the county is now €454,929, a rise of 13pc compared with a year ago, the price for a one-bedroom apartment has risen by 26.5pc. This compares with a two-bedroom terraced house, which has risen to €250,000, an increase of 13.6pc, while your three-bed semi has risen to €330,000, an increase of 10.4pc. Commenting on the steep rise for a one-bedroom apartment in the county, Garret O'Bric, from agents HJ Byrne, in Bray, said that one-beds don't come around very often and they are 'a bit of an oddity' in the market, even though they are viewed as a first step on the ladder. He said the last one-bedroom apartment he sold in Bray, an own-door home in a good location at Wilford Court, fetched well over €300,000. While it is down to demand, he added that some banks are reluctant to give loans for a one-bed and there is a different loan-to-value on them. "Most first-time buyers don't really want them because you can't rent out another room, investors don't really want them because they'd rather go for a two-bed. But it's also affordability,' he said. 'It's the low-hanging fruit for people if they are going to get on the ladder.' Asking prices for houses have soared by an average of 12.3pc nationwide to €357,851 in the past year, according to the House Price Report for Q2. The report also notes that this rate of house-price inflation is the highest since the Central Bank's mortgage-lending rules, which were introduced in 2015. It means that outside Dublin, Wicklow remains the most expensive county in Leinster to buy a home. The report also notes that the typical property sells for a price that is 1.1pc below its listing price – but that gap has changed a lot over time. For example, during the period 2010-2012, properties sold on average for 10pc less than their initial listed price. Across the country, the typical transaction price in the second quarter of 2025 was 6.3pc above the listed price. A year ago, the gap nationally had been 3.5pc, while two years ago, in Q2 2023, the typical transaction price was 1.1pc above the listed price. However, the second quarter of 2025 saw the highest level of 'market heat' ,measured by the premium paid by buyers above the listed price than at any other time since the start of 2010. The Daft report author, Ronan Lyons, was quite blunt in his assessment of the current state of the housing market, when he said: 'Ultimately, the market is still starved of supply.' Remarking that there is 'little to be cheery about', he added that there are simply too few homes on the market at the moment. "On top of an insufficient number of new homes being built, there are also not enough second-hand homes being traded,' he said. 'In the year to June 1, there were a total of just over 51,000 second-hand homes put on the market. For comparison, in 2019, before all the disruption of Covid, there were almost 67,000 homes put up for sale.' Scarcity and strong demand will put 'acute pressure on prices', he said.
Irish Times
24-06-2025
- Business
- Irish Times
Long past time to stop playing politics with housing
There's an air of Nero fiddling while Rome burned about the Government's approach to housing . Figures from property website on Monday showed that prices are now rising faster than at any time in the past decade. Asking prices are 12.3 per cent higher than at this time last year. This at a time when, according to the Central Statistics Office , inflation is running at an annualised rate of 1.7 per cent and hourly pay is 5.6 per cent ahead. Last year, when inflation was higher, property prices were rising by just over half the current rate – 6.7 per cent. READ MORE In between we've had an election contested around promises on housing, a continuous drip-feed of policy announcements that seem designed more to see how they sit with various stakeholders than with any sense of cohesion and, recently, a confession that current housing targets are little more than a fiction. Ronan Lyons, associate professor of economics at Trinity College and author of the report, notes that the last time prices were rising this fast, the Central Bank stepped in with mortgage limits. His assessment of the problem: the market is 'starved of supply'. Lyons' comments come a day after veteran builder Sean Mulryan said that tax breaks for development were not the answer to the housing crisis. If not, what is? Serviced, zoned land, says Mulryan. 'I don't think tax breaks are the answer. I think the answer is to get the land zoned, get the infrastructure in and let's get on with it,' he told the Business Post in an interview, adding there were too many people involved, too many local authorities going in different directions. The Government is promising an update to its housing policy. You can expect, as with rent controls, that Minister James Browne will seek to present a package of measures to keep builders sweet and house-hunters hopeful. Naturally, well-leaked talk of further incentives for developers as part of that package has only encouraged builders to sit back to see whether there will be better terms available to them in a few months – applying a brake to already slowing progress. It's long past time we stopped playing politics with housing. What is needed is not new perks or vague statements of intention but consistency of policy so that everyone knows what to expect and when, can arrange funding on the back of it and get on with delivery.
Dublin Live
24-06-2025
- Business
- Dublin Live
'Too few homes on the market' as Dublin house prices surge 12.3 per cent in a year
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Dublin house prices have surged 12.3 per cent in just one year. According to latest House Price Report, prices increased by an average of 3 per cent nationwide during the second quarter of 2025. The typical listed price in the second quarter of the year across the country was €357,851, 12.3 per cent higher than a year previously, and 40 per cent higher than at the onset of the Covid-19 pandemic. Dublin's annual surge of 12.3 per cent mirrors the national average while the rest of Leinster is up 14.3 per cent year on year. Waterford recorded the largest city increase at 15.2 per cent while Cork recorded a single-figure rise of 8.6 per cent. Inflation in the listed price of properties is at a ten-year high with such a rate not seen in the market since the first quarter of 2015 which prompted the introduction of mortgage market rules. There were 3,600 second-hand homes fors ale in Dublin on June 1st, up 10 per cent on the same date a year ago but almost 30 per cent lower than the 2015-2019 average of nearly 4,000. Ronan Lyons, an economist at Trinity College Dublin and the author of the report, said: "There are simply too few homes on the market at the moment. On top of an insufficient number of new homes being built, there are also not enough second-hand homes being traded. "In the year to June 1st, there were a total of just over 51,000 second-hand homes put on the market. For comparison, in 2019, before all the disruption of covid, there were almost 67,000 homes put up for sale. "As I noted in the commentary to a previous report, covid19 was the principal disruptor here, with lockdowns meaning just 45,000 homes were put up for sale in the year to March 2021. But it is not entirely to blame. Over the following two years, the market recovered and over the course of 2022, there were just over 63,000 homes listed. "The sharp rise in interest rates then, however, has weighed heavily on the market. Those increases were well-flagged, giving existing homeowners time to fix interest rates ‐ but fixing of course reduces mobility. In 2024, just 50,000 homes were put up for sale, putting the market much closer to its covid-era low than the pre-covid average. "With such scarcity ‐ and strong demand ‐ comes acute pressure on prices. Across the country as a whole, prices are now 40% higher than when covid19 first hit ‐ in some parts of the country, prices are over 60% higher. "But there are some signs, however early and tentative, that conditions are turning. As is often the case, they are limited ‐ for now ‐ to the Dublin market. But the volume of second-hand homes put up for sale in Dublin over the last 12 months didn't fall further, as it did elsewhere. Instead, it grew slightly (by 3%). "And the stock of second-hand homes still for sale on the market on June 1st in the capital was almost 10% higher than on the same date a year previously. In the housing market, quantities typically lead prices ‐ so an improvement in the flow on to the market and in the overall availability should moderate price growth in the capital in the coming months." Join our Dublin Live breaking news service on WhatsApp. Click this link to receive your daily dose of Dublin Live content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice . For all the latest news from Dublin and surrounding areas
Extra.ie
23-06-2025
- Business
- Extra.ie
House prices are rising at fastest rate in TEN years
House prices are spiralling at their fastest rate in ten years to a new average cost of almost €358,000, a new report shows. The typical listed price nationwide in the first half of the year is €357,851 – 12.3% higher than the previous year and 40% higher than at the onset of the Covid pandemic. Today's top videos STORY CONTINUES BELOW Prices nationally rose by an average of 3%, according to the latest House Price Report, released on Monday. House prices are spiralling at their fastest rate in ten years to a new average cost of almost €358,000. Pic: Getty Images The current rate of inflation in the market is the highest seen in the ten years since the Central Bank's mortgage lending rules were introduced. The surge in inflation is relatively broadly based, with the Dublin figure of 12.3% in line with the average for the rest of the country. In the rest of Leinster, the annual increase in prices is 14.3% – close to the average in Limerick city at 12.8% and Galway city on 12.5%. In Waterford city, the rate is higher again at 15.2% while in Cork city the increase in prices is slower at 8.6%. The report also shows that average prices in Dublin stand at €467,913, while the figure is €426,348 in Galway city, €369,938 in Cork city and €311,086 in Limerick city. The rest of the country has average house costs of €309,954, which is up 12.5%. Prices nationally rose by an average of 3%. Pic: Getty Images The report found that the strong increases in housing prices are related, once again, to 'very tight supply'. The number of second-hand homes available to buy nationwide on June 1 stood at close to 12,100. This is largely unchanged from the figure a year ago and less than half the pre-Covid average of almost 25,000. Report author Ronan Lyons, associate economics professor at Trinity College Dublin, explained that the fastest increase in prices since mortgage lending rules were introduced a decade ago highlights the importance of addressing Ireland's 'chronic and worsening' housing shortage. The current rate of inflation in the market is the highest seen in the ten years since the Central Bank's mortgage lending rules were introduced. Pic: Getty Images The mortgage rules restrict first-time buyers to borrowing up to four times their gross annual income, while second/subsequent buyers can borrow up to 3.5 times their gross annual income. All buyers also need a minimum deposit of 10%. Mr Lyons said: 'The substantial increases over the past year in almost all parts of the country are linked to the lack of second-hand supply. This in turn is related to the increase in interest rates earlier in the decade.' Housing campaigner David Hall said: 'The State needs to build more houses. 'We are running out of time as there isn't an endless supply of emergency accommodation and we already see that with 15,000 people on our streets.'
