House prices fall for second month in row – CSO
Property Group Tynan Martin Auctioneers
Dublin based Estate Agent, Property Group Tynan Martin Auctioneers (01 8603365), has warned that Government initiatives must be directed at ensuring First-Time Buyers are able to get a foot on the property ladder, or the rental market heat-up will continue and a new generation of First-Time buyers will be caught in the Rent-pay/Can’t Save Trap.
CSO House Prices 2015
The CSO Figures follow a drop in prices in January, traditionally a quiet month for house and apartment sales.
Prices fell by 0.4pc in February. It comes after a fall of 1.4pc in January, new figures out this morning from the Central Statistics Office show.
It is thought that new lending restrictions imposed by the Central Bank are one of the main reasons for the prices decreasing for two months in succession. The new rules came into force last month.
However, nationally prices are still up 14.9pc on an annual basis, the CSO figures show.
In Dublin residential property prices fell by 0.7pc in February.
However, Dublin residential property prices were 21.4pc higher than in February last year.
Estate Agency Savills
Economist with estate agency Savills, Dr John McCartney, said the slowdown in the rate of house price growth was expected.
“Dublin prices have been rising at double-digit rates since the middle of 2013. With base prices increasing it simply gets harder to sustain the same percentage rate of increase.”