MYHOME PROPERTY REPORT
AVERAGE 3 BEDROOM HOUSE PRICES
DECEMBER 2015 REPORT
A MyHome.ie report published this week, and summarised below, shows how average 3 bedroom house prices have changed across Ireland during
the last three months of 2015.
Dublin asking prices dropped for the second quarter in a row, but compared to this time last year, have increased by 2.6 percent.
The report predicts that the economic upturn and associated rise in overall household income will
lead to house price rises of "up to" 5% during 2016.
As with similiar surveys, such as the recent Daft.ie Q4 property paper, the MyHome report stresses|
the effects of the current severe shortage of housing stock, particularly in the Dublin region, on property values and asking prices.
Also in line with comments made by Ronan Lyons, the author of the Daft report, mention is made in the MyHome report of the dampening effects of the new Central Bank mortgage lending rules on the rate of increase of house prices. In this context, the latter half of 2016 may see a slight relaxation of the severity of these rules, depending on how the property market continues to react to the mortgage lending rules currently in place.
The MyHome report also states that, taking into account the average yearly income of € 45,600, the median asking price for a Dublin located 3 bedroom semi-detached house is € 275,000 (6 times yearly income), compared to other regions of Ireland, where the house asking price to income ratio is around 3.5.
The authors of the report expect the gap between Dublin house prices versus the rest of Ireland to continue to widen during 2016.
AVERAGE 3 BEDROOM HOUSE PRICES Q4 2015