CSO MORTGAGE RESTRICTIONS
SLOW PROPERTY PRICE INCREASE
MAY 2015 REPORT
Central Statistics Office figures released this week indicate that residential property prices are still continuing to rise overall.
However, posssibly to the Central Bank mortgage restrictions which started to bite in January this
year, the rate of increase in property prices has slowed.
It is important to note that the CSO figures are
based on mortage drawdowns, and are only
accurate to within a margin of error resulting
from the number of cash buyers, which is still
quite high, going on auction cash sale results alone.
Nationally, residential property prices increased by 0.5 % during May 2015, and are almost 14 % higher than they were in May 2014.
However, in an unexpected twist, Dublin house prices, widely predicted to continue their upwards climb, due to a severe quality housing shortage problem, actually fell by 0.2 % during May 2015, apartment prices rising by 0.4 % in the same month.
Before the May CSO figures were released, and prior to the Central Bank mortgage restrictions, house price inflation in the Dublin area was estimated to be increasing at an annual rate of 20%.
Nationally, excluding Dublin City and the greater Dublin region, residential property prices increased by 11.9 % relative to May 2015 and by 1.1 % during May 2015.
On a national level, residential property prices are 37.5 % lower than the top of the property price bubble in summer in 2007. In Dublin prices are still 38.1 percent below their peak figure of 8 years ago.
This summary, and the graphic above, are based on details published by the CSO and the Irish Times Newspaper.