The second quarter of 2016 has seen prices of newly listed properties on myhome.ie rise by 5% nationally, with this figure being a slightly lower 3.6% in Dublin. This is a vast increase for Dublin from quarter 1 which saw a 0.9% increase.
The main reasons for this increase are thought to be the shortage in supply of property and increasing wages, with higher mortgage debts being acquired across the boards.
The average “sale agreed” time is now at a record low of 4 months in Dublin and 4.8 months outside the capital.
It is expected that there will be no major change to this property shortage in the coming quarter but the government must address this issue soon as the lack of supply will begin to hold back the overall activity of the housing market if no solution is found.