The report found that annual asking price inflation rose by 4.2% nationwide, by 4.1% in Dublin and by 4.8% elsewhere around the country.
Meanwhile, quarterly asking price inflation was flat – at 0% nationally, while increasing by 1% in Dublin, and falling by 0.4% elsewhere around the country.
This means the mix-adjusted asking price for new sales nationally is still €284,000, while the price in Dublin is €396,000 and elsewhere around the country it is €236,000. Newly listed properties are seen as the most reliable indicator of future price movements.
The author of the report, Conall MacCoille, Chief Economist at Davy, said that a striking feature of the report was how housing market activity had persevered through the third lockdown. “Remarkably, new listings for sale in the first quarter were down only 30% compared with 2020 versus 80-90% annual falls during the first lockdown.
“All the data suggests that housing market activity should bounce back rapidly once the restrictions are lifted. Mortgage approvals in January were up 12% on the year, with the average approval up 8% to a fresh cyclical high of €256,000. So, there is no evidence of tightening credit conditions holding back homebuyers.”
Angela Keegan, Managing Director of MyHome.ie, said that interest in the property market was at a historic high and as such it was imperative that the supply issue be dealt with. “Traffic through the MyHome.ie website is up 13-30% on different metrics, such as users, sessions and page views. As such, it is crucial that the construction sector be allowed to return to normal activity in order to address this obvious demand and safeguard the market as we emerge from Covid.”
Full details of the report can be found at www.myhome.ie/reports