As 2015 arrives at its halfway mark the property sector has put in a strong first half with house sales up by more than a third on the same period last year.
Property price register figures show there were 16,897 transactions in the first five months of 2015. That’s a 35 per cent increase on the 12,505 sales between January 1st and May 31st, 2014.
While the increase in transactions is happening right across the country, Dublin continues to lead the charge with just over a third (5,660) of all sales in the first five months of the year recorded in the capital.
Indeed, sales in Dublin are up 45.8 per cent on where they were this time last year, when prices were rising so rapidly there were fears of another bubble emerging.
David Byrne of Lisney says the latest growth has been healthy and reflects a return to a more normal functioning market.
“Last year was an exceptionally strong year for sales but a lot of that was driven by the end of capital gains tax relief and then at the beginning of this year there was the rush to get in before the Central Bank mortgage- lending regulations came into force and this led to price increases.
“Since then, in Dublin in particular, I think people have become a lot more price- sensitive. Generally once vendors are realistic then the buyers are there.
“I also think the Central Bank regulations are having the effect they had hoped for, which is moderating the market.
“It’s beneficial for everyone if there is sustained growth year on year with a continued turnover in the market place. While it can be difficult to realign prices from the perspective of vendors, we’re approaching a normal market which isn’t affected by hyperinflation of prices.”
