Dublin property prices fall as overall market softens

Dublin prices have declined by 0.3pc over the last year and it was the second successive drop.

Prices in the capital had slowed by 0.2pc when the Central Statistics Office (CSO) reported figures for the year to July, which was the first drop since 2012.

Housing experts have welcomed the slow-down in the rate of increase.

Brexit, issues around affordability and mortgage lending limits were cited as reasons for the reduction of prices in the capital.

The CSO said yesterday prices were up 2pc nationally in the year to August.

This marks the joint lowest price growth in six years.

Last year prices were rising at a rate of 9pc, indicating that the rate of increase has slowed.

The latest figures for September show that when Dublin is excluded, there was a rise of 4.4pc in annual prices.

The region outside Dublin that saw the largest rise in house prices was the Border at 13.1pc, while the mid-east, which takes in Kildare, Louth, Meath and Wicklow, recorded a decrease of 0.8pc.

The 2pc rise nationally compares with an increase of 2.3pc in the year to July and an increase of 8.9pc in the 12 months to August 2018.

Despite the overall fall in prices in Dublin, some parts of the county saw price rises.

Fingal recorded price rises of 2.3pc. However, Dún Laoghaire-Rathdown saw a decline of 6.1pc.

The typical, or median, price for a home was €255,000 in the year to August.

Dublin had the highest median price at €367,500 in the year to August.

Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price at €533,000, while Fingal had the lowest at €340,000.

Blackrock in South Dublin was the Eircode area with the highest median price at €600,000.

Dublin 10, which includes Ballyfermot and Cherry Orchard, was least expensive Eircode area within Dublin with a median price of €230,000.

The highest median prices outside Dublin were in Wicklow at €323,500 and Kildare at €302,000.

Leitrim has the lowest median price at €103,543.

Nationally, prices are now up 85pc from the low they hit early in 2013.

Dublin prices have surged by 95pc, pushing thousands of possible buyers out of the market.

Brokers Ireland said the figures indicated the difficulty first-time buyers have getting on to the market, and a drop in the availability of new homes.

Rachel McGovern, director of financial services at the broker body, said the market severely disadvantaged those who do not have family support to help with a deposit.

Ms McGovern pointed to recent Banking and Payments Federation figures showing that first-time buyers with incomes exceeding €80,000 per year accounted for 15pc of mortgage drawdowns in 2004 but that had jumped to 36pc last year.