Ireland's "Great Divergence" continues

Ronan Lyons, Economist

1st Jul 2013

Ronan Lyons, Daft's in-house economist, commenting on the latest Daft research on the Irish property market.

Ireland's "Great Divergence" continues

The Great Divergence is a term used by economic historians to describe one of the momentous developments in world history – when European incomes rose above subsistence levels for the first time, while those in the rest of the world lagged behind. On a much smaller scale, we are witnessing a "Great Divergence" in the Irish housing market currently. The latest Daft.ie Report confirms this – asking prices in Dublin are up more than 5% year-on-year, while asking prices in the rest of the country are down almost 10%.

This is certainly the first time such rapid growth in asking prices has been recorded anywhere in the country for almost six years. Indeed, the rate of growth in asking prices in South County Dublin now is faster than it was in Q1 2007 (10.7%). The underlying cause is a lack of supply in the capital, while demand has steadily been rising. The number of transactions in Dublin in the six months to March was – according to the Price Register – 4,300. This compares to 3,000 for the same period to March 2012 and 2,500 in the six months to March 2011.

At the same time, the choice available to buyers in Dublin has dwindled. For all of the period 2008-2011, there was an average of 6,000 Dublin properties to choose from at any one time. The figure for 2013 so far is barely half this (3,170). The same trend is happening nationally – total stock on the market is down from an average of 60,000 in 2008-2011 to 41,000 now – but in most parts of the country, there remains the equivalent of 2-4 years worth of transactions sitting on the market. In Dublin, the figure is roughly 7 months. What compounds the situation for Dublin is that there is no backlog of family homes sitting in ghost estates.

It is likely, then, that over the next 12-24 months, we may have to get used to the idea of prices rising in some places – particularly in urban areas – while they fall elsewhere. In a sense, no-one is going to be happy: markets with falling prices are ones where sellers are frustrated and buyers are nervous about “catching the falling knife”. In rising markets, buyers will – just as they did before 2008 – feel like they have less time than they would like for what is one of the most important financial decisions they will make.

The key is information. Where people are using the proper information to inform their decisions, they are less likely to rush into a bad one. This is not about large streams of data; this is about focusing on a few core indicators, to give an asking price or an offer some context. The price-to-income ratio is a well-known metric. As long as buyers are factoring in energy and commuting costs into their price, this is an excellent starting point. (Put another way, buying a D-rated home for 3% less is a false economy if it translates into higher energy bills that add up to more per month than the saving in mortgage repayment.)

A second common metric is the price-to-rent ratio. While this can be tougher to pin down, market analysts generally agree than a price which is only 10 times annual rent is a good price and somewhere between 15 and 20 times annual rent can make sense, depending on the exact circumstances of those involved. In contrast, people during the bubble in Ireland were offering 40 or sometimes 50 times the annual rent. If they had been told this at the time, it might have been somewhat clearer that they were taking on so much risk.

Average price per square metre, selected markets, 2007-2013

Lastly, there is the price per square metre metric. This is commonly used throughout Europe but, for whatever reason, hasn't taken off in Ireland or the UK to the same extent. Fortunately, while not every listing on Daft.ie includes square metres, there have been almost 200,000 ads since 2006 that have. The graph above uses these ads to chart average price per square metre in three different markets – South County Dublin, Dublin's commuter counties, and Connacht (outside of Galway City) – from the end of the bubble to now. The rebound in prices in South County Dublin since mid-2011 is noticeable.

On the issue of size – but not location and amenities – price per square metre is an excellent way of making like-for-like comparisons and understanding “bang for your buck”. Getting buyers and sellers to think in price per square metre will level the playing field in the property market and also concentrate the minds of both groups: “If I'm looking for significantly more per square metre than other properties in my area, why?” “What is my offer in per-square-metre terms and how does it compare to prevailing rates in the area?” The table below shows the average price per square metre sought in sixteen different markets around the country at four points: mid-2007, mid-2009, mid-2011 and currently.

Average price per square metre, selected markets, 2007-2013

Future Daft.ie Reports will be publishing more price per square metre information. Hopefully, this will contribute to be a better understanding of this key metric of the market and with better informed consumers, we are less likely to fall into so severe a bubble as the one we are still recovering from.

HIGHLIGHTS:

Sale Index
Asking Prices, Residential Sales

Stock and flow of properties
Stock and Flow of Sale Properties


SNAPSHOT:

Snapshot of Asking Prices Nationwide
Snapshot of Asking Prices Nationwide

Discuss This Article

  • Re: The Daft Sale Report Q2 2013

    Posted By: tim Date: Monday July 1, 2013 @09:40PM

    How is the Wicklow market doing?

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Mark Date: Tuesday July 2, 2013 @11:24AM

    Still very hard to find a top of the range family home in a rural area which has been built in the last five to ten years, and those that are in this area would appear to be increasing in value similar to property in Dublin and Galway, Have been looking to buy a family home in the west of ireland and find that the only houses falling in value are those in housing estates and older houses that require a large amount of repair

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Selina Date: Tuesday July 2, 2013 @12:04PM

    Through gritty realism house prices explores the hidden needs that drive often baffling human behavior. Many house pruchase judgements are open ended but we draw fundamental truths from from the lack of supply , shining a searchlight into the dark corners our lack of understanding . The builder /developers are gone, housing need remains in Dublin for families who want homes. Noonan talks about 30000 houses that need to be build each year , relistically that is not going to happen in the next 5 years. House prices are going to bounce back by 2014 by 10% - 15% in Dublin .. I am talking house prices not flat prices.

    If you want to rent be prepared to be paying more year on year.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Aidan Date: Tuesday July 2, 2013 @01:19PM

    Hi Ronan,
    Can you work out a calculation for a 900 sq foot property based in South Dublin please based on your tables above. I'm a little confused on this?
    Also, why is South Dublin experiencing more transactions than other areas?

    Thanks

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Adrian Date: Tuesday July 2, 2013 @07:46PM

    I'm no economist, but house prices that some report on are going up in price in Dublin is just giving a false indicator of how the economy really is and should not indicate signs of positive growth of the economy as a whole. Furthermore, Minister Noonan is using these so called rises to indicate confidence, giving a false reading that his government is improving the fiscal crises. If prices are rising because of lack of stock only, then frankly he is sending out false messages.

    The reality is there is no job creation and this impacts on how future growth. If the situation was that positive then why does the Government have to continue with its austerity budgets until 2015, cutting spending and raising taxes after the bailout ends later this year.

    House prices are still overvalued in Dublin and elsewhere in Ireland and no doubt could create a mini bubble in places. Estate agents could fuel this which doesn't help matters.

    I have been hearing that investors are buying stock and this as we know in the past fueled price rises. If the banks are giving favorable interest rates to investors, then this only compounds this situation. I do not want to see any mini bubbles or any bubble for that matter because I am trying to buy a small and modest house in Dublin. However, I am feeling the threat of not buying a home because of the mistakes of the past are creeping back like an unregulated housing market, investor speculation and mindset for owning property at any cost.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Paul Date: Wednesday July 3, 2013 @04:05PM

    Hi Ronan jsut a few questions on this report, will the prospect of future bank reposessions affect house prices with the possibility of more houses being on the market? Also how can house prices continue to rise at such a high amount when people are higher taxed, earning less, without job security and with less capital being loaned by the banks. If the trend of price increases continues is this not the start of another housing bubble which will leave even more people in unsustainable debt further down the road when interest rates rise at some point back to their traditional averages? It all seems very short sighted and dangerous for anyone entering the market to believe that now is a good time to buy with so many uncertainties abound.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Kevin Date: Thursday July 4, 2013 @11:35AM

    Paul makes a very good point. This report would lead you to believe that house prices are on the increase in Dublin and we should get used to it. House prices have only risen as there is a lack of supply VS the demand. This has been caused partly as construction has ceased and partly because less people are selling. If I was in negative equity I wouldn't want to sell either. A lot of people are unfortunately in this position - many can no longer afford the mortgage payments but have not had the houses repossessed Ė this was because of a loophole created in Law in 2010 which made repossession very difficult. This law was amended recently and will allow repossessions to start. It is only logical that if supply increases (repossessed houses going up for sale) prices will drop.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Realist Date: Thursday July 4, 2013 @09:39AM

    Given the amount of debt in the country - I believe the governmemnt debt is Ä120bn and private sector is cirac Ä330bn, so say in total Ä450bn of debt. GDP / GNP is circa Ä156bn / Ä128bn, this gives a debt to GDP / GNP of 288% / 351% - the highest level of debt in the world on a per capita basis. One must surely ask what will happen when / if interest rates rise, how will this effect our ability to service this debt and what impact this will have on house prices - if the country has a mortgage arrears problem with ECB rates at 0.5% and 60% of all mortgages on tracker, imagine the problem when rates are at 4%. Does anybody in this country to a sensitivity analysis for these types of scenarios - the real impact on consumption / demand needs to be modeled for such a situation. It is not a question of if this will happen, but when it will and in what time frame it is likely to occur.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Thomson Date: Thursday July 4, 2013 @03:21PM

    As we learn about the house market, most of the house owners who are finding quite difficult to pay their mortgages may be scared of repossession of their houses due to the new policy. They may decide to sell their houses at the earliest to escape repossession by the lenders thinking that any amount outstanding may be written off by the lenders. Even if the lenders try to auction the houses will not be able to get good price.
    Therefore if house owners sell their houses lenders may get more price than in the auction. The more number of houses for sales the intense and steep the the price drop will be. This will discourage people to buy houses as they expect further price drop already in the price falling market, and when a good number of houses are available to sell in the market the price of houses will drop irrespective of the square feet and location. therefore in the future months the house price will drop, more houses in the market for sale and people with job security are also falling, and therefore it is not going to increase the price in the near future. However if lenders are not allowed to repossess the house there is a chance to improve the house market. But that is not at the sight.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Doyle Date: Saturday July 6, 2013 @04:03PM

    House prices in Clondalkin are dropping I think, and its a great place to live. I saw a 2 bed in Woodford Meadows for 85k. I bought mine for 160k Dont believe stuff about Dublin house prices.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Mark Date: Monday July 8, 2013 @10:58AM

    Yes with the ECB interest rates at 0.5% this suggests the financial system is on life support and with 60% of mortgages in Ireland on Tracker, the current situaltion which is currently in a very bad way is going to get alot worse. Once the larger countries in Europe start to perform and pull out of recession the rates will increase. A small backwater such as Ireland will not be a factor in holding back on interest rate increases. The only way this country can recover is for housing to go back to the traditional averages of 3.5 times the average industrial salary with mortgage terms of 20 years for an average three bed semi in a regular part of Dublin or any major city for that matter. We cannot compare our current prices to the madness of the boom years which is all we hear from the media and which got us in such trouble in the first place as it was a false economy. We should compare prices to what was the "Tradional average" before all wreckless lending started. Looking at this we are still massively overpriced and price increases is just unbelieveable as even with house shortages it does not take away from the fact that people will not be able to servies these mortgages. The media and some economists only seem interested in talking up the property sector. People need to be exposed to the truth as all the good will in the world from vested interests and the media talking up a recovery in propery will not change the fact that, reposessions are only starting, banks are business who couldnt care less, and interest rates will rise. The last thing anyone needs to see in this country is prolonged misery due to a mislead public from people who are trusted in their opinions.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Colm Date: Monday July 8, 2013 @12:39PM

    This report is about asking prices. What about a report on actual sale prices based on the register? That would be more interesting.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Matt Date: Monday July 8, 2013 @01:24PM

    The banks will do everything not to repossess unless they have positive equity. no point in running after debtors with unsecured debt.. most everyone that is willing to pay something will get a restructured deal. the banks just wanted inward cash flow.

    So they is going to be no destreed sales ...ps I work on the inside policy unit of either aib or boi.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: concerned Date: Tuesday July 9, 2013 @08:44AM

    So Matt, youíre saying as an insider at a bank, that banks are prepared to continue running at a loss to keep people in their homes?
    I agree that the banks need cash flow, and an easy target will be people in positive equity still who can no longer afford payments. (Would these not be considered distressed sales?)
    If however some of the capital can be recovered from a property in negative equity situations and used in a more profitable way surely the banks are going to pursue this revenue stream .
    I would hate to see people lose their homes, itís a horrible situation. But a bank is a business after all and its main concern is to return to profit as soon as possible.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Realist Date: Tuesday July 9, 2013 @12:46PM

    Property is primarily a leverage driven asset - meaning that its price is highly dependant on the price & availability of money. In the run up to 2007, this was cheap (low margin over ECB trackers) and there was too much going around. People were offered 10 times income mortgages (if you wnet through a broker) and he did some "work" for you....Anyhow whats done is done and that was then. Now if we want to see what a sustainable banking market would look like, look at the UK, they have the same base rate as ECB at 0.5% and the average mortgage rate there is 45 to 4.5% on variable, with much better deals available, sucg as 5 year fixed at 2.5% if you have LTV of 65% or lower. It is a competitive banking banking market with well funded banks that can borrower at close to money market rates over a range of maturity spectrums and offer a product (with their margin on top) for customers that want a loan. Eventually this is where we will get to, in fact, it is where we would be if the Cental Bank let new entrants vie for new business, however given the fact no new entrants want to enter the market, means they view residental price prospects as poor. A strong bank, offering a range of rates at competitive rates, would surely do very well here, but until mortgage arrears and unemployment start to fall, this is unlikley to happen

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Patrick Date: Saturday July 13, 2013 @12:14AM

    These figures on price per square meter are very interesting as it is widely used in the rest of Europe . Also the property price register is an eye opener even though it only shows properties bought through the banks and not cash buyers .
    There is still 85% of the workforce working and there must be a wall of first time buyers waiting to buy as we have had very few sales in the last 5 years .
    But I think the real shortage is in the rental market and with 15 times annual rent in the prices , investors will see profit to be had .
    My mortgage is Ä305 a month next doors rent is Ä650 a month , go figure that out .

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  • Re: The Daft Sale Report Q2 2013

    Posted By: James Buckley Date: Friday July 19, 2013 @09:28AM

    Location, location, location. They may be the oldest three rules in the property world. But do we need to take those rules more seriously in housing policy?

    When I owned a flat in Portobello, Dublin, in the 1990s I was surprised just how little the insurance cover was for the building relative to the potential sale price. It covered little more than the value of any one of the four flats into which the building was divided.

    Even back then you could rebuild all four flats for not much more than the price paid for just one. That meant that the land on which the building stood, or more precisely the location, accounted for far more than half the sale price.

    I knew even then that it wasnít so much the land as the location that added the value. I had a garden flat and it was worth not that much more than those above me with no access to outdoor space. Anyway that was Dublin a decade and more ago and I guess the proportion of the value attributable to location will have risen sharply since then.

    Perhaps it should have been obvious, but I recall at the time it seemed absurd. It would be more absurd now that the difference between house prices and the cost to build has widened greatly.

    So just how much of an average Dublin house price is down to location? How has this changed in recent years?

    I done a series of calculations that I think tell an interesting story. From just over a quarter of the sale price of a home in the late 1950s, location now accounts for close on 70%.

    You donít have to be property professional to recognise that this has big implications for housing policy. And if you think about it for a few more minutes itís pretty clear it has huge implications for regional, economic and industrial policy too.

    Basically what these figures show is that we pay an ever increasing amount of money to be near things. Location is what matters and increasingly so it seems. After all it is not the intrinsic value of the land that makes Dublin attractive.

    In these things you can only ever get crude pointers. The price people pay for a housedepends on a huge number of things and how they value each element within the package that is a home. It is also unclear exactly how tax is factored in, given that stamp duty is applied to homes sold and they sell at different frequencies.

    Still, I decided to have a stab, albeit a fairly crude one. I have sought here to look at national statistics and see what value the nation ascribes to its housing stock, both in total and as buildings.

    Thanks to help from the ONS I have a fairly reliable back series to 1957 of what has sat on the DUBLIN national balance sheet for dwellings. Thereís a slight discontinuity in the figures, but itís not significant at the level of analysis weíll do here. ONS also kindly sent me various series which provided the net and gross capital stock of all dwellings, which is broadly the asset value excluding land.

    For those who bother about these things, I decided to compare them at current value to avoid any issues related to the application of different deflators in the volume data (asking the ONS for details and explanations of the deflators used seemed to be pushing it a bit, though I am sure they would have obliged).

    The comparison made, I then applied a GDP deflator across both to bring the past broadly into line with the present in terms of relative prices.

    The top one shows the asset value (the sum of assumed market prices) in blue and the net capital stock (the building value taking into account depreciation) in red. Naturally the stock has grown over time and houses are of better quality, many having been refurbished and modernised, so we would expect growth in net capital stock. But the overall value of homes in the DUBLIN has rocketed.

    The second graph maps the building value of DUBLIN homes and the difference between that and the total asset value. This gives as the blue line an implied value for the location (land if you like). To get a view of scale I have charted the annual values of GDP and compensation of employees. Something wild seems to have happened in the mid 1990s.

    The third graph shows the implied value of location as a proportion of the total value of dwellings. This gives us an approximation of the average amount of the sale price of a house that can be put down to location. This is where we see the trend most clearly. Iím not totally sure why I put a straight trend line on the chart as it implies at the current rate of growth in 50 years the value of a house will be solely down to location. Anyway it was for a visual aid.

    Just to test the land/location thing a bit more I tracked the land values data from the Valuations Office Agency for Ireland excluding Dublin against the implied value of location. They are different measures but the tracking was pretty convincing.

    And in case you think it is just down to Dublin, land values since the mid 1990s have risen in Ireland as a whole to about the same degree as in Dublin, but obviously Dublin land prices are higher.

    This does not mean that Dublin is or isnít helping to drive the effect, itís just weíd have to do much closer analysis to know what impact it is having. Also there have been some alterations to the data collection that might understate the impact of some of the more exotically priced Dublin locations

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  • Re: The Daft Sale Report Q2 2013

    Posted By: dave Date: Friday July 26, 2013 @10:44AM

    Are house prices going to continue to Increase or will they fall or hold due to the talk of reposssed houses coming to the market?

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  • Re: The Daft Sale Report Q2 2013

    Posted By: John Date: Monday July 29, 2013 @11:50AM

    House prices will continue to fall, although asking prices have risen this is not a factor to base house prices on. 3.1billion in spending cuts and additional taxes are due for budget 2014, people will have less and less disposable income/savings and earnings. The media hype around recent asking prices is a manipulation of statistics in my opinion, statistics can be manipulated very easily. The website daftdrop.ie shows that house price drops far outweight price rises and will continue to drop untill housing is something which can be afforded by mortage lenghts less that 30 years and for the average person to be able to pay their mortgage and still have a quality of life instead of being just slaves to massive debts.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Joe Date: Tuesday July 30, 2013 @08:27AM

    If you consider that the EU is coming undone with only one outcome, everyone should enjoy the relative prosperity today offers up. If you think it's bad now just wait a little longer as the EU comes tumbling down following the US crash just ahead. Once the US and EU currencies collapse the British Common Wealth of Nations will soon follow.

    China has anticipated this and is in a controlled contraction. They will rebuild as newer emerging market investments develop. Future emigration wont be to the traditional countries but to South East Asia at much lower wages. The banks will be the new Aristocrats and most of us will become property. You've heard about the New World Order the central bank cartel has been orchestrating since the end of WW2. This whole bubble economy ponzi-scheme was carefully planned to extract great wealth and leave the masses in ruin. A new feudal system will rise from the ashes and it wont be fun for most of us cattle. So enjoy those pints while they last.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Mark Date: Tuesday July 30, 2013 @10:11AM

    So how long untill all this happens Joe? between Y2K and 2012 end of the world speculations I think your comments are right up there. We have passed the worst points of the recent finacial crisis and got throught them without total collapse. What will bring about total collapse? what will be the deciding factors which deem this to happen. I personally see years and years of hardship, lack of economic growth people living through very difficult times but not total collapse of currencies economies etc.

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Tim Walsh Date: Wednesday August 7, 2013 @09:00AM

    Yes, asking prices have gone up! thats real, the other real fact is that the number of units available to let has dropped dramatically in the larger urban conurbations. This is fact! We can go on and on about 350,000 units vacant in the state, 80% of these are irrelevant, people forget that supply and demand will out. Good housing units in good locations are becoming scarce. To use a very simple analogy, there are hundreds of thousands of footballers in britain only a few hundred get huge salaries, supply and demand! Its the exact same with housing, loads of it but little of it much use.
    By the way while immigration(outflow) is on the increase many who have left over the last 2 years have begun to trickle home as their visas run out and the realisation that faraway fields are not quite so green. These people have to be housed, their not going to live in outer surburbia miles from everything

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Mark Date: Wednesday August 7, 2013 @04:29PM

    seems we have learned nothing if supply and demand equals rising prices and unsustainable debts. no value for money and no quality of life if you buy. Ireland is the least populated county in Europe yet we allow this to go on. Why is supply not being dealt with? would this not benefit the economy creating jobs and proper housing?

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Joan Date: Wednesday August 7, 2013 @05:02PM

    Just as share prices are the discounted equivalent of future corporate cashflows, then house prices should be the discounted value of future rents. Now rents have rebounded a bit (yields were very low). But it surely isn't plausible that rents can rise rapidly year after year in a low growth environment because how will tenants afford them? In other words, either the EU has got its monetary policy completely wrong or house prices are still too high

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Vincent Date: Wednesday August 7, 2013 @08:39PM

    Rents are the reality of the market and house prices are the fiction. rents will always tell the real story... there is a shortage of houses in dublin , but but there is very little money in most peoples pockets .. I am a landlord renting houses in the thwill pay for a rental or they go elsewhere ... its the dynamic of the free market working really well.. rents have gone up about 5% from last year for good quality property .. next year i would say its not going to go up by more that 2 or 3 % , people have not go the money , a three bedroom house goes for £1500 to 1800 pcm , as a rule of thum every bedroom gets you £500 pcm for a 2 bed to a 6 bed.

    There is a lot of hype about house price increases , but when you put a property on the market its a reality check , also rental inflation is not as great as some people are saying , nothing like 10% increases are going on more like 5% max and the landlord is passing on the property tax in that.

    Shortage of property is a REAL issue , will that drive rents and prices higher .. I do not know


    that the real story from a hard working ...and caring landlord who has being doing this for 30 years

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Realist Date: Tuesday August 13, 2013 @11:14AM

    Owning / letting an apartment / house is no get rich quick scheme, its a store of wealth at best as in the long run, growth in property prices matches the growth in inflation...simple as that. There will be times when prices deviate from the trend either higher or lower, the trick is to buy for the long term when prices are below the trend line. I think right now prices are at about on the trend line..despite the fall the values, which would indicate that prices on average should not rise much over the next few years given a potential rising interest rate environment and little real gowth in averae income levels

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Tom Date: Wednesday August 14, 2013 @01:13PM

    A fascinating conversation and I think quite an eye opener. Itís a shame we canít see James Buckleys chart, but considering Ronanís report/chart showing average price per square meter, I note that the greatest propensity for change in property value is found in the Dublin city centre area. I wonder if Jamesís chart sheds any light on this?
    A large proportion of towns in Ireland satisfied the price-to-rent ratio of less than 10x. In the UK youíd be lucky to find a ratio of 16-20x and upwards. This makes me wonder if property value can continue to drop at current rental levels without an influx of foreign investors.
    Sadly properties are not just homes, but also investment vehicle and once yield on buy to let better other investment options, as becomes the case in Ireland, any hopes for cheep homes will quickly diminish as an influx of local and foreign speculators snap up properties. I suggest it will start with Dublin as it appears to be the prime (value) changer, and work outwards until investment yield lessons against more attractive options found elsewhere on planet earth.

    I think the government would do the economy a good thing if it forced rent downwards, held back the property speculators and instead attracted firms/factories back into Ireland through lower costs of living. It would also mean people would be more cash rich. As owner of a few buy2lets i favour lower rents for the betterment of the economy

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  • Re: The Daft Sale Report Q2 2013

    Posted By: Anonymous Poster Date: Wednesday August 24, 2016 @11:49AM

    Do you have an update of the data in this report from Qtr 2 2013 ? Looking for average
    price per square meter in various areas of Dublin.
    Regards
    Jim

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