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Irish property prices up almost 11 percent in year to February

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Irish property prices up almost 11 percent in year to February

The easing of mortgage lending restrictions imposed by the central bank combined with the tax-incentive scheme for first-time buyers announced in the October Budget will keep upward pressure on prices until new supply comes on the market, according to the Irish economist. This is a 28% rise on the equivalent number in 2011 (73,997).

Among the big towns, Letterkenny in Co Donegal fared worst where nearly 15% of homes had no-one living in them, closely followed by Longford with a 14.6% vacancy rate and Ballina at 14.3%.

This contrasts starkly with the more than 225,000 extra homes that were built between 2006 and 2011.

Roughan Mac Namara of Focus Ireland said that action needs to be taken "urgently" on the number of vacant homes.

This year's stats have shown that the average weekly rent rose by a whopping 16.8% between the years 2011 and 2016.

The highest growth in rent was in Dublin City, which increased by nearly 30% while rises in excess of 20% were also recorded in Dún Laoghaire-Rathdown (26.2%), Fingal (22.8%), South Dublin (22.7%) and Kildare (20.3%).

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There are 95,013 permanent households with more people than rooms wich equates to just under 10% of the population.

Types of dwellings: The number of occupied apartments (purpose built, converted and bedsits) increased by 11.4% to 204,145 over the 2011-2016 period to account for 12% of all dwelling types in 2016 (up from 11.1% in 2011).

The highest rates are paid in the Dun Laoghaire-Rathdown council area at 335 euro while in Dublin city it is 276 euro, South Dublin 259 euro, and Fingal 261 euro.

Spokesman Francis Doherty said: "The quickest and most efficient way of making more homes available is to get empty homes back into use".

It also emerged that there are more people renting In Longford than ever before.

"The Government must consider the use of Compulsory Purchase Orders (CPOs) and the introduction of Compulsory Leasing Orders (CLOs); given the devastating scale of the housing and homeless crisis".

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