It has been a sobering week for prospective house-hunters in Ireland. A succession of new reports have suggested houses have become less affordable for many average earners, prices are rising sharply, and the rate of new builds is not keeping pace with demographic growth.
The near relentless rise in residential property prices since 2013 shows little sign of abating, with prices now 8.6 per cent higher than this time last year, according to the Central Statistics Office. Prices in Dublin are rising even more dramatically – by 9.3 per cent. Just 12 months ago, prices nationally were rising by just 2.1 per cent.
This means that nationally, the median price of a home was €337,500 over the 12-month period to June, the CSO said, up from €335,000 in May. In Dublin, the median price was €451,000, rising to €630,000 in Dún Laoghaire, the most expensive local authority area for housing in the State.
In layman’s terms this means average Irish house prices are now 10.8 per cent higher than at the height of the previous property boom, in April 2007.
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The latest increase was “whopping”, said housing expert Rory Hearne. “These enormous house price increases come on top of already record high prices for homes.”
Given this challenging backdrop of limited supply and rising prices, we would like to hear from people attempting to buy their first home in Ireland. What has your experience been like so far? Are you optimistic about buying your first home or have you had to change plans or compromise?
What influence have house prices had on the locations where you are looking to buy? What frustrations have you experienced in your search and what lifestyle changes have you had to make to save for a deposit?
And do you believe the current price and supply pressures will ease in the next couple of years?
Please use the form below to share your experience of trying to buy your first home in Ireland. A selection of the responses will be published on irishtimes.com.
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