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House price increase reflects improvement in confidence and shortage of property

15% increase in transactions in Dublin in October 2 013 compared to October 2012

Wednesday 27th November 2013. The latest figures by the CSO showing an increase in house prices reflects an improvement in sentiment among prospective purchasers in the property market and a lack of supply of suitable homes.

The CSO figures show that in the year to October, residential property prices at a national level, increased by 6.1% and by 1.8% in the month of October. In Dublin residential property prices grew by 2.3% in October.

Simon Stokes from the Society of Chartered Surveyors Ireland, which represents estate agents and valuers around the country, said; “The fact that there was a 7 per cent decline in transactions in Dublin between October and September and an increase in prices reflects the shortage of suitable property coming onto the market and this is resulting in price increases”.

The SCSI noted that there was a 15 per cent increase year on year in transactions in Dublin in October 2013 compared to October 2012 but
said this was coming off a very low base.

“The CSO figures do not include cash sales which currently make up approximately 60 per cent of the market. It’s likely that prices have increased by more than the average in certain locations” Mr. Stokes concluded.


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