2024 Start: Reports, Reports, Reports

  • 1 month ago
The start of every year always sees a plethora of housing reports come to the market and 2024 is no different. We have distilled some of the most relevant points from three recent reports namely:
 
  1. MyHome.ie Q4 2023 Property Report
  2. Daft.ie House Price Report Q4 2023
  3. The Irish Independent ‘How Much Is Your House Worth?’ 2024 Report. (Published Jan 20 2024)
The curious thing is the message and points from each report are not always consistent, however a through line in all reports is that supply remains weak, interest rates rises have cooled the market somewhat and energy efficient homes with a B3 rating or more are becoming the most sought after properties.

Enjoy the bullet points below and if you would like to discuss any of them or the current market give us a call on (042) 9667224.

MyHome.ie Q4 2023 Property Report
 
  • Lack of supply and high demand helped property prices rise in second half of 2023—this sped up the time a property was on the market.
  • This decreased to less than 12 weeks on the market.
  • 11,600 properties listed for sale at the end of 2023—record lows.
  • Bidding generally went up 4% above asking price.
  • Q4 2023 asking price fell 0.4%, which is due to the winter months.
  • 2024 Outlook: single digit rise in house prices.
 
Daft.ie House Price Report Q4 2023
 
  • Lack of supply and weak demand is what we are currently facing in the second-hand market.
  • Annual rate of asking price rose by 3.4%.
  • House prices are stabilizing not because supply has increased to meet demand but demand has fallen to meet it.
  • 11,100 homes for sale at the end of 2023—lowest in 15 years.
  • 3 bedrooms semi-detached annual % of asking price was 4.7%.
  • 2024 Outlook: low growth expectations.
Irish Independent ‘How Much Is Your House Worth?’ 2024 Report
 
  • The current property market is showing a clash of two different forces—buyers and sellers.
  • Buyers are routing for price deflation and sellers are cheering for home value inflation.
  • The price deflation falls into three different areas:
    • Decrease of high cost of mortgage rates.
    • The demand for energy efficient homes—the cost of buying them and renovating them to become energy efficient.
    • Small Irish Landlords, which are a source of supply.
  • Fighting against them is a lack of supply—which is the worst in a long time.
  • This means house prices are still rising, even if it is by a small single digit percentage.
Irish Independent Report’s comments on County Cavan
 
  • There has been a 10% increase in Cavan’s property prices.
  • It is cheaper to buy rather than to build, which is a knock-on effect on the lack of new homes.
  • Still feasible for landlords to rent out their properties even despite the hike in interest rates.
  • First time buyers are suffering as it is too expensive to rent or buy new homes as interest rates are crippling.
  • An announcement of New Home Schemes in 2024 should allow builders to comments the build of new homes.
  • 2024 outlook is predicting a 5% increase in house prices.
Irish Independent Report’s comment on County Meath
 
  • There has been a 1% increase in Meath’s property prices.
  • Energy efficient homes are major factor when purchasing—B3 or higher are sought after.
  • Larger properties over 2,000 sq.ft or cottages with on their own have been the most sought after.
  • Landlords are exiting the market, and these exits have constituted 15% of sales.
  • High interest rates have levelled the rate of increase of property prices rises.
  • 2024 outlook is predicting no growth.

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