Higher housing prices reflected in bigger loans and higher borrower incomes….
Tuesday 20th June 2023 – The latest Housing Market Monitor Q1 2023 published today by Banking & Payments Federation Ireland (BPFI) shows that increasing housing supply has moderated price rises, with figures indicating that annual housing price inflation has been declining since its peak at over 15% in March 2022. However, affordability challenges remain with property prices nationally more than doubling from their low in early 2013.
- Annual housing price inflation declining since peak at over 15% in March 2022
- 6,716 new completions in the first quarter of 2023, the most seen in any first quarter since 2011
- Percentage of solo FTB applicants buying or building a new home remained stable between 2019-2022 although average property prices increased by almost 26% in the same period
- Regional differences remain in self-build mortgages which accounted for around 3% of FTB drawdowns on new properties in Dublin in 2022 but 74% in the South and Mid-West
Whether you are looking to switch lender currently, keen to switch to a suitable fixed rate, are a first time buyer or moving home and should you have any concerns about the issues raised in this article, or investing in a buy-to-let property, why not chat to a Seaspray Mortgage adviser today about finding the mortgage or rate that’s right for you:
Seaspray Financial Services Ltd is regulated by the Central Bank of Ireland with registered number C165527
Murphy, F. (2023) ‘Increasing housing supply has moderated price rises but affordability challenges remain – BPFI Housing Market Monitor ’, Banking & Payments Federation Ireland, 20 June. Available at : https://bpfi.ie/publications/bpfi-housing-market-monitor-q1-2023/ (Accessed 20 June 2023).