A new study based on an analysis of residential property sales recorded in the Property Price Register over the first six months of the year shows that the number of sales nationally increased by 1.2% in the first half of 2019, compared to the same period last year.
The study, which was carried out by leading property website MyHome.ie, shows that there were 25,192 sales nationally in the first half of the year (24,882 in same period last year). The total value of those transactions was also relatively steady (down just 0.6%). In total the value of residential property sales recorded during the period was €7.209 billion.
Commuter counties in Leinster saw significant increases in both the value and number of transactions. Notable figures include:
- Louth sales figures rose 22.6%, while the value of transactions was up 28.6%
- Kilkenny sales figures rose 20.4%, while the value of transactions was up 23.5%.
- Laois sales figures rose 15.1%, while the value of transactions was up 24.8%.
There was an even split in sales volume across the country, with 13 counties reporting a rise in figures and the same number experiencing drops. The market was healthier with regard to the value of transactions, with just six counties across the country reporting a negative figure compared with the first half of 2018.
Kerry experienced the sharpest fall in sales – with a drop of 22.8% – while Leitrim saw the biggest fall in sales value, at 14.5% The fall in Kerry was largely technical and was linked to three bulk transactions being recorded as one (20 properties in one site in Ballybunion, and 54 properties over two sites in Tralee).
Dublin, which is responsible for around a third of the property market, led the way in the first six months of the year with 8,051 sales – a decrease of 2.9% on the 8,292 sales recorded for the same period last year.
The capital was followed by Cork with 2,828 sales, Kildare with 1,447, Galway with 1,187, Meath with 1,130 and Wexford with 898 making up the top six.
The counties with the lowest number of sales were Monaghan (171), Longford (180), and Leitrim (186).
The most money by some margin was spent in Dublin – €3.57bn, followed by Cork on €746m and Kildare on €411m. The least – €20.8m – was spent in Longford.
Angela Keegan, Managing Director of MyHome.ie, said that the rise in activity in commuter counties reflected the significant demand that is evident around Dublin.
“The rise in activity in the commuter counties emphasises the relative affordability of good properties in these areas, particularly in the context of the Central Bank’s mortgage lending rules of three and a half times’ the buyer’s income. This has been complemented by a major boost in new home building in these counties, which has been beneficial for first-time buyers and indeed the property market as a whole, offering supply where it is much needed.”