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PERMANENT
TSB HOUSE PRICE INDEX
June
House Price Index
-
permanent
tsb
/ ESRI House price index reports growth of 2.5% in first
half of 2005 - just over half that of the same period
last year (4.7%) and the lowest in 9 years.
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Dublin Prices
almost 55% higher than those outside Dublin - up from
15% 9 years ago.
The value of house
prices nationally rose by just 2.5% in the first half of this
year according to the latest edition of the permanent
tsb House Price Index. This rate
of growth compares to 4.7% in the same period in 2004 and
is the lowest rate of increase over the first half of a year
in 9 years. However the average price paid by First Time Buyers
rose by 4.2% over the six months as more First Time Buyers
purchased existing rather than new houses.
Looking specifically
at June, the price of houses nationally rose by 0.6% during
the month. This growth rate is up slightly on that recorded
in recent months, though lower than the rate recorded a year
ago in June 2004 (0.9%).
The index also reveals
that over the last twelve months (i.e.: from June 2004 to
June 2005 inclusive) the growth in national prices was 6.3%.
This figure is down from the rate of growth in the twelve
months to May 2005 (6.6%) and significantly lower than that
recorded in the twelve months to June 2004 (11.3%).
The average price
paid for a house nationally in June of this year was €260,458,
up just over €6,000 on that recorded in December 2004
(€254,215).
Dublin
V Rest of Country:
Dublin house prices
grew by 0.9% in June while there was growth of 0.3% for houses
bought outside Dublin. In May 2005 the relative price increases
were 0.8% and 0.6%.
Dublin house prices
grew by 3.5% in the first half of 2005, while the equivalent
growth rate outside Dublin was 2.3%. In the first six months
of 2004 Dublin and Outside Dublin house prices grew by 4.2%
and 5.8% respectively. House prices grew by 8.2% and 4.3%
in the twelve months to June 2005 in Dublin and Outside Dublin
respectively. The equivalent rates to the end of May 2005
were 7.5% and 5.3% respectively.
The average price paid
for a house in Dublin and outside Dublin in June 2005 was
€346,576 and €224,938 respectively. The equivalent
prices in June 2004 were €320,498 and €215,727.
First time buyers V. Second time buyers:
House prices for
first-time buyers increased by 1.2%, while prices rose by
0.4% for second-time buyers in June 2005. In May 2005 the
respective changes were 0.3% and 0.4%.
Over the first half of this year house price growth for first-time
and second-time buyers was 4.2% and 1.9% respectively. The
equivalent growth rates over the same period in 2004 were
4.2% and 5.1%. House prices grew by 8.0% and 5.7% year on
year to June 2005 for first-time and second-time buyers respectively.
The equivalent rates to the end of May 2005 were 8.3% and
5.9% respectively
Part of the explanation
for the rate of growth in prices for FTB's over the year to
date may be the increasing percentage of FTB's buying existing
as opposed to new houses. 54% of FTB's bought
existing houses in 2005 as opposed to 47% a year ago.
The average price
paid by a first-time buyer and a second-time buyer in June
2005 was €230,688 and €292,775 respectively. The
equivalent prices in June 2004 were €213,566 and €277,010.
New
V. Existing Houses
House prices for
new houses increased by 0.4% in June 2005, while second-hand
prices rose by 0.8%. In May the relative price change was
0.8% and 0.5% respectively for new and second hand houses.
Over the first half
of this year new and second hand house prices have grown by
2.9% and 2.4% respectively. The equivalent growth rates over
the same period in 2004 were 6.9% and 4.5%.
New and second hand
house prices grew by 8.3% and 6.5% respectively year on year
to June 2005. The equivalent year on year rate of price growth
to May 2005 were 9.0% and 6.4%.
The average price
paid for a new house in June 2005 was €258,667, while
that paid for a second hand house was €268,421. The
equivalent levels in June 2004 were €238,970 and €252,041.
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