After months and months of prices rising all over the country, the end of 2014 finally saw a slight dip in the average asking price for a house.
The latest findings from daft.ie show that the seemingly endless price increases in the property market in Ireland have slowed, at least in the last quarter of 2014 anyway. This news comes off the back of the announcements that house prices had shot up at an alarming 25% in Dublin previous to this, and rental prices showed no signs of dropping either.
The full report shows that there has been an overall decrease of about 1% in the asking price of a house in Ireland in the last three months, and that prices in the capital have fallen by about 0.7%, for the first time since 2012.
It's not all good news however, as given the huge rate of increase earlier in the year, the prices are still up quite a bit on last year's figures. The cause for this is more than liklely due to new regulations on mortgage lending that are due to come in to force soon, at least according to Ronan Lyons, the in-house economist at Daft: "The intention of the proposed Central Bank limits on mortgage lending is to limit increases in house prices by affecting both buyer expectations and the credit available to them. It seems that, even though the limits have not yet come into force, they have already had some impact" .
The infographic below shows the prices compared to this time last year, as well as a look at the most and least expensive places to buy a house in the country at the moment.
Via daft.ie Sale Report, Q4, 2014 - An infographic by the team at daft.ie Sale Report