PROPERTY NEWS

Daft Rental Price Report Q4 2024

Housing prices nationally rose by an average of 3.1% in the third quarter of 2024, according to the latest Daft.ie House Price Report released today by Ireland’s largest property website, Daft.ie. The typical listed price nationwide in the third quarter of 2024 was €344,848, 6.2% higher than in the same period a year earlier and 37% higher than at the onset of the covid19 pandemic. The increase in prices in the third quarter was broadly based but the percentage gains were greatest in Dublin, where prices rose by 4.1% between June and September. This is the largest three-month increase in the capital since early 2017 and means that prices there are on average more than 6% higher than year ago. This means that annual inflation in Dublin is higher than the average of the other four cities for the first time since 2020. In Cork, Galway and Waterford cities, prices in the third quarter were roughly 4% higher than a year ago. Inflation in Limerick city remains higher, however, at 9.7%, while the average increase outside the cities in the year to Q3 was 6.3%. The number of second-hand homes available to buy nationwide on September 1st stood at less than 11,900, down 12% year-on-year, the fifteenth month of contracting supply. The fall in availability largely reflects a dip in the number of second-hand homes coming on to the market over the last year, with just over 51,000 homes coming on to the market in the twelve months to September, compared to almost 57,000 a year ago. Housing prices nationally rose by an average of 3.1% in the third quarter of 2024, according to the latest Daft.ie House Price Report released today by Ireland’s largest property website, Daft.ie. The typical listed price nationwide in the third quarter of 2024 was €344,848, 6.2% higher than in the same period a year earlier and 37% higher than at the onset of the covid19 pandemic. The increase in prices in the third quarter was broadly based but the percentage gains were greatest in Dublin, where prices rose by 4.1% between June and September. This is the largest three-month increase in the capital since early 2017 and means that prices there are on average more than 6% higher than year ago. This means that annual inflation in Dublin is higher than the average of the other four cities for the first time since 2020: in Cork, Galway and Waterford cities, prices in the third quarter were roughly 4% higher than a year ago. Inflation in Limerick city remains higher, however, at 9.7%, while the average increase outside the cities in the year to Q3 was 6.3%. The number of second-hand homes available to buy nationwide on September 1st stood at less than 11,900, down 12% year-on-year, the fifteenth month of contracting supply. This is a new low for this time of year, surpassing the previous low of 12,900 homes on September 1st 2021, just after lockdowns ended. The fall in availability largely reflects a dip in the number of second-hand homes coming on to the market over the last year, with just over 51,000 homes coming on to the market in the twelve months to September, compared to almost 57,000 a year ago. "The figures in this latest House Price Report give further support to the suspicion that the recovery of the second-hand market in Ireland from the double hit of the early 2020s is likely to take time as the true number of homes needed each year, if the housing deficit is to be addressed is close to twice what was built last year." Ronan Lyons, economist at Trinity College Dublin. Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “While the volume of new homes being built and bought has largely held up in recent quarters, despite rising interest rates, the same cannot be said of the second-hand market. The number of homes coming on to the second-hand market remains very weak. The resulting scarcity of homes has pushed prices up, especially in Dublin, where new homes are being built. The typical second-hand home bought in Dublin between June and September sold for 7.6% above its listed price, the biggest gap since records began in 2010. Conditions elsewhere are similar, with a record average premium of 5.4% above the listed price nationally. The slow decline in mortgage interest rates will help the market, as will sitting homeowners coming off fixed-rate mortgages. But these factors are largely outside of policymaker control. The underlying issue remains a lack of homes, of all kinds, and this should remain the focus for policymakers before and after the next election.” Average list price and year-on-year change – major cities, Q3 2024 Dublin City: €463,265, up 6.2% Cork City: €354,307, up 3.8% Limerick City: €292,437, up 9.7% Galway City: €388,604, up 4.1% Waterford City: €249,792, up 3.4% Rest of the country: €294,541, up 6.3%

RENTS UP 7% AS STOCK TO RENT STALLS

YEAR-ON-YEAR FALLS IN HOUSING PRICES

Daft House Price Report SEPTEMBER 2022

Daft House Price Report SEPTEMBER 2022

Summary of our Step by Step Guide to Selling your property 

Landlords Rights and Responsibilities Whether you are a landlord letting out accommodation or a tenant renting accommodation, you both have rights and responsibilities which are set out under legislation. Landlord Responsibilities Register their tenancy within one month of the start of the tenancy. You can register online . Provide tenants with a receipt or statement or rent book that acknowledges payments made for rent and any other payments (e.g. utilities) received by the landlord Make sure the property is in good condition Maintain the property to the standard it was in at the start of the tenancy. Reimburse the tenants for any repairs they carried out on the structure that they requested with the landlord which the landlord did not carry out within a reasonable time Insure the property Pay property taxes and any other charges that the tenant is not responsible for Provide the tenant with contact details (or for the agent working on the landlords behalf) Give the tenant a written notice of termination at the end of the tenancy (sample notices can be found here ) Return the tenants deposit promptly at the end of the tenancy, unless lawfully withheld. A landlord can deduct any rent arrears, outstanding bills, or the cost of damages in excess of normal wear and tear to the accommodation. If a tenant terminates a tenancy early, a landlord can deduct for losses incurred. Schedule a property inspection. Landlords are encouraged to carry out regular inspections of their properties Make sure there are refuse bins available for the tenant SOURCE: https://www.rtb.ie/beginning-a-tenancy/rights-and-responsibilities