CSO House Price Index – Level of New Dwellings Sold is Low
Commenting on the CSO Residential Property Price Index for November, IPAV, the Institute of Professional Auctioneers & Valuers, said it is showing an expected trend first identified by IPAV’s own Residential Property Price Barometer published in February last and based on prices actually achieved by auctioneers.
Pat Davitt (pictured), IPAV Chief Executive, said: “The tapering in the level of house price growth despite the ongoing shortage of properties for sale, is to be expected on the back of the kind of very large increases that have taken place, particularly in urban areas. However, it should be said that many areas of the country are still playing catch-up, as evidenced by the 20.7pc increase in the Mid-West in the figures.”
He noted that of the dwellings registered with Revenue in November only just over 19pc were new dwellings. “It marks a very minimal increase on the previous month. Given that very little has been built in the last decade this figure should be much higher. It points to the ongoing problem with the building of new homes, which involves a host of issues from planning to the cost of finance.”
