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06 Dec 2021

Midlands house prices up by 11.5% in a year

Borris Road house build plans in Portlaoise stall again

House prices rose at a faster rate in the Midlands in the year to August compared with the national increase according to new official figures.

The latest Residential Property Price Index also shows a continuing trend of accelerating price growth across Ireland that first emerged in the latter part of 2020 and has continued throughout 2021.

The findings are cotained in the index published by the Central Statistics Office.

The number crunchers have found that residential property prices (houses and apartments) increased by 10.9% nationally in the year to August. This compares to an increase of 8.5% in the year to July and a decrease of 0.9% in the twelve months to August 2020.

In Dublin, residential property prices saw an increase of 10.2% in the year to August, while property prices outside Dublin were 11.5% higher.

House prices outside Dublin were 11.1% higher while apartment prices outside Dublin were 16.7% higher.

The annual rise recorded for house prices in Laois, Offaly, Longford and Westmeath was 11.5% up on August 2020. Apartments are not included in the Midlands figure.

The region outside of Dublin that saw the largest rise in house prices was the Border at 20.7% - at the other end of the scale, the South West saw an 8.3% rise.

Barra Casey, is a Senior Statistician at the CSO.

“Residential property prices increased by 10.9% nationally in the year to August, with about half of this growth coming in the latest three months. This is the largest annual change in prices since June 2018,” she said.

In August, 3,764 dwelling purchases by households at market prices were filed with Revenue, an increase of 59.6% compared to August 2020.

Overall, the national index is 8.9% lower than its highest level in 2007 just prior to the property crash. Dublin residential property prices are 14.9% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 11.2% lower than their May 2007 peak.

However, the recovery is strong. Property prices nationally have increased by 103.2% from their trough in early 2013. Dublin residential property prices have risen 110.8% from their February 2012 low, whilst residential property prices in the rest of Ireland are 104.4% higher than at the trough, which was in May 2013.

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