Ireland housing price inflation has come to be of large concern to the public as a wider gap of the housing market will likely develop. Currently, central bank lending rules have been established and are beginning to be implemented as a way to slow the rate at which it is increasing.
Housing prices are still on the rise, as they have been in many recent reportings throughout the nation in current times. With tighter bank lending now being enforced more and more at a national level, the rate of inflation throughout Ireland has been seen to finally begin to slow down.
The second quarter of 2018 reported by MyHome.ie showed a steep increase in home prices alongside the slowest pace of inflation to be recorded in over two years.
The steep prices of homes have for a while now, been on the watch by the nation as a housing shortage has been of strong concern, affecting the living standard of many citizens throughout the nation.
As asking price inflation has slowed dramatically, Dublin has been feeling some of the effects.
These effects being stemmed from the slower rise in overall prices when compared to the rest of the nation. A surprising finding, as Dublin is still the most expensive area to live in the country, this could be a good sign for the overall housing market.
Economist, Cornall Mac Coille is reported as saying that the slowdown in price inflation is a positive thing as double-digit price growth could not be sustained for a long period of time.
As for Dublin, there were reports of strong price gains in the less valuable parts of Dublin, among the less expensive property types in and around the less expensive areas.
The same report had shown one-bedroom Dublin apartments to be far more expensive than four-bedroom homes in the same area. A reported fact that signifies a strong reason for the need of some help throughout the housing market.
The rate at which these prices had been reported of increases, is also beginning to show signs of slowing. A positive thing for the Ireland economy.
According to the most recent House Price Report from Draft.ie, houses prices were seen to rise nationally, during the second quarter of 2018, while the average price across the nation was 5.6pc higher than a previous year.
While Ireland is still struggling with facing an extreme housing shortage compared to the demand in the country, there is now a developed solution to the increasing problem.
The short-term measures of the early 200’s became to be forgotten and pushed aside by the government as less important. These measures such as increase leverage on mortgage loans, tax breaks, and mortgage interest relief became to be less necessary to the countries government and quickly became less of a priority at all.
The country’s debate shifted from the above measures to reform becoming a top priority. The reform programs now are primarily focused on planning reforms, housing density, and efficient use of state land infrastructure funds.
With these reforms eventually to be put into place, it is with strong hopes that the housing market across the nation will begin to look up.