The Daft.ie House Price Report

An analysis of recent trends in the Irish residential sales market 2021 Q2

The Daft.ie House Price Report

Introduction by Ronan Lyons, Associate

Professor of Economics at Trinity College Dublin

“The country desperately needs tens of thousands of new homes a year – and for decades. Rather than cap the construction of new homes, as the government’s new Housing Need & Demand Assessment tool seeks to do, policy must do an about-face and look to boost the building of homes where they are needed.”

As normality returns, so too must construction

The picture that emerges from this latest Daft.ie

House Price Report will be no surprise to anyone

looking to buy a home in recent months. Across the

country as a whole, the average price rose by 13% –

or nearly €33,000 – over the last 12 months. To put

this in context, this rate of inflation is higher than

the previous peak of nearly 12% in mid-2017 and is

only surpassed by late 2014, the surge of demand

before Central Bank rules came in, in the 58 quarterly

reports compiled by Daft.ie since the start of 2007.

And with prices rising again between March and June,

Ireland recorded four consecutive quarters of gains in

listed prices – from 2020Q3 to 2021Q2 – for the first

time since 2014.

The reason for these trends is obvious, if counter-

intuitive to someone who had not lived through the

first year of the Covid-19 pandemic and its associated

restrictions on economic activity. Housing supply

ground to a halt, while housing demand – especially

in the first-time buyer cohort – expanded rather than

contracted.

Demand expanded because of the very peculiar

nature of this economic crisis, compared to others.

While some sectors were almost obliterated

overnight, and survived only with government

support and forbearance from lenders, large parts

of the economy – especially those on higher incomes

– were unaffected other than a reorganization of

how work got done. And with far fewer outlets for

consumer expenditure, housing became a sink for

savings.

Supply ground to a halt for two reasons. Firstly, and

arguably the lesser of the two factors at least for now,

construction was halted. Due to the nature of the

work, it fell victim to public health measures. However,

the overall impact on the number of homes built has

been modest, comparing for example homes built in

2020 (nearly 20,700) with the number built in 2019

(just over 21,000).

So while construction remains woefully inadequate

compared to the true level of housing need in Ireland

– likely as high as 50,000 new homes across all

tenures and types – it can’t explain the spike in prices

over the last year. Instead, it is the second-hand

market that is driving the fall-off in supply. Between

2015 and 2019, the typical month in Ireland saw just

under 5,000 homes listed for sale, the vast majority of

those second-hand.

The figure accompanying this piece shows the

number of homes listed for sale, by month, each year

since 2015. The typical year has two peaks in listings

– one in May, when about 6,500 homes are put up for

sale, and the other in September when 6,100 come

on to the market. January, November and in particular

December are the quietest months, with just 2,400

homes on the market in December.

Ronan Lyons,Associate Professor in EconomicsTrinity College Dublin

The Daft.ie House Price Report – 2021 Q2 | 3

4 | The Daft.ie House Price Report – 2021 Q2

The first lockdown in 2020 is clearly visible in the

Figure. From the second half of March until early June,

very little was happening in Ireland’s sale market,

but by July, things had rebounded and there was a

normality of sorts for the rest of the year.

Since the start of 2021, however, listings have been

extraordinarily weak, as the country grappled with

the early-2021 wave of Covid-19. When things were at

their worst, in January and February, the number of

homes coming on to the market was more than one

third lower than the 2015-2019 average. But as those

are two of the quieter months of the year, the loss was

both smaller and more easily reversed, if subsequent

activity was at a higher level.

Instead, these trends continued into the middle of the

year. Each of March, April and May were quieter than

any of their counterparts in the period 2015-2019.

Overall, across the first five months of 2021, just over

20,000 homes were listed for sale. This is 22% lower

than the average for 2015-2019. That is almost 5,600

homes that ordinarily would have come onto the

market but didn’t. With the budgets of first-time buyers

up, and supply down by so much, it is hardly any

wonder that prices have jumped as much as they have.

It’s understandable that would-be homebuyers – some

living, and working, in less-than-ideal circumstances for

over a year now – feel angry about their predicament.

When will respite come for those looking to buy a

home? The answer, as it almost invariably has been for

nearly three decades in Ireland’s housing market now,

depends on supply.

It is reasonable to expect that, once people have

enjoyed the relaxing of restrictions and summer

staycations are done, that some of the backlog of

second-hand homes will come on to the market.

We don’t know yet what day-to-day life will look like

in October or November, but compared to recent

months, it’s likely to feel a lot more normal. This makes

viewing a home easier and thus putting your own

home on the market less risky. If the second half of

the year saw a bumper crop of homes put up on the

market, we could well see prices ease back a bit from

their current levels, especially as household income

finds other outlets again.

Indeed, if that were to pass, and offices made

something of a comeback, there could be a quick

reversal of prices in some areas. However, more likely

is that the volume of listings will gradually return to

pre-Covid levels as the year progresses. This should be

enough to take the sting out of the market but perhaps

not enough to bring rapid price reversals.

Beyond 2021, however, we cannot rely on recycling the

same stock of housing as our population grows and as

our household size shrinks. The country desperately

needs tens of thousands of new homes a year – and

for decades. Rather than cap the construction of new

homes, as the government’s new Housing Need &

Demand Assessment tool seeks to do, policy must do

an about-face and look to boost the building of homes

where they are needed.

Market SurveyEach quarter, Daft.ie surveys over 1,000 property market participants, asking them about their sense of the market as a whole, and their own intentions. Below are some of the headline results.

Expectations of price growth return

During 2020, the typical respondent expected sale prices to fall in the coming year - respondents in first half of 2021 expect price growth of 3% nationwide in the next 12 months.

Expectations of price growth are higher outside of Dublin than within Dublin: 4.3% versus 3.4%.

Lack of homes still a factor

Roughly half of respondents in Dublin cite the lack of homes as a factor in delaying home purchase.

The lack of supply has been a relatively constant feature in the market throughout the five years.

Fewer citing deposit as hinderance to purchase

One third of those looking to buy but not straight away cite the need to save for a deposit as a key factor in delaying home purchase.

Across ten years of surveys, this is the lowest fraction to cite this factor.

National Dublin Ex-Dublin National Dublin Ex-DublinNational Dublin Ex-Dublin

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

Q12021

Q22021

Q42013

Q42014

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

H12020

H22020

0%

20%

40%

60%

80%

Q12021

Q22021

Q42015

Q42016

Q42017

Q42018

Q42019

Q42020

0%

25%

50%

75%

100%

Q12016

Q22016

Q32016

Q42016

Q12021

Q22021

Q32015

Q42015

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

H12020

H22020


-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

Q12021

Q22021

Q42013

Q42014

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

H12020

H22020

0%

20%

40%

60%

80%

Q12021

Q22021

Q42015

Q42016

Q42017

Q42018

Q42019

Q42020

0%

25%

50%

75%

100%

Q12016

Q22016

Q32016

Q42016

Q12021

Q22021

Q32015

Q42015

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

H12020

H22020


-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

Q12021

Q22021

Q42013

Q42014

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

H12020

H22020

0%

20%

40%

60%

80%

Q12021

Q22021

Q42015

Q42016

Q42017

Q42018

Q42019

Q42020

0%

25%

50%

75%

100%

Q12016

Q22016

Q32016

Q42016

Q12021

Q22021

Q32015

Q42015

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

H12020

H22020


0

2000

4000

6000

8000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

10000

2015 2016 2017 2018 2019 2020 2021

Figure 1. Number of homes listed for sale nationally,by month, since 2015

North County€344,387 | 8.3%

South County€624,143 | 9.4%

West County€327,870 | 9.4%

South City€442,716 | 8.8%

City Centre€351,437 | 7.6%

North City€369,708 | 8.2%


Nationwide Average list prices and Y-on-Y change

Prices rise in all marketsAcross the 54 markets covered in each Daft.ie Sales Report, prices are higher now, compared to a year ago. In all markets outside Dublin, price rises are above 12% year-on-year, with Dublin regions all below 10%. The largest price differences are in rural regions and counties with Longford, Wexford, Waterford, Kerry and Roscommon all seeing price rises above 20% year on year.


Dublin Average list prices and Y-on-Y change

+10% > 8%

8% > 6%

6% > 4%

4% > 2%

0% > -2%

-2% > -4%

+10% > 8%

8% > 6%

6% > 4%

4% > 2%

0% > -2%

-2% > -4%

DL€166,59214.8%

LM€145,97716.7%

CN€173,64514.8%

MN€197,71316.1%

LH€243,73713.6%

MH€291,76311.1%

KE€299,35516.4%

WW€369,44416.9%

LS€208,74817.5%

CW€219,46316.7%

WX€240,77221.5%

KK€258,98617.9%

CE€210,67615.4%

T€206,46818.9%

L€217,05919.5%

W€266,50621.2%

G€224,57111.8%

SO€163,60813.8%

RN€162,94320.4%

LD€162,12820.7%

MO€172,82317.7%

WH€232,20715.1%

OY€214,74117.9%

C€254,55016.4%

KY€229,49020.1%

Cork City€303,491 | 14.3%

Limerick City€224,587 | 15.5%

Galway City€313,360 | 12.6%

Waterford City€199,562 | 14.8%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

January 151.6 128.2 105.6 96.8 99.9 112.8 122.1 134.1 143.4 151.0 149.3 162.3

February 150.3 128.1 104.5 96.1 99.3 117.6 122.9 135.6 145.8 153.2 149.9 160.3

March 146.7 125.3 102.9 96.6 103.3 119.1 125.7 135.8 146.0 155.2 152.5 163.3

April 146.6 121.8 101.7 96.6 104.5 118.7 125.0 140.6 148.4 154.5 144.4 166.1

May 145.0 120.1 102.2 97.0 107.2 119.4 126.0 141.9 149.2 151.9 149.9 167.1

June 141.8 116.1 99.5 97.5 107.9 118.2 127.8 140.6 149.3 154.2 149.1 168.0

July 138.0 115.4 97.8 96.5 109.9 120.3 128.9 141.4 151.4 152.5 152.9

August 137.6 113.1 98.9 97.0 111.2 120.4 130.1 142.0 149.7 151.7 155.8

September 136.5 113.3 97.1 96.7 112.9 121.5 130.9 141.0 151.4 148.4 156.2

October 134.0 108.7 97.9 97.2 110.5 120.6 128.7 141.8 150.6 148.4 157.3

November 130.9 106.0 95.8 96.9 110.0 119.5 129.0 139.2 147.1 145.1 157.7

December 129.8 106.0 96.0 96.2 111.1 119.8 131.0 143.3 149.8 148.6 161.0

Asking Prices, Residential Sales(2012 average = 100)

Daft.ie National Price Index


Stock (lhs) Inflow (rhs) Outflow (rhs)

Stoc

k

In�o

w &

Out

�ow

0

1500

3000

4500

6000

7500

9000

10500

12000

0

10000

20000

30000

40000

50000

60000

70000

80000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

The Daft.ie List Price Index is based on listed prices for properties posted for sale on Daft.ie. An index based on list price, as opposed to closing price, is a measure of sellers’ expectations. Figures are calculated from econometric regressions, which calculate changes in price that are independent of changes in observable measures of quality, such as location, or bedroom number.


Stock of properties to rent on Daft.ie (start of month) and flow of new properties to rent, 2008-2021

€284,313Average Listing Price

3% growth in Q1Average list prices nationally rose by 3% in the second quarter of 2021, the fourth consecutive quarter of growth.

Gains greatest in urban Ireland (excluding Dublin)

Prices were 13.9% higher, year-

on-year, in the four cities outside

Dublin and 16.1% higher in Leinster

(excluding Dublin) - compared

to 17.9% in Munster and 15% in

Connacht-Ulster. Whereas Dublin

saw just a 8.4% growth in prices.

Year-on-year growth at 13%

Prices nationally in the second

quarter of 2021 were 13% higher

than the same quarter a year

previously, in line with the increase

in late 2020 and well above the

average over the period 2018-2020.

Sharp fall in homes available to buy

The total number of properties

available to buy on June 21 was

fewer than 12,500, down by over

6000 from the same period last

year.

29

Dublin County908 | -25%

South City329 | -18%

City Centre8 | -20%

North City200 | -28%

DL6428%

LM23

-26%CN4429%

MN54

286%

LH175-13%

MH55611%

KE627-5%

WW29420%

LS9288%

CW30

-27%

WX213148%

KK28

-28%

CE6824%

T4833%

L1409%

W872%

G18910%

SO21

-30%

RN2525%

LD3

-50%

MO7856%

WH6076%

OY19-5%

C56413%

KY58

-36%

In the six months to March 2021, there were 5,005 transactions involving newly-built homes, a fall of 2% compared to the same six-month period a year earlier.

The typical price for a newly-built home sold between October 2020 and March 2021 was just over €340,000, down 3% from €352,000 in the same period in 2019/2020.

Transactions of new homes in Dublin fell by 24%, comparing these two six-month periods, bringing its share of new home transactions down from 37% in 2020 to 29% this year.

€340k2021

New Homes Average number of New Homes transactions and Y-on-Y change

DublinAverage number of new homes transactions and Y-on-Y change

5,0055,005

-24%

Ireland

5,005 | -2%

The Daft.ie House Price Report – 2021 Q2 | 1110 | The Daft.ie House Price Report – 2021 Q2

Daft.ie Snapshot ofAsking Prices Nationwide What can I ask for? Can I afford it? Average asking prices across Ireland (€000s), and annual change (%), 2021 Q2

OTH

ER C

ITIE

S

1 bed apartment 2 bed terraced 3 bed semi-d 4 bed bungalow 5 bed detached

Dublin 1 €234 0.4% €346 6.3% €450 5.8% €637 3.1% €762 5.4%

Dublin 2 €351 7.8% €463 7.0% €588 9.6% €819 3.2% €963 13.0%

Dublin 3 €284 0.5% €406 7.1% €503 6.2% €749 0.8% €837 -2.6%

Dublin 4 €371 7.9% €525 7.7% €724 7.3% €1,124 1.0% €1,340 7.8%

Dublin 5 €202 -5.8% €289 5.5% €397 3.5% €658 1.4% €712 3.6%

Dublin 6 €341 -4.7% €487 6.8% €670 4.7% €1,111 2.6% €1,202 4.9%

Dublin 6W €278 0.5% €398 12.5% €547 10.3% €907 8.1% €981 10.5%

Dublin 7 €222 -2.2% €318 9.6% €437 7.4% €724 5.2% €784 7.6%

Dublin 8 €233 0.9% €333 13.1% €458 10.8% €759 8.6% €821 11.0%

Dublin 9 €216 -1.3% €308 10.6% €423 8.4% €702 6.3% €759 8.6%

Dublin 10 €148 1.0% €211 13.2% €291 10.9% €482 8.7% €521 11.1%

Dublin 11 €164 -0.4% €234 11.6% €322 9.4% €534 7.2% €577 9.5%

Dublin 12 €190 0.9% €271 13.1% €373 10.8% €619 8.6% €669 11.0%

Dublin 13 €212 -1.9% €302 9.9% €416 7.7% €689 5.5% €745 7.9%

Dublin 14 €266 -3.1% €380 8.6% €522 6.4% €866 4.3% €936 6.6%

Dublin 15 €170 -0.9% €243 11.1% €334 8.9% €553 6.7% €598 9.1%

Dublin 16 €227 -3.0% €324 8.7% €446 6.6% €739 4.4% €800 6.7%

Dublin 17 €151 5.7% €215 18.4% €296 16.1% €491 13.8% €531 16.3%

Dublin 18 €249 -2.3% €355 9.5% €489 7.3% €811 5.1% €877 7.5%

Dublin 20 €188 -1.2% €269 10.7% €370 8.5% €613 6.3% €663 8.6%

Dublin 22 €146 4.9% €208 17.6% €287 15.3% €475 12.9% €514 15.4%

Dublin 24 €155 0.3% €222 12.4% €305 10.2% €506 8.0% €547 10.3%

North Co Dublin €169 -1.9% €241 9.9% €332 7.7% €551 5.6% €596 7.9%

South Co Dublin €297 -0.7% €424 11.3% €583 9.1% €967 6.9% €1,047 9.3%

West Dublin €158 -2.4% €226 9.3% €311 7.2% €516 5.0% €558 7.4%

Cork City €136 23.0% €177 28.6% €262 28.4% €437 19.8% €535 27.4%

Galway City €128 20.5% €167 26.1% €247 25.8% €412 17.4% €505 24.8%

Limerick City €103 23.6% €135 29.2% €200 29.0% €333 20.3% €408 28.0%

Waterford City €89 23.6% €116 29.3% €172 29.0% €287 20.4% €351 28.0%

DU

BLI

N

LEIN

STER

MU

NST

ERCO

NN

ACH

TU

LSTE

R

1 bed apartment 2 bed terraced 3 bed semi-d 4 bed bungalow 5 bed detached

Meath €109 2.6% €149 15.3% €208 13.7% €412 14.0% €421 13.1%

Kildare €119 7.7% €161 21.0% €226 19.4% €448 19.6% €458 18.7%

Wicklow €144 7.9% €197 21.2% €275 19.6% €545 19.8% €557 18.9%

Louth €98 4.8% €134 17.7% €187 16.1% €371 16.4% €379 15.4%

Longford €57 11.1% €77 24.8% €108 23.1% €214 23.4% €219 22.4%

Offaly €80 8.8% €108 22.2% €151 20.6% €300 20.9% €307 19.9%

Westmeath €87 6.4% €118 19.5% €165 17.9% €328 18.2% €336 17.2%

Laois €80 8.4% €109 21.7% €153 20.1% €303 20.4% €310 19.4%

Carlow €82 7.6% €111 20.9% €155 19.3% €309 19.5% €316 18.6%

Kilkenny €94 8.5% €128 21.9% €179 20.2% €355 20.5% €363 19.5%

Wexford €84 11.7% €114 25.4% €159 23.8% €317 24.1% €324 23.0%

Waterford Co €100 14.7% €124 23.2% €177 24.2% €346 27.3% €347 21.4%

Kerry €85 13.7% €105 22.1% €150 23.1% €294 26.1% €295 20.3%

Cork Co €97 10.4% €121 18.5% €172 19.5% €338 22.5% €339 16.8%

Clare €81 9.6% €101 17.8% €143 18.7% €281 21.6% €282 16.0%

Limerick Co €78 13.2% €97 21.6% €138 22.5% €270 25.6% €271 19.8%

Tipperary €78 12.6% €97 21.0% €138 21.9% €271 25.0% €272 19.2%

Galway Co €72 1.2% €94 11.8% €131 13.7% €267 11.6% €265 10.6%

Mayo €62 6.6% €81 17.8% €112 19.8% €229 17.6% €227 16.5%

Roscommon €54 9.0% €70 20.4% €98 22.5% €200 20.2% €198 19.2%

Sligo €63 3.1% €82 13.9% €114 15.9% €233 13.8% €230 12.8%

Leitrim €52 5.6% €68 16.6% €94 18.7% €193 16.4% €191 15.4%

Donegal €57 3.8% €74 14.6% €103 16.6% €211 14.5% €209 13.5%

Cavan €58 3.9% €76 14.8% €105 16.9% €215 14.7% €213 13.7%

Monaghan €69 4.9% €91 15.9% €126 18.0% €258 15.8% €255 14.7%

The Daft.ie House Price Report – 2021 Q2 | 1312 | The Daft.ie House Price Report – 2021 Q2


Prices up 0.7%Across Dublin, listed prices rose

modestly by an average of 0.7%

between December and March.

Compared to 8.5% and 8.9% in Munster

and Connacht/Ulster, respectively.

Up 8.4% year-on-yearWith price rises in the second half

of the year, prices in Dublin are now

8.4% higher than a year previously, the

largest difference below the national

average seen since 2016.

DublinPrices at new post-2007 high

8.4%

North CityAverage price: €350,325Qtr-on-qtr change: 3.8%Year-on-year change: 4.6%Change from trough: 77.7%

City CentreAverage price: €339,436Qtr-on-qtr change: 2.6%Year-on-year change: 4.2%Change from trough: 102.4%

South CityAverage price: €421,555Qtr-on-qtr change: 3.5%Year-on-year change: 4.2%Change from trough: 73.3%

North CountyAverage price: €324,644Qtr-on-qtr change: 4.1%

Year-on-year change: 4.2%Change from trough: 59.3%

West CountyAverage price: €310,587Qtr-on-qtr change: 3.2%


South CountyAverage price: €608,549Qtr-on-qtr change: 3.0%


North CountyAverage price: €344,387Qtr-on-qtr change: 1.6%


West CountyAverage price: €327,870Qtr-on-qtr change: 0.4%


South CountyAverage price: €624,143

Qtr-on-qtr change: -0.3%Year-on-year change: 9.4%

Change from trough: 80.3%

North CityAverage price: €369,708Qtr-on-qtr change: 1.1%Year-on-year change: 8.2%Change from trough: 87.6%

City CentreAverage price: €351,437Qtr-on-qtr change: 0.0%Year-on-year change: 7.6%Change from trough: 109.5%

South CityAverage price: €442,716Qtr-on-qtr change: 0.7%Year-on-year change: 8.8%Change from trough: 82.0%


Supply down 11%There were just under 3,400 homes

for sale in Dublin on June 1st, down by

almost 1,000 on the same date a year

ago.

Transactions down 19%Reflecting the impact of Covid-19, there

were 19% fewer transactions in Dublin

in the six months to March 2021 than

the same period a year earlier: 14,700

compared to 18,200.

19%

Dublin Stock Flow Figures Q2 2021


0

2000

4000

6000

8000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

10000

2020 2021

12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000

Year to 2021 Q2

Year to 2020 Q2

Number of residential property transactions

LeinsterPrices 16% higher than a year ago - largest year/year increase since 2016


Prices up 2.1% in Q1Outside Dublin, listed prices in

Leinster rose by 2.1% in Q2, slowing

from a 5.6% growth the previous

quarter.

Up 16.1% year-on-yearThe continued jump in prices in the region in

the second quarter means that, compared to

a year ago, prices in Leinster are now 16.1%

higher than a year previously, the highest

inflation since mid-2016.

16.1%


LouthAverage Price: €220,272Qtr-on-qtr change: 2.3%Year-on-year change: 4.9%Change from trough: 72.7%

MeathAverage Price: €268,834Qtr-on-qtr change: 2.5%Year-on-year change: 7.0%Change from trough: 79.0%

KildareAverage Price: €266,430Qtr-on-qtr change: 1.7%Year-on-year change: 3.9%Change from trough: 69.9%

WicklowAverage Price: €339,559Qtr-on-qtr change: 1.7%Year-on-year change: 4.6%Change from trough: 67.0%

WexfordAverage Price: €209,969Qtr-on-qtr change: 1.5%Year-on-year change: 5.2%Change from trough: 68.0%

LongfordAverage Price: €142,501Qtr-on-qtr change: 4.0%


WestmeathAverage Price: €204,729Qtr-on-qtr change: 2.1%


OffalyAverage Price: €188,808Qtr-on-qtr change: 1.1%


LaoisAverage Price: €181,149Qtr-on-qtr change: 2.5%


KilkennyAverage Price: €224,161Qtr-on-qtr change: 1.4%


CarlowAverage Price: €193,711Qtr-on-qtr change: 2.1%

Year-on-year change: 10.4%From trough: 65.5%

LongfordAverage rent: €162,128

Qtr-on-qtr change: 3.3%Year-on-year change: 20.7%Change from trough: 92.4%

WestmeathAverage rent: €232,207Qtr-on-qtr change: 1.1%


OffalyAverage rent: €214,741


LaoisAverage rent: €208,748

Qtr-on-qtr change: 1.7%Year-on-year change: 17.5%

Change from trough: 101.3%

KilkennyAverage rent: €258,986


CarlowAverage rent: €219,463Qtr-on-qtr change: 3.2%


LouthAverage rent: €243,737Qtr-on-qtr change: 2.2%Year-on-year change: 13.6%Change from trough: 91.1%

MeathAverage rent: €291,763Qtr-on-qtr change: 1.7%Year-on-year change: 11.1%Change from trough: 94.3%

KildareAverage rent: €299,355Qtr-on-qtr change: 2.3%Year-on-year change: 16.4%Change from trough: 90.8%

WicklowAverage rent: €369,444Qtr-on-qtr change: 2.1%Year-on-year change: 16.9%Change from trough: 81.7%

WexfordAverage rent: €240,772Qtr-on-qtr change: 3.1%Year-on-year change: 17.9%Change from trough: 92.7%

Supply down a halfThere were roughly 2,600 properties on

the market in Leinster (outside Dublin)

on June 1, down 48% from over 5,000

on the same date a year ago.

Transactions down 12%Reflecting the impact of covid19, there

were 12% fewer transactions in Leinster

(excluding Dublin) in the six months to

March 2021 than the same period a year

earlier: 14,600 compared to 16,500.

Leinster Stock Flow Figures Q2 2021

1 JUN2,700 12%

2020 2021

4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000

Year to 2021 Q2

Year to 2020 Q2



0

4000

8000

12000

16000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

20000

MunsterHighest inflation since start of Daft Report


8.5% jump in 3 monthsAcross Munster, listed prices increased by

an average of 8.5% between March and

June, the highest quarterly inflation seen

since 2015.

Up 18% year-on-yearThe jump in prices in Q2 means that

prices in Munster are now 17.9%

higher than a year previously, the

highest rate of inflation in the history

of the Daft Report, which extends

back to 2006.

18%

ClareAverage rent: €210,676


Limerick CountyAverage rent: €217,059


KerryAverage rent: €229,490


Cork CountyAverage rent: €254,550


Cork CityAverage rent: €303,491

Qtr-on-qtr change: -1.0%Year-on-year change: 14.3%Change from trough: 84.8%

TipperaryAverage rent: €206,468Qtr-on-qtr change: 8.8%Year-on-year change: 18.9%Change from trough: 62.3%

Limerick CityAverage rent: €224,587Qtr-on-qtr change: 0.4%Year-on-year change: 15.5%Change from trough: 89.1%

Waterford CountyAverage rent: €266,506Qtr-on-qtr change: 9.5%Year-on-year change: 21.2%Change from trough: 85.4%

Waterford CityAverage rent: €199,562Qtr-on-qtr change: -0.3%Year-on-year change: 14.8%Change from trough: 90.4%


Supply down 34%There were just over 3,600 properties

on the market in Munster on June 1,

down from nearly 5,500 on the same

date a year ago.

Transactions down 15%Reflecting the impact of Covid-19, there

were 15% fewer transactions in Munster

in the six months to March 2021 than

the same period a year earlier: 12,700

compared to 14,800.

1 JUN3,600

Munster Stock Flow Figures Q2 2021

2020 2021

4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000

Year to 2021 Q2

Year to 2020 Q2



0

6000

12000

18000

24000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

30000

Connacht/UlsterHighest inflation since start of Daft Report

9% jump in 3 monthsAcross Connacht-Ulster, listed prices

increased by an average of 8.9%

between March and June, by far the

largest three-month increase on

record back to the start of 2006.

Up 15% year-on-yearThe Q2 jump in prices means that

prices in the region are now 15%

higher than a year previously, the

highest inflation in the history of the

Daft Report.


9%

LeitrimAverage Price: €137,038Qtr-on-qtr change: 1.8%Year-on-year change: 10.9%Change from trough: 59.5%

MonaghanAverage Price: €174,870Qtr-on-qtr change: 3.3%Year-on-year change: 6.5%Change from trough: 53.2%

CavanAverage Price: €162,757Qtr-on-qtr change: 3.9%Year-on-year change: 10.2%Change from trough: 58.4%

RoscommonAverage Price: €145,652Qtr-on-qtr change: 4.9%Year-on-year change: 9.0%Change from trough: 58.9%

DonegalAverage Price: €145,691Qtr-on-qtr change: 1.5%


SligoAverage Price: €142,936Qtr-on-qtr change: 3.5%


MayoAverage Price: €156,147Qtr-on-qtr change: 1.2%


Galway CityAverage Price: €300,457Qtr-on-qtr change: 3.4%


Galway CountyAverage Price: €201,542Qtr-on-qtr change: 1.9%


Supply down 40%There were nearly 2,700 properties on

the market in Connacht-Ulster on June

1, down 40% from almost 4,500 on the

same date a year ago.

Transactions down 12%Reflecting the impact of covid19,

there were 12% fewer transactions in

Connacht-Ulster in the six months to

March 2021 than the same period a

year earlier: 8,000 compared to 9,100.


DonegalAverage price: €166,592Qtr-on-qtr change: 8.1%


SligoAverage price: €163,608Qtr-on-qtr change: 7.4%


MayoAverage price: €172,823


Galway CityAverage price: €313,360

Qtr-on-qtr change: -2.5%Year-on-year change: 12.6%Change from trough: 95.1%

LeitrimAverage price: €145,977Qtr-on-qtr change: 11.0%Year-on-year change: 16.7%Change from trough: 69.9%

MonaghanAverage price: €197,713Qtr-on-qtr change: 7.6%Year-on-year change: 16.1%Change from trough: 73.2%

CavanAverage price: €173,645Qtr-on-qtr change: 7.7%Year-on-year change: 14.8%Change from trough: 69.0%

RoscommonAverage price: €162,943Qtr-on-qtr change: 8.6%Year-on-year change: 20.4%Change from trough: 77.8%

Galway CountyAverage price: €224,571Qtr-on-qtr change: 9.6%


12%1 JUN2,700

Connacht/Ulster Stock Flow Figures Q2 2021


0

4000

8000

12000

16000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

20000

2020 2021

4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000

Year to 2021 Q2

Year to 2020 Q2



Coming next:

The Daft.ie Rental Report2021 Q2

The Daft.ie Rental Report will be published in July and will include a review of the performance of Ireland’s rental market, plus all the usual indices, snapshots, trends and rental yield analysis, providing analysts, tenants, landlords, students and the public with the most up-to-date information on Ireland’s rental market.

All data is Copyright © Daft Media Limited. The information contained in this report may only be reproduced if the source is clearly credited. Please contact Daft.ie on 01-4218700 for further information.

Over the last numberof years, Daft.ie hascollected a vast amount ofdata on the Irish propertymarket. Each year tens ofthousands of propertiesfor sale or rent areadvertised on the site.

About the ReportThe goal of the Daft Report is to use this information to help all actors in the property market make informed decisions about buying and selling. In addition, because it is freely available, the Daft Report can help inform the media, the general public and policymakers about the latest developments in the property market.

This is the Daft.ie House Price Report, the partner to the Daft.ie Rental Report, which will be issued next month. Together, they give house-hunters and investors more information to help them make their decisions. These twin reports mean that Daft is the only objective monitor of trends in both rental and sales markets on a quarterly basis, making the report an essential barometer for anyone with an interest in the Irish property market.

The Daft Report was first launched in 2005. It has already become the definitive barometer of the Irish rental market and is being used by the Central Bank, mortgage institutions, financial analysts and the general public alike. The Daft.ie House Price report is Ireland’s longest-running house price report, combining information from the Daft.ie archives with data from Ireland’s Residential Property Price Register.

Methodology and Sample SizeThe statistics are based on properties advertised on Daft.ie for a given period. The regressions used are hedonic price regressions, accounting for all available and measurable attributes of properties, with a Cooks Distance filter for outliers.

The average monthly sample size for sale properties is 5,000. Indices are based on standard methods, holding the mix of characteristics constant, with the annual average of 2012 used as the base. About Daft.ieDaft.ie is Ireland’s largest property website. The latest audited report from ABC (Sep 2011) shows monthly traffic of 130 million page impressions (pages of information received) and 1.976 million unique users per month across Daft Media’s property websites (daft.ie, rent.ie, let.ie, property.ie). This makes Daft.ie the biggest property website in Ireland across all demographics.

DisclaimerThe Daft.ie Report is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue the indices, snapshots or analysis at any time for regulatory or other reasons. Persons seeking to place reliance on any information contained in this report for their own or third party commercial purposes do so at their own risk.

CreditsEconomic Analysis: Ronan Lyons & Tom GillespieMarketing and Communications: Raychel O’ConnellLayout and Design: Julian Czeryba

The Daft.ie House Price Report

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Transcript of The Daft.ie House Price Report