Lisney welcome the new Residential Property Price Index released by the CSO today. For the first time cash buyers, who account for 47% of the market nationally are included in the analysis, which provides a much more accurate read of property price trends across Ireland.

Dublin 6 is now the most expensive area to buy in Dublin, knocking Dublin 4 from its pedestal!

Lisney welcome the new Residential Property Price Index released by the CSO today. For the first time cash buyers, who account for 47% of the market nationally are included in the analysis. As a result, we get a much more accurate read of property price trends across Ireland.

It is interesting to note that in 2010 first-time buyers represented 53.1% of all household market transactions filed. By 2015, first-time buyers’ shares fell to just 24.4% of the market. This is most likely a consequence of the macro-prudential rules which mean first-time buyers must have a minimum 10% deposit for a house up to €220,000 and a 20% deposit for any amount over. In reality saving for a substantial deposit to purchase a home is very difficult, particularly in the context where rental levels in Dublin are now higher than their 2008 peak.

We urgently need the supply of rental accommodation to increase and believe the private landlord should be encouraged back into the market to provide this vital service.