Published: Fri, April 21, 2017
Medicine | By Megan Pierce

Irish house prices post fastest growth since 2015

Irish house prices post fastest growth since 2015

This year's stats have shown that the average weekly rent rose by a whopping 16.8% between the years 2011 and 2016.

According to the figures there was a considerable slowdown in the growth of housing stock, with just 8,800 housing stock built between 2011 and 2016.

Of these properties, 1,697,665 were occupied by residents of the state, while there were 183,312 vacant houses and apartments and 62,148 vacant holiday homes. Beyond this, more householders owned rather than rented their home.

"The Government must consider the use of Compulsory Purchase Orders (CPOs) and the introduction of Compulsory Leasing Orders (CLOs); given the devastating scale of the housing and homeless crisis". The highest growth in rent was in Dublin City which increased by nearly 30pc while rises in excess of 20pc were also recorded in Dún Laoghaire-Rathdown (26.2pc), Fingal (22.8pc), South Dublin (22.7pc) and Kildare (20.3pc).

It noted one in 10 people is living in accommodation of less than one room per person, a rise of 28 per cent since the 2011 census.

The latest figures from the Central Statistics Office reveal a chronic shortage of supply, a decline in the home ownership rate and a drop in the number of vacant properties.

"We see house price growth remaining in positive territory on a year-on-year basis for a while yet, with the annual rate of increase now set in our view to be in the 7-12 percent range over the next few months", he said.

The CSO said its analysis found a 15% drop in the number of empty homes compared with 2011.

The statistics, which are derived from 2016 Census data, indicate a sharp reduction in the number of vacant dwellings across the country.

"For instance, there are some very positive policies being rolled out such as the vacant homes initiative (and the commitment to 47,000 social houses), but they fall short because they try to keep all sides happy and are not tough enough to drive the urgent change often required", he said. For the first time in Census 2016, the type of dwelling was captured for vacant dwellings.

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