Demand for housing is at an historic high despite soaring prices, it has emerged.
National inflation has continued to grow over the course of the year, according to the latest house price report from MyHome.ie.
It found the annual asking price rose by 4.2% across the country – by 4.1% in Dublin and by 4.8% elsewhere.
However, over the last quarter of the year asking prices went up by just 1% in Dublin and fell by 0.4% elsewhere.
Author of the report Conall MacCoille said: “Remarkably, new listings for sale in the first quarter were down only 30% compared with 2020 versus 80% to 90% annual falls during the first lockdown.
“All the data suggests housing market activity should bounce back rapidly once the restrictions are lifted.
“Mortgage approvals in January were up 12% on the year, with the average approval up 8% to a fresh cyclical high of €256,000. So there is no evidence of tightening credit conditions holding back home buyers.”
Angela Keegan, managing director of MyHome.ie, said that interest in the property market was at an historic high and with such strong demand it was vital the supply issue be dealt with.
She added: “Traffic through the MyHome.ie website is up 13% to 30% on different metrics, such as users, sessions and page views.
“It is crucial the construction sector is allowed to return to normal activity to address this obvious demand as we emerge from Covid.”
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