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7.2% rise in second-hand home values this year - Sherry FitzGerald

33,700 housing transactions were completed in the first nine months of 2024, down 6% compared to the same time last year, today's figures from Sherry FitzGerald show
33,700 housing transactions were completed in the first nine months of 2024, down 6% compared to the same time last year, today's figures from Sherry FitzGerald show

Estate agents Sherry FitzGerald said it saw a 7.2% increase in the average value of second-hand homes around the country this year, up from 3.8% in 2023.

Sherry FitzGerald said that Dublin values grew by 7.1% annually, with a 1.1% increase in the final quarter alone - more than double the growth recorded in the previous year.

Outside Dublin, price inflation reached 7.3% for the year. The highest level of growth was in the Mid-West and Midlands regions at 9.9% and 9.7% respectively.

Today's figures from Sherry FitzGerald show that about 33,700 housing transactions were completed in the first nine months of 2024, down 6% compared to the same time last year.

The estate agents said this decrease was led by an 8% drop in second-hand home sales, which partially offset by a 5% rise in new home transactions.

Meanwhile, investor activity continued to diminish, with just 11% of Sherry FitzGerald's second-hand sales in 2024 involving investor buyers. A third of vendors were also investors exiting the market, it added.

Sherry FitzGerald also said today that housing supply remains under significant pressure.

From January to September, only 21,650 residential units were completed, a 3.1% fall on the same time in 2023.

The estate agents have estimated that 62,000 homes are required to meet annual demand in the short term, but said that completions are expected to meet only half of this need.

Marian Finnegan, Managing Director of Sherry FitzGerald, said today's figures highlight significant growth across urban and rural areas, driven by persistent supply-side challenges.

"We anticipate further price inflation of 8-10% in 2025 unless these issues are addressed," Ms Finnegan said.

She also said there is an "urgent" need for targeted government measures, noting that rental caps and unfavourable tax treatment have driven landlords out of the sector for well over a decade.

"The formation of a new government must prioritise housing at the top of its agenda. Extending the Help-to-Buy scheme and attracting private equity to Ireland are essential to tackling the emergency," Ms Finnegan said.

"Additionally, retaining landlords in the rental market is vital to stabilising rents and ensuring affordability," she added.