Economy

Spike In House Sales To Dubliners In Commuter Counties

Based on an analysis of the Property Price Register, it shows the number of sales nationally has increased by 8.4pc in the first half of 2017, compared to the same period previous year.

The report shows that there was nearly €105 million worth of house sales in the county between January 1st and June 30th, compared to €85.5 million in the first half of 2016.

About €230 million of property was sold in Meath in the first six months of 2017, an increase of €74 million, or 47 per cent, on the same period past year.

However, despite the drop in sales, the value of those transactions was up by 9 per cent. "In Wicklow sales are up 21% while values are up 25%", she explained.

The analysis shows that there was a total of 23,148 sales in the period with a total transaction value of €5.8 billion, up 15% on the €5.1 billion in the first half of 2016.

Managing Director Angela Keegan says the downside is it will lead to an increase in commuting times for those who still have to work in Dublin.

Ms Keegan said speculation around the future of the Help-to-Buy scheme had caused unnecessary uncertainty in the property market.

There were 1,138 sales of homes in Galway between January and June, a fall of nearly one-and-a-half percent.

"This initiative was introduced as a supply-side initiative to encourage the construction of affordable homes. "Help to Buy" on its own won't solve the crisis - we need a coordinated package of measures for that - but abolishing it would be a retrograde step".

In percentage terms only Meath (47%), Cavan (37%), Offaly (36%) and Westmeath (29%) saw the value of transactions increase by more.

The impact of rising prices was, she said, also evident even in counties which recorded small increases in the number of sales.

Several counties in the midlands and border region bucked that trend.

In Dublin, sales are up 11%, with the value of transactions up 13.2%.

The amount of money spent in the capital grew from €2.7 billion to over €3 billion.

The counties with the lowest number of sales were Longford (177), Monaghan (201), Leitrim (224) and Carlow (247).



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