CSO average property price figures do not reflect ‘dynamics of the market’ – Surveyors

Today: The Society of Chartered Surveyors Ireland (SCSI) has welcomed the latest House Price Index figures from the CSO which shows an emerging stability in the property market but said that the crude data on mortgage draw downs, without taking cash sales into account, does not accurately reflect the supply and demand dynamics that affect prices in specific areas.

Simon Stokes, the Chairman of the Residential Property Group of the SCSI said “While all of the data on the property market is helpful, the average property price increases and decreases are not fully representative of all of the transactions in the market and therefore cannot provide a full and current assessment of property prices. For example, while the CSO figures suggest a 1 per cent increase in residential property prices in Dublin, it is our experience that demand for family homes in good condition in well established areas has pushed prices higher than 1 per cent and as such, a broad average figure is no longer reflective of the heterogeneous nature of residential properties”.