House price increase reflects improvement in confidence and shortage of property

15% increase in transactions in Dublin in October 2013 compared to October

Wednesday 27th November 2013. The latest figures by the CSO showing an
increase in house prices reflects an improvement in sentiment among prospective
purchasers in the property market and a lack of supply of suitable homes.

The CSO figures show that in the year to October, residential property prices at a
national level, increased by 6.1% and by 1.8% in the month of October. In Dublin
residential property prices grew by 2.3% in October.

Simon Stokes from the Society of Chartered Surveyors Ireland, which represents
estate agents and valuers around the country, said; “The fact that there was a 7 per
cent decline in transactions in Dublin between October and September and an
increase in prices reflects the shortage of suitable property coming onto the market
and this is resulting in price increases”.

The SCSI noted that there was a 15 per cent increase year on year in transactions in
Dublin in October 2013 compared to October 2012 but said this was coming off a
very low base.

“The CSO figures do not include cash sales which currently make up approximately
60 per cent of the market. It’s likely that prices have increased by more than the
average in certain locations” Mr. Stokes concluded.