Quarterly House Prices Bulletin
15 September 2010
Quarter 1 2010
Quarterly House Prices Bulletin
Quarter 1 2010
House Prices
Loan approval data, returned by the mortgage lending institutions,
indicates that the average price of a new house (including apartments)
in Quarter 1 2010 was €226,245, down 11.3% on the average price
reported in the same quarter in 2009.
The average price for a second-hand house (including apartments)
nationally in Quarter 1 2010 was €247,534, down 16.7% on the average
price reported in the same quarter in 2009.
In Dublin, the average price for a new house (including apartments) in
Quarter 1 2010 was €247,515 and the average price for a second-hand
house (including apartments) was €296,130 both down by 14.8% and
22.3% respectively, on the average prices reported in the same quarter
in 2009.
(Tables 1 and 2)
Methodological Note
Average House prices are derived from data supplied by the mortgage
lending agencies on loans approved by them. In comparing house price
figures from one period to another, account should be taken of the fact that
changes in the mix of houses (incl. Apartments) and the continued
slowdown in mortgage market activity will affect the average figures.
The Department with the assistance of the mortgage lending agencies and
the CSO, is currently developing a mix-adjusted house price index which
will take account of different property, location and purchaser
characteristics.
Other features of this release:
• Housing Loans:
- Loan approvals – 5,067 loans, with a total value of €1,087.3
million, were approved for house purchases, in Quarter 1 2010.
These represented decreases of 25.6% in volumes and 32.8% in
value, compared to Quarter 1 2009.
(Tables 3)
- Loan payments – 4,237 loans, with a total value of €924.3 million,
were paid for house purchases, in Quarter 1 2010. These
represented decreases of 23.3% in volumes and 33.4% in value,
compared to Quarter 1 2009.
(Table 4)
• New House Registrations:
- Nationally, the number of new houses registered under
guarantee schemes for the first three months of 2010 was 429
units, down 63.2% when compared with the same period in 2009.
(Table 5)
• Residential Commencements:
- 1,706 new housing units were started nationally in the first three
months of 2010, of which 118 units were in Dublin and 307 units
in the Greater Dublin Area. This is a decrease of 30.5% on the
number started in 2009. The full breakdown is available on the
Department’s website.
(Table 6)
A historical housing statistics series is also available on the
Department website at www.environ.ie
For more information contact Helen McGrath at 053 - 9117394
Table 1: New House Prices at Loan Approval Stage by Area
Period
Whole
Country
Dublin
Cork
Galway Limerick Waterford Other
Areas
€
€
€
€
€
€
€
2008
2009
305,269
242,033
370,495
260,170
314,276
252,011
292,777
236,113
276,719
260,684
288,478
227,444
282,677
231,739
2008
Q1
Q2
Q3
Q4
311,113
313,678
301,680
282,023
397,697
390,544
347,233
329,625
316,232
316,561
320,302
299,113
296,367
308,225
281,177
254,120
280,934
278,881
271,161
269,879
302,604
293,175
290,537
252,322
285,794
288,087
285,389
259,944
2009
Q1
Q2
Q3
Q4
255,029
241,288
233,189
226,505
290,402
256,749
250,081
236,532
261,031
255,036
245,127
234,539
236,591
249,394
216,686
204,963
306,624
258,521
220,930
219,859
232,642
226,513
208,062
238,813
242,184
230,020
224,346
220,205
2010
Q1
226,245
247,515
245,946
194,092
204,679
218,346
216,510
Annual percentage change
2009
-20.7%
-29.8%
-19.8%
-19.4%
-5.8%
-21.2%
-18.0%
2009
Q1
Q2
Q3
Q4
-18.0%
-23.1%
-22.7%
-19.7%
-27.0%
-34.3%
-28.0%
-28.2%
-17.5%
-19.4%
-23.5%
-21.6%
-20.2%
-19.1%
-22.9%
-19.3%
9.1%
-7.3%
-18.5%
-18.5%
-23.1%
-22.7%
-28.4%
-5.4%
-15.3%
-20.2%
-21.4%
-15.3%
2010
Q1
-11.3%
-14.8%
-5.8%
-18.0%
-33.2%
-6.1%
-10.6%
Methodological Note
Average House prices are derived from data supplied by the mortgage lending agencies
on loans approved by them. In comparing house price figures from one period to
another, account should be taken of the fact that changes in the mix of houses (incl.
Apartments) and the continued slowdown in mortgage market activity will affect the
average figures.
The Department with the assistance of the mortgage lending agencies and the CSO, is
currently developing a mix-adjusted house price index which will take account of
different property, location and purchaser characteristics.
Table 2: Second-hand House Prices at Loan Approval Stage by Area
Period
Whole
Country
Dublin
Cork
Galway Limerick Waterford Other
Areas
€
€
€
€
€
€
€
2008
2009
348,804
275,250
444,207
345,444
340,467
245,224
333,778
259,285
259,997
198,208
286,310
217,874
298,235
222,641
2008
Q1
Q2
Q3
Q4
359,277
356,638
335,762
323,418
462,475
455,142
412,152
415,035
346,955
344,408
334,663
327,269
356,430
338,313
310,865
317,835
261,842
259,623
263,793
251,280
291,960
288,430
301,387
216,055
296,165
306,896
297,768
278,217
2009
Q1
Q2
Q3
Q4
297,294
286,952
254,754
244,679
380,965
367,018
314,902
294,452
257,539
252,766
223,708
230,988
258,962
282,781
218,209
245,961
207,758
206,563
174,652
185,264
236,083
239,820
202,429
180,471
243,173
224,801
211,152
203,133
2010
Q1
247,534
296,130
222,142
217,892
193,487
167,096
200,230
Annual percentage change
2009
-21.1%
-22.2%
-28.0%
-22.3%
-23.8%
-23.9%
-25.3%
2009
Q1
Q2
Q3
Q4
-17.3%
-19.5%
-24.1%
-24.3%
-17.6%
-19.4%
-23.6%
-29.1%
-25.8%
-26.6%
-33.2%
-29.4%
-27.3%
-16.4%
-29.8%
-22.6%
-20.7%
-20.4%
-33.8%
-26.3%
-19.1%
-16.9%
-32.8%
-16.5%
-17.9%
-26.8%
-29.1%
-27.0%
2010
Q1
-16.7%
-22.3%
-13.7%
-15.9%
-6.9%
-29.2%
-17.7%
Methodological Note
Average House prices are derived from data supplied by the mortgage lending agencies
on loans approved by them. In comparing house price figures from one period to
another, account should be taken of the fact that changes in the mix of houses (incl.
Apartments) and the continued slowdown in mortgage market activity will affect the
average figures.
The Department with the assistance of the mortgage lending agencies and the CSO, is
currently developing a mix-adjusted house price index which will take account of
different property, location and purchaser characteristics.
Table 3: Housing Loans Approved
Period
New Houses
Number
Value €m
Second-hand Houses
Number
Value €m
Totals
Number Value €m
2008
2009
26,293
12,585
6,625.2
2,719.8
29,586
15,338
8,515.0
3,711.1
55,879
27,923
15,140.2
6,430.8
2008
Q1
Q2
Q3
Q4
6,682
9,123
6,287
4,201
1,807.9
2,356.3
1,486.6
974.4
8,676
10,700
6,342
3,868
2,610.9
3,173.2
1,698.9
1,032.0
15,358
19,823
12,629
8,069
4,418.8
5,529.5
3,185.5
2,006.4
2009
Q1
Q2
Q3
Q4
3,446
3,799
3,021
2,319
759.1
830.4
651.4
478.9
3,365
4,235
4,136
3,602
859.2
1,065.4
984.6
801.9
6,811
8,034
7,157
5,921
1,618.2
1,895.8
1,636.0
1,280.8
2010
Q1
1,921
393.1
3,146
694.2
5,067
1,087.3
Annual percentage change
2009
-52.1%
-58.9%
-48.2%
-56.4%
-50.0%
-57.5%
2009
Q1
Q2
Q3
Q4
-48.4%
-58.4%
-51.9%
-44.8%
-58.0%
-64.8%
-56.2%
-50.9%
-61.2%
-60.4%
-34.8%
-6.9%
-67.1%
-66.4%
-42.0%
-22.3%
-55.7%
-59.5%
-43.3%
-26.6%
-63.4%
-65.7%
-48.6%
-36.2%
2010
Q1
-44.3%
-48.2%
-6.5%
-19.2%
-25.6%
-32.8%
Percentage change on previous quarter
2009
Q1
Q2
Q3
Q4
-18.0%
10.2%
-20.5%
-23.2%
-22.1%
9.4%
-21.6%
-26.5%
-13.0%
25.9%
-2.3%
-12.9%
-16.7%
24.0%
-7.6%
-18.6%
-15.6%
18.0%
-10.9%
-17.3%
-19.3%
17.2%
-13.7%
-21.7%
2010
Q1
-17.2%
-17.9%
-12.7%
-13.4%
-14.4%
-15.1%
Table 4: Housing Loans Paid
Period
New Houses
Number
Value €m
Second-hand Houses
Number
Value €m
Totals
Number Value €m
2008
2009
24,467
9,832
6,454.5
2,242.1
29,224
15,340
8,053.8
3,588.5
53,691
25,172
14,508.3
5,830.6
2008
Q1
Q2
Q3
Q4
8,089
6,670
5,776
3,932
2,222.4
1,748.7
1,490.6
992.8
5,231
10,043
8,456
5,494
1,549.3
2,909.7
2,233.8
1,361.0
13,320
16,713
14,232
9,426
3,771.7
4,658.4
3,724.4
2,353.8
2009
Q1
Q2
Q3
Q4
2,208
2,524
2,548
2,552
556.7
560.8
556.6
568.0
3,315
4,169
4,277
3,579
831.9
971.7
1,002.5
782.4
5,523
6,693
6,825
6,131
1,388.6
1,532.5
1,559.1
1,350.4
2010
Q1
1,720
382.3
2,517
542.0
4,237
924.3
Annual percentage change
2009
-59.8%
-65.3%
-47.5%
-55.4%
-53.1%
-59.8%
2009
Q1
Q2
Q3
Q4
-72.7%
-62.2%
-55.9%
-35.1%
-75.0%
-67.9%
-62.7%
-42.8%
-36.6%
-58.5%
-49.4%
-34.9%
-46.3%
-66.6%
-55.1%
-42.5%
-58.5%
-60.0%
-52.0%
-35.0%
-63.2%
-67.1%
-58.1%
-42.6%
2010
Q1
-22.1%
-31.3%
-24.1%
-34.8%
-23.3%
-33.4%
Percentage change on previous quarter
2009
Q1
Q2
Q3
Q4
-43.8%
14.3%
1.0%
0.2%
-43.9%
0.7%
-0.7%
2.0%
-39.7%
25.8%
2.6%
-16.3%
-38.9%
16.8%
3.2%
-22.0%
-41.4%
21.2%
2.0%
-10.2%
-41.0%
10.4%
1.7%
-13.4%
2010
Q1
-32.6%
-32.7%
-29.7%
-30.7%
-30.9%
-31.6%
Source: From 2007 the source of data for loans paid is mainly from IBF/PwC
Mortgage Market Profile and is not directly comparable with previous years
data.
Table 5:
New House Guarantee Registrations
1 January to 31 March 2010
County Councils
(including City, Borough and Town Councils)
No of
Registrations
Carlow
1
Cavan
2
Clare
15
Cork
113
Donegal
44
Dublin
40
Galway
8
Kerry
21
Kildare
51
Kilkenny
Laois
6
13
Leitrim
0
Limerick
9
Longford
0
Louth
9
Mayo
4
Meath
17
Monaghan
8
Offaly
4
Roscommon
2
Sligo
4
Tipperary
30
Waterford
6
Westmeath
7
Wexford
11
Wicklow
4
TOTAL
Source: HomeBond and Premier Guarantee Registrations.
429
Table 6:
Commencement Notices Data
1 January to 31 March 2010
Building Control Number of Notices
Authorities
Received
Total Number
of Residential
Units Commenced
Of which, includes
Single Houses
3 mths
2010
3 mths
2009
3 mths
2010
3 mths
2009
3 mths
2010
3 mths
2009
20
44
65
22
61
87
20
47
67
22
87
88
20
41
65
22
57
86
Cork County
Cork City
Cork Total
172
3
175
181
6
187
219
3
222
243
8
251
162
3
165
178
5
183
Donegal
104
189
114
204
100
184
11
19
12
24
66
23
17
16
31
87
12
19
48
39
118
90
17
104
44
255
10
18
11
21
60
17
14
13
21
65
118
6
124
128
55
183
118
6
124
131
82
213
118
6
124
126
51
177
Kerry
Kildare
Kilkenny
Laois
Leitrim
77
97
36
35
17
90
97
50
41
23
81
102
37
36
17
90
133
56
41
23
73
50
35
34
17
90
49
49
41
23
Limerick County
Limerick City
Limerick Total
69
0
69
88
0
88
70
0
70
119
0
119
70
0
70
85
0
85
Longford
15
19
15
19
15
19
Drogheda
Dundalk
Louth
Louth Total
0
1
39
40
0
0
36
36
0
1
44
45
0
0
42
42
0
1
38
39
0
0
35
35
Mayo
Meath
Monaghan
North Tipperary
Offaly
Roscommon
Sligo
South Tipperary
93
44
52
50
47
24
43
36
133
70
38
32
48
45
37
53
93
51
68
50
47
25
43
27
137
71
38
32
48
45
37
66
93
43
51
48
47
23
43
27
130
69
38
32
45
45
37
50
Waterford County
Waterford City
Waterford Total
40
1
41
46
3
49
44
1
45
72
31
103
38
1
39
41
1
42
Athlone
Westmeath
Westmeath Total
1
42
43
4
49
53
1
42
43
4
49
53
1
42
43
4
49
53
Wexford
Wicklow
63
35
78
61
63
36
99
83
63
36
75
55
TOTALS
1,555
1,957
1,706
2,455
1,464
1,836
Carlow
Cavan
Clare
Dun/L.Rathdown
Fingal
South Dublin
Dublin City
Dublin Total
Galway County
Galway City
Galway Total
Notes:-
Data has been collected on a monthly basis from Residential
Commencement Notices, received by all of the 37 Building Control
Authorities. This series started in January 2004.