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Rents rise in every county in Ireland, latest quarterly rental report shows
Rents are now more expensive than they were at the same stage last year in every county in Ireland, according to the latest quarterly rental Report by Daft. Nationally, rents have risen by over 11% in the space of 12 months with the national average rent now €933 compared to €842 a year previously, the data from the property firm also shows. However, Dublin's annual rate has slowed for the first time in five years, but prices have still risen by over 14% in the capital since the last three months of 2013. In the other city centres, rents continue to climb. Waterford experienced an annual rise of 5%, Limerick 6%, Galway 7% and Cork 8%. Most of Dublin's neighbouring counties also continue to see double digit inflation with Meath witnessing growth of 11%, Wicklow 13% and Kildare 14%. The number of properties available to rent has continued to plummet. At the beginning of November there were fewer than 5,400 properties to rent nationwide, the lowest figure since May 2007. ‘In many ways, the lack of available properties to rent is more concerning than the high rental rates, although clearly the two phenomena are inextricably linked,’ said Ronan Lyons, economist at TCD and author of the Daft Report. ‘The only silver lining is the fact that this quarter was the first time in five years that rent inflation in the capital eased somewhat. However, even if an easing in Dublin inflation continues and stops the affordability crisis from worsening, it does nothing to change the availability crisis,’ he added. A breakdown of the figures shows what has been happening in the major cities. In Dublin rents are up 16.6%, in Cork 7.9%, Galway 7.2%, Limerick 6.4% and Waterford up 4.5%. Rents continued to rise throughout the country between August and October, according to the figures published in the report. Over the last two years, the average rent nationwide has risen by almost €150, from €790 a month to €933. As has been documented in previous issues of this report, that national trend is being driven by Dublin, where rents are up an average of €300 a month since 2012. But the latest figures show that rental inflation outside the cities is above what might be considered a healthy rate, in line with the rest of the economy. While prices in the rest of the economy were roughly flat in the year to October, rent inflation stayed above 10%. An analysis of the figures show that while there has been some uptick in non-city rents, particularly in Leinster, average monthly rents remain well below their 2007 levels, typically by about 20%. In Dublin rents are now almost 30% above their lowest point in 2012 and less than 10% below their 2007 peaks. Lyons said that this is very damaging for Dublin's competitiveness as a location for foreign direct investment. ‘The goal of housing policy should be to ensure that, regardless of whether it's to rent or to buy, rural… Continue reading
Canadian property prices and sales both continue upwards, latest index shows
National home sales in Canada rose by 0.7% from September to October and prices were up 7.1% year on year, according to the latest data from the Canadian Real Estate Association. It is the sixth consecutive month of stronger resale housing activity compared to a quiet start to the year, and the strongest activity for the month of October since 2009. ‘Low interest rates continued to support sales in some of Canada’s more active and expensive urban housing markets and factored into the monthly increase for national sales,’ said CREA president Beth Crosbie. ‘Even so, sales did not increase in many local markets in Canada, which shows that national and local housing market trends can be very different,’ she added. According to Gregory Klump, CREA chief economist, while the strength of national sales activity is far from being a Canada-wide phenomenon, it extends beyond Vancouver, Calgary and Toronto. ‘Sales in a number of B.C. markets have started to recover from weaker demand over the past couple of years. They have also been improving across much of Alberta, where interprovincial migration and international immigration are reaching new heights,’ he explained. Actual (not seasonally adjusted) activity in October stood 7% above levels reported in the same month last year. October sales were up from year ago levels in about 70% of all local markets, led by Greater Vancouver and the Fraser Valley, Victoria, Calgary, and Greater Toronto. Combined sales in these five markets account for almost 40% of national sales activity, and nearly 60% of the year on year increase in national sales. Actual (not seasonally adjusted) sales activity for the year to date in October was 5.2% above levels in the first 10 months of 2013 and 2.5% above the 10 year average for the same period. The house price index increased by 5.51% year on year in October. Price gains have held steady between 5% and 5.5% since the beginning of the year. A breakdown of the data shows that year on year price growth accelerated for two storey single family homes, townhouse units and apartment units in October. By contrast, price momentum slowed further for one storey single family homes. Two storey single family homes continue to post the biggest year on year price gains at 6.94%, followed closely by townhouses at 5.83%, and one storey single family homes at 4.75%. Price growth for apartment units remains comparatively more modest at 3.51%. Price growth varied among housing markets tracked by the index. As in recent months, Calgary saw the biggest increase at 9.47%, Greater Toronto saw growth of 8.3% and Greater Vancouver was up 6.03%. Prices were up between 1% and 2.5% year on year in the Fraser Valley, Victoria, and Vancouver Island, flat in Saskatoon, Ottawa, Greater Montreal, and Greater Moncton, and down 3.4% in Regina. The actual (not seasonally adjusted) national average price for homes sold in October 2014 was $419,699, up 7.1% from the same month last year. The national average price continues to be pulled upward by sales… Continue reading
UK property prices up over 12% year on year, latest data shows
UK house prices increased by 12.1% in the year to September but there is considerable variation with London driving national prices up, the latest data shows. Overall, house price annual inflation was 12.5% in England, 5.8% in Wales, 7.6% in Scotland and 10.9% in Northern Ireland, according to the figures from the Office of National Statistics. Annual house price increases in England were driven by an annual increase in London of 18.8% and to a lesser extent increases in the East at 13.4% and the South East at 11.6%. Excluding London and the South East, UK house prices increased by 9.1% in the 12 months to September 2014. The data also shows that on a seasonally adjusted basis, average house prices increased by 0.5% between August and September 2014. In September 2014, prices paid by first time buyers were 13.3% higher on average than in September 2013. For existing owners, prices increased by 11.5% for the same period. According to Peter Rollings, chief executive officer of Marsh & Parsons, the housing market recovery is still showing spritely movement, and good ground has been covered in property values compared to a year ago. ‘Values have retreated back from peak levels in the majority of regions across the country. London remains the spark plug injecting energy into the overall annual rise in UK house prices, and lively demand to live and work in the capital has always spurred growth on at a faster pace than in other regions,’ he said. ‘Following a slower than normal summer in London, an attractive combination of greater supply of property, excellent lending conditions and more realistic asking prices are attracting good amounts of potential buyers to the market,’ he added. David Newnes, director of Reeds Rains and Your Move estate agents, pointed out that recent hiccups in the market have not shaken the overall underlying stability. ‘Zooming in on the regional footprints unearths a more complex path of growth as the recovery continues to advance with a Southern leaning slant,’ he said. ‘If we omit London and the South East from our calculations, a milder annual change in property prices emerges. Yet at the very top end of the housing market in prime central areas of London, growth is subsiding,’ he added. He also pointed out that the firm’s research shows that October saw the highest level of house sales completed in a month since November 2007. ‘This increased level of house sale completions marks a considerable, though laborious, reflection of the increased buyer activity earlier in the year since the recession zapped the energy from the market. Not only this, but activity is starting to shift towards areas where the recovery still requires support and attention,’ he explained. The research also found that the biggest uplift in completions in the third quarter of 2014 compared to 2013 has been witnessed outside of London. Completed house sales in both the West Midlands and East Midlands have risen 22%, while in London house sale completions are up… Continue reading
