House prices are still rising, just more slowly. Annual growth slowed to 5.5% in July, the weakest pace since January 2024. Here’s what’s behind it and what it means for you.
Irish house prices were 5.5% higher in July than the same month last year, down from 5.6% in June. That’s the slowest annual pace since January 2024.
The slowdown isn’t even across the country. In Dublin, growth eased to 4.4%. Outside Dublin, prices are still rising at 6.4%, unchanged from June.
Two things are driving the cooling: more homes coming onto the market, and the ECB’s rate rises in June and September pushing up the cost of borrowing.
If you’re buying, this is a smaller shift than it sounds. Prices are still rising, just more slowly, which means the market hasn’t turned in your favour yet. It’s a reason to get your mortgage approval in place now rather than wait for a bigger correction that may not come this year.
If you’re selling, particularly outside Dublin, demand hasn’t cooled nearly as much as the Dublin figures suggest.
If you want to know what this means for your own plans, get in touch.
Gareth
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