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Property insights by Johnny Gannon, Fair Deal Property

The Irish construction sector is experiencing a fundamental shift that deserves far more attention than it's currently receiving. After years of post-pandemic recovery and ambitious national housing targets, we're now witnessing a slowdown driven not by falling demand — demand remains exceptionally strong — but by something far more problematic: the economics of development are breaking down.

The value of mortgage switching rose by an unprecedented 45pc in the last year, the latest doddl.ie Mortgage Switching Index has found.

Ahead of a significant pick-up in switching activity which is expected in the coming months, borrowers are being urged to weigh up their mortgage options carefully and to compare the long-term costs of mortgages across the market so they get the best deal when moving to another lender or staying with their existing one.

Commenting on the recent ECB decision to keep interest rates unchanged, Brokers Ireland said even when the move to reduce the rate begins there is still a 'rocky road' ahead for many mortgage holders.

The price of the average second-hand three-bed semi in Galway city has increased to €345,000, up 2.4 per cent from €337,000 in the last three months, according to a national survey by Real Estate Alliance.

Responding to the latest Daft.ie Rental Report for Q4 2023, IPAV, the Institute of Professional Auctioneers & Valuers, said that the decline in rental inflation in Dublin is evidence that the primary driver of achieving stabilisation of prices or greater affordability into the future was supply.

Responding to the most recent Central Bank Retail Interest Rates publication for December showing Ireland with a weighted average interest rate on new mortgages of 4.19%, just 0.13% higher than the euro area average, and six basis points down on the previous month, Brokers Ireland said it is to be hoped that by mid-year the situation will have improved with some movement downwards by the ECB.

Commenting on the recent Daft.ie Q4 House Price Report, IPAV, the Institute of Professional Auctioneers & Valuers, said the results broadly concur with those reported by IPAV auctioneers which indicate that prices have picked up again in the latter quarter of 2023.

Commenting on the CSO Residential Property Price Index for October, Brokers Ireland said the 2.3% year-on-year increase marks a bigger increase than has been seen for several months.