Key findings and recent surveys.

Dear Reader,

As a valued reader of McPeake Auctioneers blog we would like to present you some key findings:

• According to new figures from the Central Bank Ireland had the second highest mortgage interest rates across the euro area in December, coming only after Greece.  The average interest rate on new mortgages in Ireland stood at 2.76% in December, compared to the euro area average of 1.29%. 
•  House prices jump 7.4% in 2020 which is the largest such increase in three years. Homes have increased by almost €20k in one year, on average. The average sale price nationwide in the final quarter of 2020 was €269,522, up from €250,766 a year ago.
•  Housing stock levels were on the floor coming into 2020 – 25% fewer houses will be sold this year than last. The total number of properties available to buy on December 1st was less than 15,400, the lowest figure for stock nationally in almost 15 years. Housing supply won't meet demand until 'at least' end of 2023, BPFI chief economist Ali Ugur said. Only 20,000 new homes will be completed this year, short of the 35,000 annual units that are required.

The survey of more than 1,000 adults living in Ireland which was conducted by Censuswide on behalf of Esri Ireland shows that 43% of those surveyed said they would not want to return to the office at all, with 51% saying they would like to be able to work from home at least part-time.

• More than three-quarters of respondents say the cost of renting or buying a property is a key consideration, making it the number one factor.
• Other top considerations include proximity to work, chosen by 59%, and distance to shops, cited by half of adults.
• 21% of survey participants said the pandemic had increased the importance of living space and facilities for them while for 14% of consumers, their importance had decreased.
• The survey reveals that living conditions were more likely to have increased in importance for those on higher incomes.

Regards,

The McPeake Team...

Stay Safe...