HOUSE prices in the city and county are skyrocketing, seeing change increases of almost 50 per cent on pre-Covid times.
That’s according to the latest Daft.ie report, which put the average house price in Limerick City at €300,253, an increase of 13.8 per cent on this time last year and a 48.8 per cent chance on pre-Covid figures.
An equally stark picture was pained in the county, with average prices up 12 per cent in the last year, to €278,963 – a 47.7 per cent change on pre-Covid prices.
Some of the most startling changes were in the price of a one-bed apartment, both in the city and county.
In the city, prices on average for a one-bed skyrocketed 28.8 per cent, according to the Daft report, to €181,000. Equally grim increases of 30.9 per cent for a one-bed were reported in the county, where the average price was €119,000.
According to the report, Limerick City saw one of the largest increases on average list prices in the country at 13.8 per cent, outside of Offaly (18.2), North County Dublin (15.3), and Roscommon (14.2).
Reacting to the Daft figures, Limerick TD and the Labour Party’s housing spokesperson, Conor Sheehan, slammed the government for its “failure” to tackle the housing crisis.
“Report after report confirms what we already know — house prices are spiralling out of control, and this government refuses to act. In the last year alone, asking prices have risen by 12 per cent. If this continues, how much more will they rise over the course of this government’s term?
With over 15,000 people now homeless nationwide, Deputy Sheehan says he is at a loss why this is no longer seen as an emergency.
“This crisis has been completely normalised. People are being told to accept that homeownership is a pipe dream, that sky-high rents are here to stay, and that waiting years for social housing is just the way things are. That is unacceptable,” he hit out.
The Limerick TD hit out at the Housing Minister’s “suggestion to relax lending regulations for developers building apartments” which he said, without “addressing the fundamental issues, is a recipe for disaster”.
Developers, Deputy Sheehan stated, need a predictable environment to operate effectively. Engaging in speculative policy announcements, he continued, only adds to the uncertainty, hindering progress in the sector.
“There are actionable steps that can be taken now. Labour has consistently called for the Land Development Agency to be transformed to ensure that the State plays a direct role in housing provision,” he said.
“The housing crisis is not inevitable — it is the result of political choices. We need an overhaul of Ireland’s broken housing system. Families, workers, and young people deserve secure, affordable homes, and Labour will fight to make that a reality.”
Author of the Daft.ie report, Trinity College economist Ronan Lyons, said that the latest results shows that the surge in inflation is not yet over.
“The ultimate solution remains unchanged from that which was needed a decade ago: a lot more homes need to be built, so that the country’s housing is adequate for its households,” Mr Lyons insisted.
“But the entire housing system seems reliant on government funding and subsidies, an unfortunate circumstance at the best of times but of greater concern given wider economic uncertainties. Meanwhile, changes in the wider regulatory set-up seems to have delivered confusion, rather than clarity, about how the country will build the homes it needs.”
