How much homes are selling above the asking price [Video]

The “fastest population growth since the Celtic Tiger” is driving strong house price increases, the latest MyHome.ie report shows, writes Sarah Slater.

Strong labour market growth and a population surge of 1.9% for a second successive year to 5.38million now has put intense pressure on the seriously under-supplied housing market.

The number of properties listed for sale on MyHome.ie in September was just 13,100 – well down from pre-pandemic levels of “20,000-plus” and a drop of around 35%.

One in seven homes are selling for 20% above their asking price, and asking prices nationally are up 7.5% on last year, the strongest increase in two years, according to the new report.

Rising average earnings and record mortgage-approval values are adding to demand while housing commencements accelerated to 49,000 in the year to July.

Building completions are expected to rise sharply next year to above 40,000 units.

The median asking price for a home is now €365,000.

In Dublin it stands …