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Property prices in Westmeath have bucked the national trend by rising during the quarter, according to the latest MyHome.ie Property Price Report.

Responding to the recent ECB interest rate increase of 0.5 percent, Brokers Ireland said this, the sixth increase since July last, brings the rate to 3.50 percent, and would add a total of €640 a month to a €330,000 mortgage on a 1.25 tracker rate.

Median property prices in Galway have reportedly, ‘bucked the national trend’ by staying flat during the first quarter of 2023 according to the latest MyHome.ie property price report, but rental markets have seen a 7% increase and a 13% decrease of properties for sale.

Responding to the recent Central Bank Retail Interest Rates publication for January, Brokers Ireland said while the weighted average interest rate on new Irish mortgages is almost a quarter percentage point (0.23 percent) lower than the euro area average as a whole it is showing increased upward momentum, having risen 24 basis points in one month, from 12 the previous month.

The housing market in Ireland has been a challenge for potential homeowners seeking to purchase their first home. There are several factors that impact first time buyers in the housing market in Ireland. One of the major challenges that first time buyers face is the limited housing supply in the market. This has been a challenge for many years and has led to a significant increase in house prices. This makes it tougher for first time buyers to purchase as they may not have enough funds to compete with other buyers. Many construction companies have been limited by funding issues and delays within the planning process for new projects. This leaves fewer new homes available in the market and it also drives up the cost of such homes.

Commenting on the most recent CSO Residential Property Price Index for September, IPAV, the Institute of Professional Auctioneers and Valuers, says the slowing rate of increase in prices mirrors IPAV’s own findings in its six monthly barometer of prices achieved by auctioneers and is likely to continue for the remainder of the year.

Responding to the ECB interest rate increase of 0.75 percent, Brokers Ireland said even though predicted by some commentators the fact that it is on the higher side is very disquieting for consumers with the real worry now being the unknown one of how long such increases will go on for and what level they will reach.

Responding to the Central Bank Retail Interest Rates for June, Brokers Ireland has stated: "While there is a very welcome and further narrowing of the gap between Ireland and the euro area average interest rate, with Irish mortgage holders now paying less than 1pc (0.78pc) over and above the euro area average - it is of no practical effect to borrowers who should concentrate on getting the best mortgage rate available in the Irish market; and who should do so in the very short window left before the ECB raises its rate further as it has already indicated."

“Government must do more to protect vulnerable households against the impact of mortgage rate increases” according to Dr Seán Healy, CEO, Social Justice Ireland.

Responding to the ECB interest rate increase of 0.5 percent, Brokers Ireland said it “marks the beginning of a new era and predicting where the rate will end up with any degree of accuracy is like fortune telling.”