An Ennis auctioneer is hopeful that the housing market in this county will ‘settle’ heading into 2023.
It comes as a new report shows that rents in Clare rose by 9 percent in the past year.
The latest Daft.ie report looking at the third quarter of this year shows the average rent in Clare is now €1,167.
That’s a 9 percent rise on the same time last year, and a jump of 117 percent from its lowest level.
Three and four bed houses saw the largest rise here, increasing by 14 percent in the past twelve months.
Experts are also pointing out concerns about what they say is a low level of stock in terms of one and two bed houses and apartments throughout Clare.
The differences between renting a property and paying a mortgage on it here are also proving stark.
It costs around 623 euro per month on average to pay off a mortgage on a three bed property in Clare according to Daft, but to rent it would set you back €1,066 – more than 70 percent higher than the mortgage price.
Diarmuid McMahon from Sherry Fitzgerald McMahon Auctioneers based in Ennis, believes continued high prices rises in both the rental and purchasing sector of the market aren’t sustainable.
Listen back to the full interview here:
This county was one of just three markets analysed out of the 35 areas in the report that saw a rent price increase of less than 10 percent in the past year.
Economist and author of the Daft.ie report, Ronan Lyons, says rents in Clare aren’t likely to fall any time soon.
Read the full report here.
