MyHome Report: Kilkenny property prices fall by €5,000 in Q4

Property prices in Kilkenny have fallen by €5,000 during the final quarter of 2022, according to the latest MyHome.ie Property Price Report.

The report for Q4 2022, in association with Davy, shows that the median asking price for a property in the county is now €240,000. This means prices have risen by €15,000 compared with this time last year.

Asking prices for a 3-bed semi-detached house in the county rose by €10,000 over the quarter to €225,000. This means that prices in the segment have risen by €30,000 compared to this time last year.

Meanwhile, the asking price for a 4-bed semi-detached house in Kilkenny rose by €2,500 over the quarter to €312,500. This price is up by €30,000 compared to this time last year.

There were 331 properties for sale in Kilkenny at the end of Q4 2022 – an increase of 11.4% over the quarter.

The average time for a property to go sale agreed in the county after being placed up for sale now stands at nearly three months.

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The author of the Q4 Property Price Report, Conall MacCoille, Chief Economist at Davy, said that it appeared the market had held up better than anecdotal evidence had suggested in 2022. “The number of vendors cutting their asking prices is still at low levels. Also, transactions in Q4 were still being settled above asking prices, indicative of a tight market.

“There are 15,000 properties listed for sale on MyHome.ie, an improvement from the beginning of 2022 but below pre-pandemic levels exceeding 20,000. The average time to sale agreed in Q4 was just 2.7 months, still close to historic lows. We expect transactions will exceed €21bn in 2022, up 7.5% in volume terms on 2021.”

He added that even if mortgage interest rates rise to 4%, debt service ratios are unlikely to become stretched and there will be only a limited headwind to house prices.

But he warned that buyers were stretched to a degree not seen since 2009. “The average residential transaction in Q3 2022 was €370,000, now 7.7x the average income of €48,000. This is a similar valuation multiple to the UK, where house prices are now falling due to a surge in mortgage rates above 6%.”