High rate of property inflation is 'pricing young people out of the towns and villages they grew up in'

"The price of a typical home has now shot up by €30,000 in the last year, according to the Central Statistics Office (CSO). Property prices increased by 7pc in the year to January, up from the 6.9pc recorded in the year to last December. The median price of a dwelling purchased in the year to January was €389,986."

"Prices are up by 15pc in the Midlands as a shortage of homes to buy and people working from home has pushed up values. In the Border area, comprising the counties of Cavan, Donegal, Leitrim, Monaghan and Sligo, prices were up by 10.2pc in the year to January."

"The extent of house-price inflation in many rural areas continues to frustrate and cause despair for many locals as they are being increasingly priced out of their home towns and villages. Steep house price inflation in the Midlands and the Border counties has forced many of those seeking to buy in those areas further afield."

Irish property prices have accelerated, rising 7% in the year to January compared to 6.9% the previous year. The median home price reached €389,986, representing a €30,000 increase from January 2024. Regional disparities are significant: Dublin experienced 6.1% growth while areas outside Dublin saw 7.7% increases. The Midlands region recorded the highest inflation at 15%, driven by housing shortages and remote work trends. Border counties showed 10.2% price growth. These accelerating prices are creating affordability challenges, particularly for first-time buyers in high-demand rural areas, with many locals being priced out of their home towns.

Read at Irish Independent