House Price Inflation Climbs to 5% as Existing Home Turnover Falls to Weakest Level Since 2014

House Price Inflation Climbs to 5% as Existing Home Turnover Falls to Weakest Level Since 2014

MyHome report finds stronger price growth despite affordability pressures, while low supply of existing homes continues to fuel competition

7 July 2026 | 📧 editor@ipropertyradio.com

House asking prices accelerated during the second quarter of 2026 despite ongoing affordability pressures, with buyers continuing to compete strongly for a limited supply of homes, according to the latest MyHome Property Report, published in association with Bank of Ireland. 

The report shows annual asking price inflation increased to 5.0% nationally, with prices rising 4.5% in Dublin and 5.4% across the rest of the country. Nationally, the median asking price reached €395,000, while the median asking price in Dublin rose to €495,000 and outside the capital to €350,000. 

On a quarterly basis, asking prices increased by 4.3% nationally, 3.8% in Dublin and 4.7% elsewhere, indicating sellers remained confident heading into the traditionally busy summer market despite signs that mortgage affordability is becoming more stretched. 

The report highlights that competition among buyers remains intense. During May and June, homes were selling for an average of 7% to 8% above their original asking price, while in Dublin the median premium reached 9% to 10% above asking. Nationwide, 40% of properties sold for at least 10% above asking price, while almost one in five homes (18.5%) sold for 20% or more above asking. 

However, the report also points to evidence that overall house price growth has moderated in official transaction data. The Central Statistics Office’s Residential Property Price Index (RPPI) increased by 6.2% year-on-year in April, but prices rose by just 0.2% between December 2025 and April 2026, representing the slowest start to a year since 2020. 

While supply has improved, the market remains constrained. There were 14,200 properties listed for sale on MyHome in June, up from 12,600 a year earlier, while 18,900 new properties had been listed during the first half of 2026, representing a 1.3% annual increase. 

Despite this increase, liquidity in the existing housing market remains historically low. The report estimates that only 2% of Ireland’s 2.2 million housing stock changes hands each year, the weakest turnover rate since 2014, meaning the average home is sold only once every 50 years. Existing home transactions fell 2.7% during the first four months of 2026, even as sales of newly built homes increased 17%. Overall residential transactions rose 2.9%, driven entirely by new housing supply. 

The report suggests that many homeowners remain reluctant to sell because of concerns about securing another property, while the high cost of retrofitting older homes may also be discouraging moves. 

Mortgage data also points to affordability pressures emerging. The average mortgage approval for house purchase reached €345,700 in April, representing annual growth of 2.7%, compared with growth of 7.2% during 2025. Central Bank data shows the average first-time buyer had an annual income of €95,000 in 2025, with a typical 20% deposit and a loan-to-income ratio of 3.5 times income. Average earnings increased by 4.4% year-on-year in the first quarter of 2026, broadly matching house price inflation. 

The report also highlights potential changes arising from recent rental market reforms. The Residential Tenancies Board recorded 7,062 notices of termination during the first quarter of 2026, a 50% increase year-on-year. If landlords who intend to sell proceed with those sales, the report estimates this could increase housing market liquidity by around 5%, although it would also reduce the availability of rental accommodation. 

Looking ahead, the report is increasingly optimistic about housing delivery. Following 7,856 completions during the first quarter and 11,000 housing commencements between January and April, Bank of Ireland now considers 40,000 housing completions in 2026 to be a realistic outcome, above its earlier forecast of 37,500 homes. 

Regionally, asking prices continued to rise across much of the country. Among the cities, Galway recorded the strongest annual increase at 6.9%, followed by Waterford (5.4%), Cork (4.5%) and Limerick (4.3%). At county level, Mayo and Roscommon recorded the fastest annual growth at 12.5%, while Cork increased 7.7%, Galway 7.0% and Wexford 8.5%.