Republished courtesy of japlandic.
Notes on the data: the number of houses sold isn’t factored, just the total sales price for 6 months. The volume of sales are so low at the moment that any houses at the far end of the bell curve will skew the picture. The thing that made japlandic doubt the Daft figures is the numbers for volume and value of mortgage approvals have been constantly falling – so rising prices are not being facilitated by bank lending. It would seem cash sales is the only other financing that can drive prices higher – and these are only captured in the Property Price Register, all other property stats available don’t capture cash sales. More expensive properties could skew the data – but the most significant factor at the moment is cash sales – and these aren’t being properly tabulated anywhere. Thanks to japlandic for that.
The newspaper treatment is at best an overly positive framing of the property market with inconclusive data. At worst and probably most likely it is business as usual for the Irish press, in the week of back slapping over the anglo tapes it is worth remembering the structural role the print media has played and continues to play in the Irish economic crisis CMR.