CSO Residential Property Price Index – February 2016 & Overall figures:
- The above stats are for Mortgage Transactions only as Cash Transactions are still not included.
Per the official PPR there were 48, 395 Property Purchases Q1 2015-Q4 2015 as at 30/3/16.
Per BPFI there were 26,034 Mortgage Drawdowns Q1 2015-Q4 2015. See here for details viewtopic.php?f=4&t=26451&p=814001
Therefore 46.2% of all Sales were Cash purchases in the period Q1 2015-Q4 2015. This figure will increase as the PPR is updated during 2016.
This compares to 50.6% cash sales in 2014 and 52.2% in 2013.
Every CSO report from February 2013 to February 2016 has stated “The CSO is currently examining Stamp Duty returns to the Revenue Commissioners, made via the Revenue Online Service (ROS), with a view to assessing both the extent of cash-based full market price transactions and any potential bias in the RPPI that might accrue from their exclusion.”
We still await the results of this obviously in-depth report.
The number of transactions per quarter is still not disclosed by the CSO, despite the new Property Price Register being available since 30 Sep 2012. So if there are relatively few sales in that period, this can lead to large drops or rises, thus skewing the results.
This index, based on mortgage draw-down data from IBF member banks, is a lagging indicator of the Irish mortgage market. These houses were probably Sale Agreed 3-6 months ago, depending on how long it took for the sale to go through. So it may no longer be reflective of current market conditions.