ASKING PRICE INFLATION STABILISES
Property reportMyHome.ie report in partnership with
Q1 2019 Results
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1016343 DAVY PH2 Brian A4.indd 1 17/01/2019 11:09Property_Q1_2019.indd 2 29/03/2019 15:35
Angela KeeganManaging DirectorMyHome.ie In this issue
Commentary from Conall MacCoille, Chief Economist, Davy Research .........................................4 Property price register analysis
.....10Three bed semi-detached asking prices ............................................11
Dublin analysis .......................................12
Regional analysis .................................13 About the report .................................16
Q1 highlights ..........................................18
About the Davy Group ..................19
T he trend of downward house price inflation which was noticeable in the second half of 2018 has continued in the first quarter of 2019.According to our latest report the slowdown in price inflation was largely due to the Central Bank’s lending rules and unrealistic price expectations. As a result, a period of adjustment has taken place.
Interestingly the slowdown has not just been concentrated to Dublin but to the most expensive property types and areas. So while the median price of 4 bedroom detached homes in the capital have remained stable, the prices of two bedroom apartments across the city have increased by 8%.
While we cannot discount the possibility that uncertainties caused by Brexit have played some role in temporarily holding back prices, it doesn’t appear that these uncertainties are holding back transactional activity.
Residential transactions grew by 4% last year to 57,000 and we believe sales in the first couple of months of the year are also up 4%. While the number of new builds remains below natural demand, the fact that there are currently over 500 new housing developments listed on our site, shows the graph is moving in the right direction.The hope must be that a resolution to the Brexit impasse will be found in the coming weeks but until then we hope you will enjoy studying the findings of our latest report and our analysis of where the market is going.
‘My clients put everything into their business. I help them with the living part.’I know that building a successful business
is difficult and stressful at the best of times.
That’s why, as well as being a private client
adviser, my client relationships often evolve
into the role of confidant and friend. It’s my
job to help my clients focus on building a
successful financial life plan, to realise the
value of their life’s work.
BRIAN COX
Associate Director, Private Clients
J&E Davy, trading as Davy, is regulated by the Central Bank of Ireland. We take our responsibilities personally.
We believe it’s our personal approach that delivers the best
outcomes for our clients. Let’s start the conversation today.
Call us on 01 614 8778 or visit davy.ie/businessowner
1016343 DAVY PH2 Brian A4.indd 1 17/01/2019 11:09Property_Q1_2019.indd 3 29/03/2019 15:35
MyHome.ie Property Report: Q1 2019 | 4
Summary oflatest MyHome property reportConall MacCoille, Chief Economist, Davy Research
T he latest MyHome property report indicates that the slowdown in house price inflation will continue in early 2019. Asking price inflation is now just 3.3% nationally and 1.1% in Dublin (down from 6% and 3% respectively in Q4 2018). However, this slowdown does not reflect any softening in Ireland’s economic performance; rather, it appears that price expectations in early 2018 were unrealistic and a period of adjustment has taken place.
Notably, prices rose by 2% nationally and by 1.4% in Dublin in Q1 2019 compared with the previous quarter. This is in line with usual seasonal trends but still suggests a mid- to low-single-digit increase in prices is likely in 2019. We cannot discount the possibility that Brexit uncertainties have played some role in temporarily holding back prices.
The slowdown has clearly been concentrated in Dublin. In January, the Central Statistics Office’s (CSO) official measure of house price inflation was just 1.9% in the capital but 9.5% in the rest of Ireland. This isn’t surprising. At the beginning of 2018, the median loan-to-income (LTI) ratio among first-time buyers in the capital was already 3.5x, close to the regulatory threshold. The tightening of the Central Bank of Ireland mortgage lending rules was always going to be felt first in the capital.
Our analysis shows that the slowdown has been concentrated in the most expensive property types and areas. For example, the median asking price for four-bedroom detached houses in Dublin is flat on the year at €650,000. However, prices for one-bedroom apartments are up 10.5% on the year to €210,000.
There are few signs yet that Brexit uncertainties are holding back transactional activity. Residential transactions grew by 4% in 2018 to 57,000, or €17.3bn. There was little sign of any slowdown through the turn of the year. We estimate that transaction volumes in January and February 2019 were also up 4% on the same period of last year.
Liquidity in the housing market therefore continues to improve. There were 21,250 properties listed for sale on MyHome in March, up 13% on last year. This improvement has been particularly marked in Dublin, where 5,200 properties were listed for sale – up 35% on the 3,900 recorded this time last year.
Meanwhile, housing completions rose to 18,100 in 2018, with Building Control Management System (BCMS) commencement notices increasing to 22,500. However, housing supply remains well below natural demographic demand of at least 35,000 units.
We are also conscious that average earnings grew by 4.4% in the year to Q4 2018. Although the process of rising leverage in the mortgage market has largely played out, rising incomes should drive house prices from here. Hence, we still expect Irish house price inflation to see a 4% rise through 2019.
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MyHome.ie Property Report: Q1 2019 | 6
MyHome Asking prices Table 1
Source: MyHome.ie
Price (€)% change quarter-on-quarter
% change year-on-year
National (stock) 271,000 2.0% 3-3%
Dublin (stock) 380,000 1.4% 1-1%
Source: MyHome.ie
Asking price inflation continues to slow
The latest MyHome asking price data show a solid 2% increase in Q1 2019. The annual rate of asking price inflation is now only 3.3% nationally and just 1.1% in Dublin. The official CSO Residential Property Price Index (RPPI) data paint a similar picture, with annual inflation falling to 5.6% in January and to only 1% in Dublin. The MyHome asking price data indicate that this trend has further to run.
However, 2018 was clearly a year of two halves. Price inflation slowed as Central Bank of Ireland
mortgage lending rules led to expectations for price growth being reined in. Having increased sharply in H1 2018, asking prices fell back in Q3 and Q4 – in part due to the usual seasonal pattern but also perhaps because of unrealistic price setting early in the year.
Looking forward to 2019, the gap between housing demand and supply persists, wage growth has accelerated above 3% and the economy continues to perform well. Of course, Brexit is a key uncertainty but should be resolved in the near future. On balance, we still expect a mid-single-digit gain in Irish house prices of close to 4% through 2019.
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MyHome.ie Property Report: Q1 2019 | 7
Slowdown in the capital
In January, the RPPI showed that Dublin price inflation had slowed to just 1.9% – far slower than the 9.5% recorded in the rest of Ireland. This isn’t surprising given that the impact of the Central Bank of Ireland’s tighter lending rules was always going to be felt first in the capital.
The MyHome data show that within Dublin price inflation has moderated among the most expensive property types and areas, where
affordability is most stretched. For example, in Dublin south, the median price of four-bedroom detached houses has fallen by 0.6% over the past 12 months, whereas two-bedroom apartment prices are up over 8% across Dublin.
However, it is not clear that activity in the Dublin housing market has slowed to the same extent. Figure 4 illustrates transaction volumes across various price bands in the Dublin market. These show strong growth across all bands exceeding €300,000.
Median asking prices across Dublin Table 2
Transaction volumes in Dublin by price band Table 3
Source: MyHome.ie
Source: Property Price Register
Dublin south Dublin north Dublin west €000s Qoq % Yoy % €000s Qoq % Yoy % €000s Qoq % Yoy %
2-bed apartment 320 1.6% 8.3% 245 2.0% 8.7% 200 2.5% 7.9%
3-bed semi 400 0.0% 1.3% 335 3.0% 6.2% 270 1.9% 5.8%
4-bed semi 599 -0.7% 1.3% 450 0.1% 6.0% 350 0.0% 1.4%
4-bed detached 750 5.3% -0.6% 595 0.0% 1.7% 465 -1.7% -0.7%
2017 2018
0+ 420 329 -21.7%
100-200 2121 1679 -20.8%
200-300 4723 4588 -2.9%
300-400 4349 4755 9.3%
400-500 2280 2798 22.7%
500-600 1277 1429 11.9%
600-800 1411 1495 6.0%
800-1000 619 661 6.8%
1m+ 719 832 15.7%
Total 17919 18566 3.6%
Notably, the number of transactions on properties exceeding €1m rose by 16% in Dublin in 2018 – contradicting anecdotal evidence that trading at the top end of the market was thin
last year. The Central Bank of Ireland rules may have held back prices where affordability is stretched, but it is less clear that they have hurt transaction volumes.
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MyHome.ie Property Report: Q1 2019 | 8
Mortgage lending data show why slowdown is focused in DublinMortgage lending for house purchase grew by 13% in 2018 to €7.3bn. This represented 9.3% growth in lending volumes, over twice the 4% increase in total residential transactions. So despite some squeeze on the availability of exemptions to the 3.5x LTI limit, the reality is that Ireland’s housing market is being driven by healthy growth in mortgage lending.
Mortgage approvals of €672m in January were down 2.5% on the year. Similarly, the average mortgage approval for house purchase was €231,700, up just 2.6% on the year. This paints
a subdued picture of activity in early 2019. However, transaction data have shown stronger trends. In addition, there is still a large pool of undrawn approvals from 2018. Approvals for house purchase equalled €8.5bn, well in excess of actual lending of €7.3bn.
New Banking & Payments Federation Ireland (BPFI) data show why the slowdown in house price inflation has been concentrated in Dublin. In the final quarter of 2018, the median LTI ratio among first-time-buyers was 3.3x in Dublin and its commuter belt but 3x or below in other cities and in the rest of the country. Clearly, the impact of restrictions on loans that can exceed the 3.5x regulatory threshold was always going to be felt first in the capital.
3
Regional mortgage market indicators, Q4 2018, first-time buyers Table 4
Source: Banking & Payments Federation Ireland
Median Dublin Dublin Other Leinster Munster Connacht Nationalcharacteristics commuter cities /Ulster
Deposit 52,930 35,550 33,500 23,450 25,000 22,950 37,000
Income 83,892 72,401 66,532 59,518 58,802 55,033 70,561
House-price-to-income 4.0 3.8 3.5 3.3 3.4 3.2 3.7
Implied price 33051 274400 235522 195814 197575 174455 261076
Implied loan 280121 238850 202022 172364 172575 151505 224076
Implied loan-to-income 3.3 3.3 3.0 2.9 2.9 2.8 2.2
Implied loan-to-value 84% 87% 86% 88% 87% 87% 86%
Little sign of Brexit holding back transactions
We estimate that there were 57,000 residential transactions in 2018, worth €17.3bn. This represented 4% growth in volume and 16% in nominal terms. Notably, there was little sign of any slowdown at the turn of the year. We estimate transaction volumes in January and February 2019 were up 4% on the same period of 2018 – suggesting that Brexit has not held back homebuyers.There were 21,250 properties listed for sale on
MyHome in March, up 13% on last year. This improvement has been particularly marked in Dublin, where 5,200 properties were listed for sale – up 35% on the 3,900 recorded this time last year. The average time to sale agreed nationally rose to 4.8 months in Q1 2019 and to 3.9 months in Dublin. However, this pick-up is usual around the turn of the year, rather than signalling a muted slowdown in transactions.
These numbers primarily reflect second-hand homes. However, with 18,100 units completed in 2018, it is clear that new construction is starting to add to supply. There are currently 509 new housing developments listed on MyHome.
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MyHome.ie Property Report: Q1 2019 | 9
Homebuilding to exceed 20,000 units in 2019CSO data show that there were 18,072 housing completions in 2018. Within this total, there were 11,000 houses in developments, 2,370 apartments and 4,700 single homes. In addition, 794 unfinished homes not counted in the completions data were added to the ESB electricity grid for the first time.
The pick-up in homebuilding is likely to continue in 2019. BCMS data indicate that there
were 22,467 commencements in 2018, up from 17,572 in 2016. So growth of 20-25% in housing completions in 2019 now looks likely.
Planning permissions for 29,200 homes were granted in 2018. Of these, 14,500 were multi-unit developments, 9,200 houses and an additional 5,500 one-off homes. Of course, it may take time for activity to ramp-up to these levels, with capacity constraints in the construction sector delaying projects. Nonetheless, there is little doubt that homebuilding activity is still recovering.
Source: MyHome.ie
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MyHome.ie Property Report: Q1 2019 | 10
Property Price Register analysisThe pick-up in transactional activity in 2018 seems to have continued into 2019 despite the uncertainty of Brexit. Based on the Property Price Register, we estimate that there were 57,000 transactions in 2018, up 4% on 2017, worth €17.3bn. We also estimate that transaction volumes were up 4% in the first two months of 2019.
• So far, the Property Price Register indicates that there were 7,823 transactions worth €2.3bn in 2019.
• Taking into account that the register is not yet complete, we estimate there were 7,600 transactions in January and February, up 4% on the same period of 2018.
• We estimate that there were €17.3bn of transactions in 2018, or 57,000. This represents 4% volume growth, or 16% in nominal terms.
• There were 32,123 new mortgage loans for house purchase in 2018, indicating that ‘cash buyers’ accounted for 44% of transactions, down from 46% in 2019.
• The CSO transactions data indicated that ‘non-household buyers’ purchased 9,972 properties in 2018, representing 16% of transactions.
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THREE BED SEMI-DETACHED ASKING PRICES
MyHome.ie Property Report: Q1 2019 | 11
COUNTY ANALYSISMedian asking price Q1 2019% change Q1 2019 l Annual % change
Source: MyHome.ie
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DUBLIN ANALYSIS
The official RPPI data showed just 1.9% inflation in January. This is the slowest pace of inflation since 2012 when the recovery in the residential property market was in its infancy.
The slowdown is broad-based. According to the CSO data, house price inflation was 3.1% in Dublin City, 2.8% in Dun-Laoghaire Rathdown, 2.6% in Fingal and 4.0% in South Dublin.
However, the MyHome data indicate that asking prices rose by 1.4% in Q1 2019, a solid gain – albeit
likely given the usual seasonal pattern. Annual asking price inflation now stands at just 1.1%.
The slowdown appears to be concentrated in more expensive property types and locations. For example, the median asking price for four-bedroom detached houses in Dublin is flat on the year at €650,000. However, prices for one-bedroom apartments are up 10.5% on the year to €210,000.
Median asking prices across Dublin Table 2
Source: MyHome.ie
Dublin south Dublin north Dublin west €000s Qoq % Yoy % €000s Qoq % Yoy % €000s Qoq % Yoy %
2-bed apartment 320 1.6% 8.3% 245 2.0% 8.7% 200 2.5% 7.9%
3-bed semi 400 0.0% 1.3% 335 3.0% 6.2% 270 1.9% 5.8%
4-bed semi 599 -0.7% 1.3% 450 0.1% 6.0% 350 0.0% 1.4%
4-bed detached 750 5.3% -0.6% 595 0.0% 1.7% 465 -1.7% -0.7%
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MyHome.ie Property Report: Q1 2019 | 13
DUBLIN ANALYSIS REGIONAL ANALYSIS
REGIONMedian price Q1 2019% change Q1 2019
Source: MyHome.ie
WATERFORD CITY€129,0002.6%
LIMERICK CITY€195,0002.6%
GALWAY CITY€262,5005%
CORK CITY€249,000-0.4%
The median price on new instructions to sell in Q1 2019 was €265,000, up 1.9% on the year. Within this total, prices in Dublin were €350,000, up 1.4%; however, outside Dublin, prices were €215,000, up 2.4%. In the commuter belt counties, Wicklow saw a 6.7% rise to €320,000, Meath a 2% gain to €255,000 and Kildare a 4.2% increase to €249,000
LeinsterMany counties in Leinster are still seeing strong gains in asking prices. These include: Carlow (9.1%) to €185,000, Laois (16.5%) also to €185,000, Longford (10%) to €100,000 and Offaly (8.5%) to €179,000. The more expensive counties saw more sedate price moves. Louth saw a 5% rise to €205,000. Prices were flat on the year in
Kilkenny at €195,000. Westmeath saw a 7.7% rise to €180,000 and Wexford a 5.4% increase to €195,000
MunsterThe median asking price in Limerick was up 18% on the year to €195,000, by far the strongest increase across the province. In Limerick City, prices were up 26%. The median price in Cork was €235,000, up by 4% on the year, and was €249,000 in Cork City, up by 1.6%. Prices in Clare rose by 2.3% to €189,000 and by 5.7% in Kerry to €185,000. In Tipperary, prices rose by 8% to €165,000 but were flat in Waterford at €170,000. In Waterford City, the median price was €129,000 – up 8.4% on the year.
Connacht/UlsterRoscommon saw the sharpest price rises in Connacht, up 13.7% – albeit only to €129,000. Despite being more expensive, prices in Galway were still up by 9.5% to €230,000 and in Galway City by 9.4% to €262,500. Mayo saw a 7.4% rise to €155,000. Prices in Sligo were up 5% on the year to €145,000 and 4.5% in Leitrim to €120,000. Prices in Ulster were more subdued than in other provinces, perhaps reflecting the uncertainty caused by Brexit. In Cavan, prices were up 3.3% on the year to €155,000. In Donegal and Monaghan, median prices were flat over the past 12 months, both at €150,000.
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MyHome.ie Property Report: Q1 2019 | 14
County analysis: two-bedroom apartments
Quarterly change
Annual change
Two-bed apartments asking prices
Apartment prices are still seeing large double-digit gains across a range of counties. In Dublin, where affordability is clearly more stretched, prices rose by 4.5% on the year to €256,000 and by 5.5% in Wicklow to €250,000. In Kildare, prices rose by only 2.9% to €175,000 and by 11.5% in Meath to €170,000.
There are far sharper increases in those counties where prices are less stretched. For example, prices in Carlow rose by 40% to €105,000 and by 51% in Limerick to €128,500. However, a range of counties saw significant gains: Laois (+25%), Louth (13%), Offaly (20%), Sligo (14%), Waterford (11%) and Westmeath (27%).
Table 3
County
CarlowCavanClareCork DonegalGalwayKerryKildareKilkennyLaoisLeitrimLimerickLongfordLouthMayoMeathMonaghanOffalyRoscommonSligoTipperaryWaterfordWestmeathWexfordWicklowDublin
Q1 2019€
105,000
85,000
89,000
180,000
67,500
169,250
105,000
174,950
132,500
119,000
87,500
128,500
65,000
130,000
85,000
170,000
75,000
90,000
49,000
79,500
79,000
83,500
127,475
124,950
250,000
256,000
0.48%
8.63%
-1.11%
-2.70%
22.73%
-5.97%
5.00%
1.43%
1.92%
-0.83%
2.94%
7.08%
0.78%
4.00%
18.06%
3.03%
-11.76%
5.88%
10.11%
13.57%
3.27%
4.38%
-1.94%
2.02%
0.40%
2.40%
40.00%
9.75%
-1.11%
2.86%
50.00%
-3.29%
-11.95%
2.94%
6.00%
25.26%
40.00%
51.18%
6.12%
13.04%
-15.00%
11.48%
-11.76%
20.00%
0.00%
13.57%
17.47%
11.33%
27.48%
-2.76%
5.49%
4.49%
Source: MyHome.ie
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County analysis: two-bedroom apartments County analysis: four-bedroom, semi-detached
-3.90%
6.67%
8.35%
2.59%
8.30%
18.29%
0.00%
-0.90%
-11.34%
2.56%
23.71%
16.94%
0.00%
4.26%
10.22%
1.92%
-7.89%
2.78%
-1.00%
10.15%
9.38%
8.11%
10.26%
11.59%
2.00%
9.52%
Annual change
County
CarlowCavanClareCork DonegalGalwayKerryKildareKilkennyLaoisLeitrimLimerickLongfordLouthMayoMeathMonaghanOffalyRoscommonSligoTipperaryWaterfordWestmeathWexfordWicklowDublin
Q1 2019€
185,000
160,000
195,000
287,250
137,000
242,500
187,000
275,000
215,000
200,000
120,000
248,500
100,000
245,000
153,750
265,000
175,000
185,000
99,000
179,000
175,000
200,000
215,000
199,750
382,500
460,000
Quarterly change
0.00%
0.31%
-2.01%
0.79%
3.40%
3.41%
1.08%
-3.51%
-3.37%
2.56%
21.21%
3.54%
0.00%
5.38%
2.50%
0.00%
0.00%
0.82%
-9.17%
10.49%
0.00%
3.90%
1.19%
0.38%
2.00%
2.22%
Four-bed semi-detached asking prices
Prices for four-bed, semi-detached houses are showing signs of stretched affordability in some areas. Prices were up 1.3% in Dublin South and 1.4% in Dublin West but still saw a significant 6.0% rise in Dublin North. In Wicklow, prices were up 2.0% on the year to €382,500 and 1.9% in Meath to €265,000. In Kildare, the median price was down 0.9% on the year to €275,000.
However, there were still sharp annual gains in prices across a range of counties: Galway (18%), Leitrim (24%), Limerick (17%), Mayo (10%), Sligo (10%), Westmeath (10%) and Wexford (12%) all saw double-digit gains.
Table 4
Source: MyHome.ie
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MyHome.ie Property Report: The
Method
The trends presented in this report are based on actual asking prices of properties advertised on MyHome.ie with comparisons by quarter over the last eight years. This represents the majority of
properties for sale in Ireland from leading estate
agents nationwide. The series in this report have been
produced using a combination of statistical techniques.
Our data is collected from quarterly snapshots of active,
available properties on MyHome.ie. Our main indices have
been constructed with a widely-used regression technique
which adjusts for change in the mixture of properties for
sale in each quarter. Since the supply of property in
each quarter has a different combination of types,
sizes and locations, the real trends in property prices
are easily obscured. Our method is designed to reflect
price change independent of this variation in mix. For
detailed statistics at a local level, we also provide a
wide selection of median asking prices broken down
by county or by urban location. For analysis of the
Property Price Register prices were adjusted upwards to
account for VAT where necessary, and only full market
value prices were used.
ABOUT THE REPORT
Graham is an independent financial analyst who specialises in investment consulting services. He previously managed portfolios for an international mutual organisation in London with over £14 billion in assets under management and one million members across Canada, the US and the UK. He has eight years of financial marketplace experience, holds a degree in mathematics from Trinity College Dublin, and is a CFA Charterholder (Chartered Financial Analyst).
Graham Neary, CFA, Dublin
MyHome.ie Property Report: Q1 2019 | 16
“Irish housing market liquidity continues to improve”
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MyHome.ie Property Report: Q2 2015 | 17
RAW DATA Q1 2006 - Q1 2019 Table 7
RAW DATA Q1 2007 - Q1 2019
MyHome.ie Property Report: Q1 2019 | 17
INDICESNationalDublin New2nd Hand
% ChangeNationalDublin New2nd Hand
Standard PriceNationalDublin New2nd Hand
INDICESNationalDublin New2nd Hand
% ChangeNationalDublin New2nd Hand
Standard PriceNationalDublin New2nd Hand
RAW DATA Q1 2006 - Q1 2019 Table 8 Q4 201363.2363.1071.4163.22
Q4 2013-0.89%0.55%-2.58%-0.82%
Q4 2013189,086241,392191,266192,071
Q2 201463.6166.7568.1163.82
Q2 20141.32%4.45%-2.25%1.60%
Q2 2014190,216255,362182,449193,878
Q4 201464.9170.2764.2065.35
Q4 20140.59%2.19%0.10%0.66%
Q4 2014194,089268,816171,963198,543
Q2 201567.4873.7167.0068.00
Q2 20151.71%2.31%1.65%1.80%
Q2 2015201,798281,958179,452206,581
Q4 201568.5774.7467.0469.01
Q4 20150.00%-0.06%-1.48%-0.08%
Q4 2015205,031285,921179,557209,639
Q2 201671.1477.4372.1971.60
Q2 20162.47%2.03%4.91%2.47%
Q2 2016212,725296,190193,352217,527
Q4 201671.8878.1476.4272.21
Q4 20160.13%0.51%0.89%0.04%
Q4 2016214,931298,912204,697219,379
Q2 201775.0681.9781.1075.39
Q2 20172.80%3.18%5.04%2.79%
Q2 2017224,452313,586217,239229,034
Q4 201776.3283.0986.6376.53
Q4 20170.12%-0.36%4.30%-0.06%
Q4 2017228,225317,842232,044232,513
Q4 201881.5487.8093.1881.71
Q4 20180.34%0.25%1.27%0.30%
Q4 2018243,818335,869249,593248,236
Q1 201982.7188.8394.3182.78
Q1 20191.44%1.17%1.21%1.30%
Q1 2019247,328339,813252,602251,476
Q4 2006138.57139.24134.67139.23
Q4 20061.28%-0.28%0.56%1.42%
Q4 2006414,374532,642360,714422,990
Q4 2007 136.30134.64136.16136.43
Q4 2007 -0.21%-1.36%-0.88%-0.12%
Q4 2007 407,565515,053364,713414,468
Q4 2008 122.08118.40124.59121.84
Q2 2009112.90107.03114.14112.69
Q4 2008 -2.96%-4.37%-2.66%-3.00%
Q4 2008 365,057452,921333,730370,139
Q2 2009-1.48%-2.33%-0.61%-1.59%
Q2 2009337,603409,448305,716342,343
Q4 2009104.2596.76105.95104.02
Q4 2009-3.54%-4.11%-3.74%-3.45%
Q4 2009311,727370,137283,795316,019
Q2 201097.4188.7797.0197.32
Q2 2010-3.37%-4.52%-4.27%-3.31%
Q2 2010291,278339,598259,845295,657
Q4 201090.5982.0791.8890.33
Q4 2010-3.24%-3.39%-3.44%-3.16%
Q4 2010270,886313,965246,108274,429
Q2 201183.4074.8287.8882.91
Q2 2011-3.99%-5.22%-0.58%-4.27%
Q2 2011249,385286,227235,400251,893
Q2 201270.7861.6982.2570.18
Q2 2012-3.23%-4.72%-1.21%-3.16%
Q2 2012211,651235,983220,314213,214
Q4 201267.1661.6478.0766.76
Q4 2012-2.94%-1.64%-3.22%-2.83%
Q4 2012200,836235,787209,114202,806
Q4 201178.8070.0285.8078.17
Q4 2011-2.36%-2.76%-0.91%-2.47%
Q4 2011235,642267,865229,809237,474
Q2 201364.7162.2273.8164.54
Q2 2013-1.93%0.98%-2.43%-1.76%
Q2 2013193,488238,013197,699196,058
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MyHome.ie Property Report: Q1 2019 | 18
Q1 Highlights
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MyHome.ie Property Report: Q1 2019 | 19
ABOUT THE DAVY GROUP
Established in 1926, the Davy Group is Ireland’s leading provider of wealth management, asset management, capital markets, and financial advisory services. Davy is headquartered in Dublin, with offices in London, Belfast, Cork and Galway. Employing over 680 people, Davy offers a broad range of services to private clients, small businesses, corporations and institutional investors, and organise its activities around four interrelated business areas – Wealth and Asset Management, Capital Markets, Corporate Finance and Research. Davy’s Wealth and Asset Management business manages over €14 billion on behalf of Irish and international clients*. Davy is Ireland’s leading wealth manager providing a financial planning led private client service backed up by global investment portfolios driven by a proprietary investment process.
As the leading broker in the Irish market, we accounted for over 44%** of all dealings in Irish
equities on the Irish Stock Exchange in 2017. Davy is a primary dealer in Irish Government Bonds and acts as arranger on most Irish corporate bond issues. We advise 69%** of companies on the Irish Stock Exchange, including 7 of Ireland’s top 10 listed companies*. We are Ireland’s leading ESM and AIM adviser, representing approximately 77% of companies quoted on the ESM market**, and 13 companies quoted on the AIM market of the London Stock Exchange***. Davy is responsible for over 70% of funds raised on the Irish Stock Exchange between 2015 and 2017 and has been consistently recognised by the world’s top names in financial services for the quality of research and service.
* Data correct as of September 2018** Source: Irish Stock Exchange*** Source: London Stock Exchange
Q1 Highlights
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