Is an Irish recovery on the way?

House prices rose over the last year.

According to figures released this week by the Central Statistics Office, Irish property prices rose by 1.2 per cent in the year to June 2013.

This is the first annual increase since January 2008.

It is expected that this increase will encourage buyers who were on the sidelines to enter the market, prompting hopes that a recovery will get under way.

However, despite the rise, it should be noted that Irish property prices are still 50 per cent lower than they were at their peak in September 2007.

Over this same period the Euro, which has been used as the currency in Ireland since 1999, has depreciated by 11 per cent against the US dollar which means the drop in US dollar terms is even higher at 60 per cent. This is significantly worse than UK and US markets which are 34 per cent and 29 per cent below peak as of June 2013 (in US dollar terms).

Ireland’s economy was one of the worst hit in the EU. GDP dipped for 3 straight years (2008, 2009 and 2010) before recovering slightly in 2011 and 2012. This of course followed a period of extremely strong growth between 2000 and 2007 when GDP growth averaged over 5.0  per cent per annum.

In Dublin, residential property prices grew by 1.7 per cent in June and were 4.2 per cent higher than a year ago. 

Interestingly, the prices of Dublin homes valued at more than €500,000 increased by significantly more than lower priced properties over the past 12 months.

The average price of a second hand home in the capital is now €279,000 according to Douglas Newman Good (DNG).

Photograph: Getty Images

Andrew Amoils is a writer for WealthInsight

Photo: Getty Images
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Responding to George Osborne's tax credit U-turn should have been Labour's victory lap

He changed the forecast, we changed the weather. But still it rains.

The Labour Party should have rested on its laurels in the Autumn Statement. While Gideon name checked his Tory colleagues for their successful lobbying, he should have been reading out the names of Labour members who changed his position.  I'll let the Tories have the potholes, (even though it was in Labour manifesto) but everything else was us. 

He stopped his assault on tax credits. Not because he woke up in his mansion in a cold sweat, the ghost of Christmas Future at the foot of his bed, ringing out the names of the thousands and thousands of children he would plunge into poverty. Nah, it's not that. It's as my sons might say "no way George, you got told!" The constant pressure of the Labour Party and a variety of Lords in a range of shades, supported by that media we are all meant to hate, did for him. It's the thousands of brilliant people who kept the pressure up by emailing politicians constantly that did it. Bravo us, boo nasty George!

As Baron Osborne thanked the Tory male MP for his brilliant idea, to spend the Tampax tax on women's services, I wanted to launch a tampon at his head. Not a used one you understand, I have some boundaries. He should have credited Paula Sheriff, the Labour MP for making this change. He should have credited all the brilliant women's groups, Yvette Cooper, Stella Creasy, Caroline Lucas and even little old me, for our constant, regular and persistent pestering on the subject of funding for refuges and women's services. 

On police cuts, his side should not have cheered him at all. We are now in a position when loud cheers are heard when nothing changes. So happy was his side that he was not cutting it, one can only conclude they really hate all the cutting they do. He should not have taken a ridiculous side swipe at Andy Burnham, but instead he should have credited the years and years of constant campaigning by Jack Dromey. 

I tell you what Georgie boy can take credit for, the many tax increases he chalked up. Increases in council tax to pay for huge deficit in care costs left by his cuts. Increases in the bit of council tax that pays for Police. Even though nothing changed remember. When he says levy or precept it's like when people say I'm curvy when they mean fat. It's a tax. 

He can take credit for making student nurses pay to work for free in the NHS. That's got his little privileged fingers all over it. My babies were both delivered by student midwives. The first time my sons life was saved, and on the second occasion my life was saved. The women who saved us were on placement hours as part of their training, working towards their qualifications. Now those same women, will be paying for the pleasure of working for free and saving lives. Paying to work for free! On reflection throwing a tampon at him is too good, this change makes me want to lob my son's placenta in his face.

Elsewhere in Parliament on Autumn Statement day Jeremy Hunt, capitulated and agreed to negotiate with Student Doctors. Thanks to the brilliant pressure built by junior doctors and in no small part Heidi Alexander. Another disaster averted, thanks to Labour.

I could go on and on with thanks to charities, think tanks, individual constituents and other opposition MPs who should have got the autumn cheers. We did it, we were a great and powerful opposition, we balanced the pain with reality. We made Lord sorry the first Lord of the Treasury and his stormtroopers move from the dark side. We should have got the cheers, but all we got was a black eye, when a little red book smacked us right in the face.