Almost €360k for three-bed in Fingal
FINGAL HOMES ARE NOW FOUR TIMES THE PRICE OF THOSE IN CO. LONGFORD
THE average price of a three-bed semi-detached house in Fingal is now almost four times what it is in Longford, according to a new study.
In the first six months of this year the average price of a 3-bed semi-detached house in Longford was €90,000, while the North County Dublin price for a similar property is €358,000 according to a new Residential Property Price Barometer published by IPAV, the Institute of Professional Auctioneers & Valuers, which represents over 1,100 auctioneers and valuers throughout Ireland.
This compares with a price for a similar property of €511,667 in South County Dublin, the study finds. It covers prices achieved for homes sold and will be published every six months.
Pat Davitt, IPAV’S Chief Executive, said while the homeless numbers grow and second hand properties can be bought in several areas of the country for less that the cost of building them, some parts of the Dublin market are on the way to reaching or even topping the high levels last seen in 2007.
he said: ‘This is what happens when stock is so scarce with just a small number of the larger builders developing. Up to 50pc of purchasers are still buying properties without a mortgage.’
Mr Davitt said the forthcoming Budget is an opportunity for the Government to address some of the major impediments that are keeping the housing market in what he called ‘dysfunctional territory’.
He added: ‘The October Budget must bring radical new measures to rapidly increase housing supply, not piecemeal initiatives of which we’ve had an oversupply. Such must involve lowering three things - the cost of building, the cost of building finance and the myriad of local authority impediments to building.’
Mr Davitt called on the Government to retain the Help-to-buy (HTB) scheme, saying: ‘Last week’s comments by the Chief Executive of the Housing Agency to the effect that it’s very disruptive announcing things, starting and stopping them, were well made.
‘That has certainly been an issue impacting confidence in house building,
‘Any curtailment of the HTB scheme now would have a negative effect on housing supply and would further damage the rental market.
‘The scheme, however, should be extended to second hand properties outside of Dublin to help bridge the gap in house prices between second hand and new homes and so encourage builders to build outside of Dublin.’
Mr Davitt said that Irish interest rates are too high. He said: ‘Many with mortgages, particularly those taken out in recent years, will never have experienced interest rate increases. It may be new to them in 2018, especially given that the influential German economy is powering ahead.’
The average price for a three-bed semi in Fingal is €358,000.