House prices in Louth up by 12%

THE rise in Louth house prices rose well above the national average of 8% during 2016, according to the latest House Price Report released today by Ireland’s largest property website, Daft.ie.

In Louth, prices in the final three months of 2016 were 12% higher than a year previously.

But the rapid rise in average asking prices in Louth over the last two years has shown signs of slowing as in the same period last year there was a 13% increase.

The national average asking price in the final quarter of 2016 was €220,500, compared to €204,000 a year ago and €164,000 at its lowest point.

The gap between house prices in Dublin and the rest of the country, including Louth has also narrowed as in the capital prices have risen by an average of €102,000 – or 46.2% - from their lowest point in mid-2012. Outside the capital, the average increase has been €48,000, or 36%, since the end of 2013.

The average house price in Louth is now €185,000, 45% above its lowest point.

Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: ‘While prices edged back in many markets in the final three months of the year, this comes after some very sizeable increases in earlier quarters, particularly outside Dublin.

Overall, the market continues to be characterised by strong demand, coupled with very weak supply – both of new and second-hand homes. This year has seen a number of measures that will serve to stimulate demand.’