House prices in Louth set to rise

THE price of the average three-bed semi in Louth rose by 8.1% to €200,000 in the last 12 months, according to a national survey carried out by Real Estate Alliance.

Local agents are predicting that property values will rise by 7% in the county in the coming year.

The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide.

‘We believe the shortage of suitable family homes will continue to drive property values up,’ said Michael Gunne, REA Gunne Property in Dundalk where prices rose by 2.9% in the forth quarter of 2017 to €180,000. ‘ Demand is coming from first-time buyers who are priced out of new homes.’

‘ The three-bed semi is in short supply with demand resulting in bidding and properties achieving over the market value,’ according to Darina Collins of REA O’Brien Collins in Drogheda.

The average semi-detached house nationally now costs €225,806, the Q4 REA Average House Price Survey found – a rise of 1.8% on the Q3 figure of €221,861. Overall, the average house price across the country rose by 11.3% over the past 12 months – compared to 7.7% nationally in 2016.

The commuter counties returned a restricted growth of 1.5% in Q4, and 10% overall for the year, following a relatively static 2016, with the average house now selling for €229,300.

Agents expect prices to rise by 7.5% on average in the next 12 months. ‘ The heated market that we saw throughout much of 2017 has cooled somewhat,’ said REA spokesperson Healy Hynes.