Growth in house prices across Louth levelling off say Real Estate Alliance

The price of the average three-bed semi in County Louth rose by rose by 3.7% to €210,000 between March and June, according to a national survey carried out by Real Estate Alliance.

Louth prices rose 7.7 % in the last 12 months, the REA Average House Price Survey found. The 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 second-hand property market in towns and cities countrywide to the close of last week.

‘ The market has slowed, with reduced viewings. Sales are still happening, but not at the previous rate,’ said Darina Collins of REA O’Brien Collins in Drogheda, where average prices are €230,000 (+2.2% in Q2).

The survey also finds that the average time taken to sell a three-bed semi in Drogheda has increased from 6 to 8 weeks in the second quarter of 2018.

‘Demand is good, but, first-time buyers prefer a new-build,’ said Michael Gunne of REA Gunne Property in Dundalk, where the average threebed semi is now selling at €190,000, up 5.6% in three months.

The average semi-detached house nationally now costs €232,441, the Q2 REA Average House Price Survey has found – a rise of 1.5% on the Q1 2018 figure of €229,111. Overall, the average house price across the country rose by 8% over the past 12 months – indicating that the market is continuing to steady after an 11.3% overall rise in 2017.

The rate of increase in second-hand three-bed semi-detached home prices in Dublin city and county was just 0.8% in the last three months, with prices falling slightly in one suburb.

The commuter counties continued their recent steady growth with a 1.7% increase in Q2, with the average house now selling for €246,278 – a rise of €4,000 on the first three months of the year.

The country’s major cities outside Dublin recorded a combined Q2 rise of 1.5%, with an average three-bed semi costing €247,500.