Brexit uncertainty impacting on property market but Louth sales exceed €270m

UNCERTAINTY over the outcome of Brexit negotiations is impacting the property market, especially at the upper end, according to Angela Keegan, Managing Director of the property website MyHome.ie

‘ That uncertainty is hitting the upper end more I think, while the impact of the tightening of the Central Bank lending rules and an increase in stock means house price inflation generally, is slowing around the country.’

She made her comments as an analysis of data from the Property Price Register by MyHome.ie showed that there were 1,303 sales recorded in Co Louth by December 5th, which is well on course to surpass the 1,366 transactions in the county in 2017.

Property sales in the county amounted to €270.4 million so far this year.

The biggest amount paid for a one-off property transaction was €1,050,000 for Rathbran House in Collon, a four bed family home, which boasts views of six counties.

Other large one-off sales included San Goretti on the Dublin Road in Drogheda which sold for €890,000 in January, Rockfield House in Rockmarshall, which sold for €850,000 in February, Knockabbey Castle in Louth Village, which sold for €800,000 in May and Dunard on Chapel Pass, Rock Road, Blackrock, which sold for €731,150 in March.

‘I think 2018 will be remembered as the year when the stock of both new builds and second-hand homes turned the corner,’ said Ms Keegan. ‘Second-hand stock nationally is up 6% while the number of new home schemes continues to rise.’

She noted that in the first three months of the year, asking prices nationally were up 9.5%. By the end of third quarter, the rate of inflation had slowed to 5.9% year on year. ‘

Double or high single digit inflation is not sustainable so the current trend is positive for the property market as a whole.’