Over half of house buyers in Louth came from outside the county

Over half of those who bought a house in Louth during the past three months were from outside the county, according the the latest survey by Real Estate Alliance..

The survey also found that the price of the average second-hand three-bed semi in County Louth has increased to €270,000, up 0.9pc from €267,500 in the last three months.

A total of 8% of sales in the county this quarter were attributed to landlords leaving the market.

The majority of purchases, 72pc were first-time buyers and 55pc of purchasers were from outside of the county.

“There is a shortage of second-hand residential stock on the market, and the inability to upsize to larger homes is particularly affecting the market,” said Darina Collins of REA O’Brien Collins, Drogheda.

In Drogheda, average prices rose by 1.8% this quarter to €290,000, while the average price in Dundalk was unchanged this quarter at €250,000.

“There is a shortage of second-hand residential stock on the market, and the inability to upsize to larger homes is particularly affecting the market,” said Darina Collins of REA O’Brien Collins, Drogheda.

“We are currently seeing an understocked market,” said Michael Gunne of REA Gunne Property, Dundalk.

The actual selling price of a three-bed, semi-detached house across the country rose by 1.3pc in the first quarter to €308,235.

The REA Average House Price Index concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Time taken to reach sale agreed nationally is steady at five weeks as historically low supply continues to drive sales

“There continues to be strong demand throughout the country as buyers compete for the lowest supply of residential property in two decades – despite the high level of values and interest rates,” said REA spokesperson, Barry McDonald.