House prices ex­pected to rise by eight per cent

Wicklow People (Arklow) - - NEWS -

THE price of a four-bed semi de­tached house in Wick­low rose by four per cent last year, ac­cord­ing to fig­ures from MyHome. ie. The prop­erty web­site’s re­port for the fi­nal quar­ter of 2017 also pre­dicts that house prices na­tion­ally will in­flate by a fur­ther eight per cent this year.

This will be on top of a ten per cent rise in house prices last year.

The av­er­age ask­ing price for a three-bed semi-de­tached house in Wick­low now stands at €293,000. The only county with a higher av­er­age ask­ing price is Dublin.

Me­dian ask­ing prices rose in most Le­in­ster coun­ties but more ex­pen­sive ar­eas like Wick­low saw more mod­est gains. Me­dian ask­ing prices in the county rose by 1.4 per cent year on year to €299,000. The me­dian ask­ing price for new sales na­tion­ally was €242,000 in the fi­nal quar­ter.

While house prices are ex­pected to con­tinue to rise again this year, it should oc­cur at a slightly slower pace due to a tight­en­ing of the Cen­tral Bank lend­ing rules, the re­port states.

The Manag­ing Direc­tor of MyHome.ie An­gela Kee­gan said that hous­ing mar­ket trans­ac­tions grew by ten per cent in 2017 which was a pos­i­tive de­vel­op­ment.

‘While the in­crease in trans­ac­tions – it should come in around 55,000 for 2017 – is wel­come the over­all pic­ture is that of an illiq­uid mar­ket hin­dered by the lack of fresh hous­ing sup­ply. If the Ir­ish mar­ket was func­tion­ing prop­erly we would be see­ing around 90,000 trans­ac­tions per year. At the end of the year the num­ber of prop­er­ties listed for sale had fallen to just 18,900. This is a fresh record low, down 9.4 per cent on the year.’

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