House prices expected to rise by eight per cent

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.’