House prices in Louth rise by 8.3%

LATEST FIGURES SHOW AVERAGE HOUSE PRICE IN LOUTH IS NOW €195,000

THE price of the average three-bed semi in County Louth has risen 8.3% to €195,000 in the last year, according to a national survey carried out by Real Estate Alliance.

The REA Average House Price 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 property market in towns and cities countrywide to the close of last week.

In Drogheda, prices have risen 4.9% in the last year to €215,000 while Dundalk has seen a 12.9% increase to €175,000 in the same period.

‘ Three-bed semis are in short supply with demand resulting in bidding and properties achieving over the market value. The higher price bracket for 4-5 bed detached homes remains slow,’ said Michael Gunne from REA Gunne in Dundalk.

‘We are seeing an increase in the number of commuter-buyers and the help-to-buy scheme is helping first-time buyers in new homes developments,’ said Darina Collins from REA O’Brien Collins.

There were no increases in semi-detached house prices recorded over the past three months in either Drogheda or Dundalk.

The average semi-detached house nationally now costs €221,843, the Q3 REA Average House Price Survey has found – a rise of 3.1% on the Q2 figure of €215,269.

Overall, the average house price across the country has risen by 11.2% over the past 12 months – just under twice the 6% increase registered to the full year to September 2016.

The average three-bed semi-detached home in Dublin city has jumped in value by €17,000 in the three months to the end of September, and now costs €431,500.

‘Supply is the main driver of these continuing price rises with our agents reporting that the volume of listings are down around the country,’ said REA spokesperson Healy Hynes.

‘In what is becoming a vicious circle, families looking to trade up are not seeing the larger homes becoming available while empty nesters looking to downsize do not have a ready supply of smaller homes emerging on the market.’

‘ To complete the equation, first-time buyers are not seeing the three-bed semis coming through in sufficient numbers.”

The commuter counties continued to rebound after a relatively static 2016 and saw an increase of 2.7% this quarter, with the average house now selling for €229,300.

The slowest growth nationwide was registered in the main cities outside of Dublin, as while Galway at €255,000 (up 4.1%) and Limerick at €190,000 (up 2.7%) showed growth, Cork city prices remained static over the three-month period, and just 5.1% up on the year.

Smaller rural towns situated outside of Dublin, the commuter belt and the major cities out-performed the national index with prices rising by an average of 2.8%.