Surge in house prices continues as average in Drogheda now €200,000
THE average price of a three bedroom semi-detached house in Louth now stands at €200,000, it has been revealed.
According to a national survey carried out by Real Estate Alliance, prices in Louth are continuing to rise, up by 8.1% in the last 12 months.
And after prices increased by 2.6% between September and December 2017, local agents are predicting that property values will rise by 7% in the county in the coming year.
The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the threebed semi, giving an up-to-date picture of the property market in towns and cities countrywide. ‘ The three-bed semi is in short supply with demand resulting in bidding and properties achieving over the market value,’ according to Darina Collins of REA O’Brien Collins in Drogheda, where prices rose by 2.3% in Q4 to €220,000.
The figures show prices in Drogheda remain substantially higher than Dundalk where the average cost of a three bedroom house is €180,000.
The average semi-detached house nationally now costs €225,806, the Q4 REA Average House Price Survey found – a rise of 1.8% on the Q3 figure of €221,861.
Overall, the average house price across the country rose by 11.3% over the past 12 months – compared to 7.7% nationally in 2016.
The survey also found that agents throughout the country expect prices to rise by 7.5% on average in the next 12 months.
‘ The heated market that we saw throughout much of 2017 has cooled somewhat and we are now in a period of more certainty,’ said REA spokesperson Healy Hynes. ‘A lack of supply is still the main driver of the market, with listings of second hand properties at a low level around the country.