Sligo experiences big house price rise
ECONOMIC growth spreading to the regions would appear to be responsible for a faster pace of growth in house prices for the second half of 2017. However, much of it is coming from a low base, with many properties still selling for less than the cost of building them, according to Pat Davitt, Chief Executive of IPAV, the Institute of Professional Auctioneers & Valuers.
He was commenting on his organisation’s latest Residential Property Price Barometer. He says in such areas prices will have to rise above this level before builders will find it viable to construct new properties.
“Sligo experienced the fastest pace of growth in the second half of 2017 with a 25.26pc increase over the year, bringing the price of a three-bed semi to €145,000, substantially below the cost of construction,” he said. Six counties had an average price of less than €134,000. Meanwhile, Daft.ie says rents in Sligo were on average 8.2% higher in the final three months of 2017 than a year previously. The average advertised rent is now €675, up 30% from its lowest point.