Survey reveals drop in local property prices

The average price of a three-bed semi-detached home in Longford is �75,000.
A new survey has revealed that property prices in Longford have yet to show signs of recovery.

A new survey has revealed that property prices in Longford have yet to show signs of recovery.

The latest MyHome.ie Property Barometer survey, which analyses trends in the market for the last quarter of 2013, shows that the average price of a three-bed semi-detached home in the county has dropped by 11.8 per cent since the last survey, which equates to an average of €75,000.

This figure represents a 65.1 per cent drop in value from peak prices during the property boom.

Neighbouring counties Cavan and Leitrim both saw increases of 3.9 per cent, while Roscmomon saw a rise of 6.9 per cent. Average prices in Westmeath experienced a marginal drop of 0.1 per cent.

Meanwhile, the average asking price for a four-bed semi-detached property in Co Longford has remained static at €120,000, as did Cavan, Roscommon and Westmeath, although Leitrim experienced a fall of 7.8 per cent in the average asking price.

The trends presented in the MyHome.ie report are based on the actual asking prices advertised in the website’s property listings, with comparisons by quarter over the last eight years.

Meanwhile, according to Daft.ie Longford house prices in Q4 2013 were 4% lower than a year previously, compared to a fall of 8% seen a year ago. The average house price is now €110,000, 61% below peak levels.