House prices rise by 5.9% in County Longford

House prices rise by 5.9% in County Longford

House prices in County Longford have risen by 5.9 per cent in the first quarter of 2016, according to the latest House Price Report released by property website Daft.ie.

Prices in the county were more than five per cent higher between January and March 2016 than they were during the same period last year. The average price of a house in Longford now stands at €100,000, which is 19 per cent above its lowest point.

Nationally, the average price during the first quarter was €210,000, up from €198,000 a year ago. At its lowest point, the average price had been just €168,000. In Dublin, prices have risen by €91,000 – or 41 per cent – on average from their lowest point in 2012. Beyond the capital, the average increase has been €37,500 (28 per cent), since the end of 2013.

The total number of properties for sale at any one time continues to drop, with less than 24,000 on the market at present – the lowest level since February of 2007.

“It is interesting to note that in year-on-year terms, prices are now falling in five Dublin markets – Dublin 2, Dublin 6, Dublin 16, Dublin 18 and South County Dublin. These are some of the most expensive markets in the country and show the effectiveness of the Central Bank rules,” said the author of the report, Daft.ie's Ronan Lyons.

“Nonetheless, across the country, prices continue to rise, because the increase in population each month is not being matched by an increase in new homes. Addressing the shortage of supply – in particular the high cost base on construction – must a top priority for the new Government.”