Longford house prices show fastest growth in country

Longford house prices show fastest growth in country

House prices in Longford grew at the fastest level in the country in 2016, with three-bed semis increasing by 41.8%, a national estate agents' survey has found.

The Real Estate Alliance Average House Price Survey revealed that prices in Longford had increased €55,000 to €78,000 over the past year.

The rise of over 40% compares with a national increase of 7.7%, but takes place off a very low price base and the background of a dwindling of excess housing stock in the county.

That shortage of supply will drive a continued rise of 15% in house prices in Longford throughout 2017, REA agents have predicted.

“We predict that prices will rise to €90,000 in 2017 as Longford leaves an era of oversupply and recovers from a low base in house prices,” said Joe Brady of REA Brady.

The survey found that agents expect prices nationally to rise by 6.1% over the next year – with Dublin predicted to grow by 6.8% over the next 12 months.

Agents in the three main cities outside Dublin are optimistic about 2017, with rises of 10% predicted in Limerick and Galway, with Cork looking at a more modest 5% increase with agents in the latter two areas highlighting a lack of new developments planned for the cities.

The outlook for the commuter areas surrounding the capital is quite cautious, with counties around Dublin predicting a rise of 3.8% on average and many agents fearing that the market has hit its height under the current financial regime.

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