Longford house prices rise by 8 per cent

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Three bedroom semi detached houses in Longford saw the biggest increase

Longford house prices continue to rise

The price of an average three-bed semi in Longford has risen 8% to €87,500 in the last three months, according to a national survey carried out by Real Estate Alliance.

As well as that, it appears that property prices in the county have topped the national charts, increasing by 41% in the past year, from a base of €62,000 in June 2016, the survey found.

The previous overstock of properties in the market has now disappeared and buyers are competing for lower levels of supply of suitable housing, according to Joe Brady of REA Brady.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide.

The average semi-detached house nationally now costs €215,269, the Q2 REA Average House Price Survey has found – a rise of 2.5% on the Q1 figure of €209,944.

Overall, the average house price across the country has risen by 11.2% over the past 12 months and that compares to the 4.5% increase registered to the full year to June 2016.

While new building is still in its infancy, new developments on sale in small pockets of the country have had an impact on the price and demand for second-hand properties locally.

“Agents have been reporting that where there are new homes available, the price of second-hand properties has been under pressure,” said REA spokesperson Healy Hynes.

“Most of our national housing stock is over a decade old, and house purchasers – especially first-time buyers – will opt for new builds at a higher spec, even if there is a marked difference in price.

“Our agents are also reporting that both purchasers and three-bed semi vendors are looking for larger homes, which is having an adverse effect on the supply chain, with the result that time taken to sell is now four weeks on average in Dublin and the major cities, and as low as three in some parts of the capital.”

The biggest percentage increases over the past three months came in the country’s smaller rural towns situated outside of Dublin, the commuter belt and the major cities.

Prices here rose by an average of 2.8% over the quarter, with a three-bed semi now costing €138,183 on average – a rise of 12.3% over the past year.