Housing prices in Longford have increased by €10,000 in the past year.
Property prices in Longford have risen by over €10,000 in the last year, according to the latest MyHome.ie Property Report in association with Davy.
The report for Q2 2018 shows that the median asking price for a property in the county now stands at €110K. This is up €10K or 10% from the previous quarter but is also up 10% from €100K at the same stage last year.
This means that the asking price for a home in Longford is up €10K in the last 12 months with the asking price for a home in the county at its highest level since it stood at €110,000 at the end of Q1 2014.
Despite the increase, Longford remains the least expensive place in Ireland in which to purchase a home.
The latest rise was reflected in the asking price of a 3-bed semi-detached house in the county.
This jumped 6.7% in the quarter from €75,000 to €80,000 and was up 14.3% year-on-year from €70,000 12 months ago. Prices for this house type haven’t been as high since they stood at €85,000 in Q3 2013.
The asking price for a 4-bed semi-detached house in Longford also increased by 10% in the quarter, jumping €10,000 to €110,000.
This contributed towards an annual increase of 22.3% with prices now more than €20,000 higher than they were this time last year at €89,950.
The latest rise means asking prices for this house type are now at their highest level since Q1 2014.
The number of properties for sale in Co Longford on MyHome.ie has increased by 13.3% in the last quarter but remains 2% behind where it was this time last year. The average time to go sale agreed on a property in the county now stands at just under four months.
The report found that while house prices are continuing to rise, the rate of inflation is slowing, due in the main to tighter bank lending.
Asking prices rose 7.2% in the year to Q2 2018 – the slowest pace of inflation in two years – and down from 9.5% in Q1.
In Dublin, asking price inflation has slowed to 6.8%, down from 11% at the turn of the year.
According to the report the prices of newly listed properties nationally rose by 3% in Q2 while prices in Dublin rose by 2.2%. Newly listed properties are seen as the most reliable indicator of future price movements.