Property sales in Longford reach €40 million
The Property Price Register, as of December 5, shows that just over €39.9 million has been spent on property in Longford so far this year.
There were 392 sales recorded as of that date, which is well on course to match or surpass the 407 transactions in the county in 2017.
The sale of a home at Lamagh in Newtownforbes is the largest one-off property transaction recorded in Longford so far this year.
Data from the Property Price Register, analysed by property website MyHome.ie, shows that the 3 bed bungalow sold for €361,000 in June.
There have been only three larger transactions in Longford so far this year but each were for developments, the biggest of which at Radharc na Carraige in Clondra sold for €795,800 in November.
Other large one-off sales included a property at Ballymakeegan, which sold for €350,000 in February, a 4 bed detached house at Ballycloghan, Carrickboy, which sold for €275,000 in October, 6 Thomond Hall in Ballymahon, which sold for €246,525 in April and the 4 bed ‘Back of the Hill’ in Ardagh which sold for €242,500 in November.
Managing Director of MyHome.ie, Angela Keegan said uncertainty over the outcome of Brexit negotiations was impacting the market, especially at the upper end.
“That uncertainty is hitting the upper end more I think while the impact of the tightening of the Central Bank lending rules and an increase in stock means house price inflation generally, is slowing around the country. In Q1 asking prices nationally were up 9.5%. By the end of Q3 the rate of inflation had slowed to 5.9% year on year.
“Double or high single digit inflation is not sustainable so the current trend is positive for the property market as a whole.
“I think 2018 will be remembered as the year when the stock of both new builds and second-hand homes turned the corner. Second-hand stock nationally is up 6% while the number of new home schemes continues to rise,” she said.