House prices in Longford rose by 6.5% during 2018

Longford remains one of the least expensive counties to purchase a home

Longford Leader Reporter

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House prices in Longford rose by 6.5% during 2018

House prices in Longford rose by 6.5% during 2018

Housing prices in Longford rose by 6.5% during 2018, according to the latest House Price Report released by property website, daft.ie.

Nationally, prices rose by 5.5%, or by €1,000 per month. 

The average price nationwide in the final quarter of the year was €254,000, down 1.1% on the figure for the third quarter.

Also read: Property sales in Longford reach €40 million

The annual increase of 5.5% (€241,000 was the average asking price for Q4 2017) or just over €1,000 a month, was significantly smaller than increases of between 8% and 9% seen in 2015, 2016 and 2017 and marks the lowest year-end inflation rate since prices bottomed out in 2013.

In Longford, prices in the final quarter of 2018 were 6% higher than a year previously, compared to a rise of 19% seen a year ago. The average house price is now €137,000, 63% above its lowest point. Longford, alongside, Leitrim, Roscommon and Sligo, remains one of the least expensive counties in the country to purchase a home. 

The number of properties available to buy on the market nationwide rose by 10% during 2018. There were over 23,500 properties for sale in December 2018, compared to 21,200 a year earlier. This is the first year-end increase in availability in a decade.

Whereas earlier in the year the increase was being driven entirely by Dublin – where availability is up 40% – better availability has now spread to other parts of the country, including other cities, and the rest of Leinster and Munster.

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Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “During the 2000s bubble and crash, the laws of supply and demand were secondary in the housing market to credit market shocks. Not least because of the Central Bank’s mortgage rules, the market this decade has returned to the more fundamental drivers of supply and demand. Since 2013, demand has been strong but supply weak.

"The increase in homes being built – especially estate houses – in the last 18 months, though, has helped cool down inflation, in particular in the Greater Dublin area, where construction activity is focused. The hope for the housing system is that the building of new homes continues to increase, and to spread to other urban areas. ”

Also read: New figures show over 200 Longford mortgages in arrears for 'at least five years'