Average Longford house prices rise by 1.7% in past three months

News reporter

Reporter:

News reporter

Email:

newsroom@longfordleader.ie

REA

Longford house prices are continuing to rise

The price of the average three-bed semi detached residence in County Longford rose by 1.7% in the past three months, that is according to a national survey carried out by Real Estate Alliance.

Longford prices rose by 21.9% to €117,000 in the past yea the REA Average House Price Survey found, with the opening of Center Parcs influencing local market prices.

The 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 second-hand property market in towns and cities countrywide to the close of last week.

“There is a vibrant market with lots of value,” said Joe Brady of REA Brady in Longford, where the time spent to reach sale agreed on an average three-bed semi has been static this quarter at four weeks.

The average semi-detached house nationally now costs €236,028, the Q2 REA Average House Price Survey has found – a rise of 0.05% on the Q1 2019 figure of €235,898.

Overall, the average house price across the country rose by 1.54% over the past year – a decrease on the 2.96% recorded until March and an indication that the market is continuing to steady after an 8% overall annual rise to June 2018.

Dublin City second hand property prices decreased by an average of €4,500 in the past three months, registering a second consecutive quarter fall (-1%) since the end of March, and a -2.2% difference compared to June 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €433,000.

“Wherever we have new homes on the market, they are definitely having an effect on prices in the existing market as they operate in their own price structure, with buyers prepared to pay a premium for A-rated properties,” said REA spokesperson Barry McDonald.

Prices rallied slightly by 0.1% in the commuter counties in the last three months, with the average house now selling for €249,167 – a rise of 1.17%.

The increased availability of new homes has had a suppressing effect on prices in some commuter areas such as Kildare, North Wicklow and Meath.

Prices in the country’s major cities outside Dublin were relatively static with agents in Galway and Limerick reporting no change due to an increase in supply and new homes developments.

The highest annual increases of 5.3%, were once again seen in the rest of the country’s towns which rose in selling price by an average of €8,000 in the past year and by 1.08% in the past three months to bring the average to €161,138.