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28 Jan 2022

Longford house prices rise 2.6% in past three months

Longford

Longford house prices are on the rise

The price of the average three-bed semi in County Longford rose by 20% in the past year, according to a national survey carried out by Real Estate Alliance.

Longford prices rose by 2.6% to €120,000 in the past three months, the REA Average House Price Survey found, with the opening of Center Parcs influencing the local market.

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.

“Take up in the Longford area is still strong. Receiver sales are still the dominant source of supply in this market with competitive bidding in most instances,” said Joe Brady of REA Brady in Longford.

“Prices have risen significantly from a very low base. There are no new builds in Longford, and we are selling at rates that are still 40% below the cost of construction, so there is lots of headroom for price increases here.”

The average semi-detached house nationally now costs €235,009, the Q3 REA Average House Price Survey has found – a drop of 0.43% on the Q2 2019 figure of €236,028.

The price of a three-bedroom semi in Dublin’s postal zones fell by an average of €4,500 in the past three months as Brexit uncertainty affects buyers.

Three-bed semi-detached houses in Dublin city registered a third consecutive quarter fall (-1%) since the end of June and have decreased by -3.3% to €428,500 compared to September 2018.

Prices also fell by 1% in the commuter counties in the past three months, with the average house now selling for €246,611 – an annual fall of 0.7%.

After a year of rises to June, agents are citing an uncertainty surrounding Brexit hampering viewing numbers.

Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford and Limerick – remained unchanged in the past three months.

“The highest annual price increases (3.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €5,000 in the past year and 0.36% in the past three months to €161,724,” said REA spokesperson Barry McDonald.

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