27 Sept 2022

Longford had lowest Q2 property price in country

Longford had lowest Q2 property price in country

Longford's average property price of €154,306 for the second quarter of the year puts the county at the bottom rung of the property ladder.

While the county languishes mid table in a GeoDirectory report on property occupancy analysed by professional services networks Ernst & Young, the county has the second lowest number of new addresses.

GeoDirectory was jointly established by An Post and Ordnance Survey Ireland (OSi) to create and manage Ireland’s only complete database of commercial and residential buildings.

The figures are recorded through a combination of the An Post network of 5,600 delivery staff working with OSi.
The report says in Longford 155 residential buildings are under construction and 141 new residential address points were recorded by GeoDirectory in the twelve months to June 2022.

The GeoDirectory Residential Buildings Report for the second quarter of 2022 highlights a number of property market indicators.

The report suggests that the residential vacancy rate in Longford stood at 8.0%, higher than the average national vacancy rate of 4.2%, while the average residential property price in Longford was €154,306 in May 2022.

The residential vacancy rate of 8.0% in June was higher than the national residential vacancy rate of 4.2%.
The twice-annual residential buildings report, prepared by EY, found that a total of 86,708 residential buildings were classified as vacant across Ireland by GeoDirectory, a 5.9% drop when compared to the previous year.

Out of the 26 counties surveyed, the residential vacancy rate decreased in all but one, Wicklow. The highest vacancy rates in the country were found in the west and north-west of the country.

At 12.8%, Leitrim was the county with the highest vacancy rate, although it did post a year-on-year vacancy decline of 2.0pp. Mayo (11.4%), Roscommon (11.0%) and Donegal (9.7%) were the other counties to post notably high vacancy rates.
Dublin was the county with the lowest vacancy rate in the country at 1.5%, closely followed by Kildare at 1.6%. Meath (2.5%), Waterford (2.6%) and Louth (2.6%) all recorded residential vacancy rates under the 3.0% mark.

In addition to vacancies, 21,897 residential address points were classified as derelict. This total was 3.8% lower than the corresponding figure in Q2 2021.

In Longford, 155 residential buildings were under construction in June 2022. Nationally, residential construction activity accelerated in the first half of the year, with 22,390 residential buildings under construction in June 2022 that the number of buildings under of construction was 18.4% higher than the corresponding period in 2021.

Of the total number, 17.4% were located in Dublin, 14.2% in Kildare and 12.0% in Cork. Notably, the year-on-year increase of buildings under construction in Kildare was 74.4%.

In Longford, 141 new residential address points were added to the GeoDirectory database in the twelve months to June 2022. Nationally, a total of 34,198 new residential addresses were added to the GeoDirectory database in the twelve months to June 2022. This represents an increase of 34.1% on the total recorded between June 2020 and June 2021.
Dublin had the largest share of new address points, with 12,288 addresses added (35.9% of the total), followed by Cork (9.5%), Kildare (9.1%), Meath (6.7%) and Wicklow (5.2%).

The data shows that 57% of all new address points were added in the Greater Dublin Area of Dublin, Meath, Wicklow and Kildare. At the other end of the spectrum, Leitrim (0.3%), Longford (0.4%), and Roscommon (0.6%) had the smallest share of new address points.

The number of residential property transactions increased by 13.5% in the twelve months to May 2022, representing an additional 5,500 transactions on the corresponding figure for the previous twelve months.

In Longford, there were 418 residential property transactions, 2.2% of which were new dwellings. The average property price in the county was €154,306.

The average property price nationally in the twelve months to May 2022 was €338,394. The highest average property price was recorded in Dublin (€514,796), while Longford's €154,306 puts us at the bottom. When Dublin is excluded, the average property price nationally fell to €267,351.
Commenting on the findings of the GeoDirectory Residential Buildings Report, Dara Keogh, CEO of GeoDirectory said: “The level of residential construction has increased significantly over the past twelve months as Covid-19 public health measures on the construction sector were gradually eased then removed.

“This activity indicates a strong pipeline of residential properties that we would expect to enter the market in the months ahead.
The GeoDirectory Residential Buildings Report found that the number of vacant properties has also fallen in the last year, although when combined with derelict properties, there are still over 100,000 potential properties which could re-enter the market.”

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