Property prices increase by €5,000 in Longford

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Property prices increase by €5,000 in Longford

Property prices in Longford have risen by €5,000, according to the latest MyHome.ie Property Report in association with Davy.

The report for Q1 2020 shows that the median asking price for a property in the county is now €115,000. This is €5,000 more than Q4 2019 and up €15,000 compared to this time last year.

You have to go back to Q2 2013, when the median asking price was €120,000, to find the last time prices were higher in the county.

Continuing this overall trend, asking prices for a 3-bed semi-detached house in the county grew by €5,000 in the quarter to €100,000.

This means prices in the segment were up by €13,000 compared to this time last year, when they stood at €87,000.

Meanwhile, the asking price for a 4-bed semi-detached house in Longford grew by €4,950 in the quarter to €119,950. Prices were up €19,950 compared to this time last year, when they stood at €100,000.

The number of properties for sale in Longford on MyHome.ie fell by 2.1% in the last quarter and was up 20.1% on this time last year.

The average time for a property to go sale agreed in the county after being placed up for sale now stands at five months.

The author of the report, Conall MacCoille, Chief Economist at Davy, said that indicators of activity suggested the housing market had recorded a decent start to the year.

“After activity was depressed by Brexit in 2019, residential property transactions in January were up 6% year-on-year, while agreed sales and mortgage approvals in Q1 were both up 10% annually. Similarly, housing completions rose to 21,124 in 2019, up 18% on the previous year,” he said.

However, he noted that Covid-19 and the measures needed to fight it would likely kill off any green shoots we have seen so far this year.