Longford house prices to rise 5%

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Longford house prices to rise 5%

The price of the average three-bed semi in County Longford is expected to rise by 5% in the next 12 months, according to a survey carried out by Real Estate Alliance.

Prices in the county rose by 2.5% between September and December to €125,000 with average three-bed semis rising by €3,000 as the option to work from home incentivised buyers to move away from urban centres, the Q4 REA Average House Price Index shows.

Time taken to sell in the county fell from five weeks to four in the final quarter of the year.

“Working from home is now really impacting the Longford market. It is the first very low-price county as you look west from Dublin,” said Joe Brady of REA Brady.

“Prices in Longford are at about 20% below the construction cost. We have gone from over-supply to under-supply, and in the past few months, the time to sell has shortened sharply and prices are taking a jump.

“With working from home making our counties more viable and attractive, I see a sharp increase in prices coming in the spring of 2021.”

Average house prices rose by almost 1.5% nationally over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply.