Expert report predicts Longford house prices will rise 10% in 2019
The price of the average three-bed semi in County Longford is expected to rise by 10% in the next 12 months, according to a survey carried out by Real Estate Alliance.
The survey predicts Longford will have the largest national price rise – along with Waterford City.
Prices in the county rose by 16.7% to €105,000 in 2018 – a change of 5% between September and December, the highest national quarterly rise.
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The REA Average House Price 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.
“Quarter four has been busy, with lots of uptake,” said Joe Brady of local agents REA Brady.
“The coming months will be very active with a lot of properties listed for sale, matched with a high level of buyer activity.
“Buyers will take advantage of the value on offer in Longford.”
Longford is one of the cheapest places in Ireland to buy property, with lots of head room for further price increases, according to REA Spokesperson, Barry McDonald.
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The average semi-detached house nationally now costs €236,287, the Q4 REA Average House Price Survey has found – a rise of 0.6% on the Q3 2018 figure of €234,284.
Overall, the average house price across the country rose by 4.6% in 2018 – a decrease on the 5.4% recorded to September and indicating that the market is continuing to steady after an 11.3% overall rise in 2017.
Growth in the commuter counties also slowed to 0.38% in the last three months – an annual rise of 4.18% – with the average house now selling for €249,472.
This is an annual rise of €10,000 and growth of €2,000 in the last three months.
The country’s major cities outside Dublin recorded the biggest rise of the quarter at 1.25%, an annual increase of 5.81%, with an average three-bed semi costing €252,500.
The biggest urban rise was seen in Galway City, where selling prices rose by 2.7% in the quarter to €282,500 – a yearly increase of 9.7%.
The highest annual increases (7.7%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €10,000 in 2018 and which experienced a 0.85% rise in Q4 to an average of €157,717.
“In these areas, you largely have the perfect storm of affordability within the 10% deposit range, and no new homes as it is still uneconomical to build in many places,” said McDonald.