House prices in Louth could rise by 10% this year

House prices nationwide are set to rise even further this year, with house prices in Louth possibly facing a rise of up to 10%, according to the 2023 Sunday Times Property Price Guide.

Estate agents are predicting an average rise of 3.8% nationally over the next 12 months, with both Louth and Kerry potentially seeing the highest rises of up to 10%.

According to the report, low supply is an issue throughout the country, with all estate agents stating that there simply aren’t enough new homes schemes coming down the tracks to alleviate the issue.

Scenic coastal regions are seeing high demand for detached properties and three-bedroom homes from remote workers relocating and affluent buyers from cities and abroad splurging on holiday homes.

The report says that first time buyers and families trading up are competing for new and second hand three bedroom semis, in close proximity to industry, amenities and schools, driving up prices. Buyers are reluctant to take on older and colder homes because of the spike in renovation costs, though the vacant property refurbishment grant should see more derelict cottages come to market in 2023.

Róisín Healy, Deputy Features Editor of Sunday Times Ireland, says: “Estate agents are reporting that family homes of good quality are being snapped up in desirable locations around the country, with lots of viewings and bidding wars.

“The lack of supply on the horizon is a massive concern and after high growth in 2022, prices will continue to grow, particularly in areas close to schools and amenities.”