Average Louth house prices rise 4% in last three months

Donard McCabe

Reporter:

Donard McCabe

Average Louth house prices rise 4% in last three months

Louth house prices continue to rise

The price of the average three-bed semi in Louth has risen 4% to €195,000 in the last three months, according to a national survey carried out by Real Estate Alliance.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, in Quarter Two this year, giving an up-to-date picture of the property market in towns and cities countrywide.

Prices in Dundalk have risen 6.1% this quarter, and 16.7% annually, to €175,000, while in Drogheda a 2.4% increase means the average three-bed semi will now cost €215,000, up from €203,000 last June.

“Due to the low supply and high demand, prices are still increasing,” said Michael Gunne, REA Gunne Property, Dundalk.

“There is strong demand particularly from first-time buyers and new three-bed semis are selling from €250,000 in the greater Drogheda area,” said Darina Collins, REA O’Brien Collins, Drogheda.

The average semi-detached house nationally now costs €215,269, the Q2 REA Average House Price Survey has found – a rise of 2.5% on the Q1 figure of €209,944.

Overall, the average house price across the country has risen by 11.2% over the past 12 months – in contrast to the 4.5% increase registered to the full year to June 2016.

While new building is still in its infancy, new developments on sale in small pockets of the country have had an impact on the price and demand for second-hand properties locally.

“Agents have been reporting that where there are new homes available, the price of second-hand properties has been under pressure,” said REA spokesperson Healy Hynes.

“Most of our national housing stock is over a decade old, and house purchasers – especially first-time buyers – will opt for new builds at a higher spec, even if there is a marked difference in price.

The commuter counties Louth, Meath, Kildare, Wicklow, Carlow and Laois continued to rebound after a relatively static end to 2016 and saw an increase of 2.6% in the quarter, with the average house now selling for €223,267.