House prices in Louth see continued fall according to Daft.ie report
House prices in Louth continue to see a slight fall, with the average house price in the county now €214,000, according to the Daft.ie Property Price Report for the third quarter of this year.
In Louth, prices in the third quarter of 2019 were 2% lower than a year previously - this compares to a fall of 5% seen a year ago however.
The number of transactions of new homes in Louth in the third three months of 2019 was 227, up 41% on the same period last year.
A snapshot of asking prices in Louth in the third quarter of 2019 is as follows:
One bedroom apartment - €90,000 - down 10% on the third quarter of 2018
Two bedroom terraced house - €119,000 - down 6.6%
Three bedrooms semi-detached house - €163,000 - down 4.6%
Four bedroom bungalow - €324,000 - down 0.1%
Five bedroom detached house - €346,000 - up 0.8%
The average price nationwide in the third quarter of the year was €257,000, down just over €4,000 on the second quarter of the year. Compared to its lowest point in 2013, the average price nationwide is now 57% higher – but still over 30% lower than in 2007.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “With prices now falling in some parts of the country, there is likely to be intense debate as to whether the falls are caused by weakening demand, in particular due to Brexit, or strengthening supply.
"Price falls are concentrated in the Greater Dublin Area and, within that, in the most expensive markets. These are the areas least exposed to Brexit and where new supply has been concentrated.
"Therefore, it’s likely that cooling inflation is a good news story of supply doing its job, rather than a bad news story related to Brexit – at least for the moment.
"With prices also falling in some areas most exposed to Brexit, in particular Border regions, a disorderly Brexit could change this story in months to come.”