Uncertain market sees fall in house prices in Louth

The price of the average three-bed semi in County Louth fell by 2.4% in the past three months according to a national survey carried out by Real Estate Alliance.

The average three-bed semi in Co Louth is now selling at €200,000, the REA Average House Price Survey found.        

The 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 to the close of last week.

“Dundalk house prices remained steady this quarter. Purchasers tend to be first time buyers or investors, and sellers are either down-sizing or disposing of investment property,” said Michael Gunne of REA Gunne Property in Dundalk.

Prices in Dundalk were static this quarter at €190,000 with the average time taken to sell unchanged at six weeks.

“The market is currently very uncertain. New homes within the commuter belt are very strong, but there is a fall-off in prices on second-hand homes. The Help-to-Buy scheme has made a significant impact on the market,” said Darina Collins of REA O’Brien Collins in Drogheda.

Drogheda prices fell by 4.5% this quarter and three-bed semi-detached houses are currently on the market at an average of €220,000 with the average time taken to sell unchanged at 10 weeks.

The average semi-detached house nationally now costs €235,009, the Q3 REA Average House Price Survey has found – a drop of 0.43% on the Q2 2019 figure of €236,028.

After a year of rises to June, agents are citing an uncertainty surrounding Brexit hampering viewing numbers.

Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford and Limerick – remained unchanged in the past three months.

“The highest annual price increases (3.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €5,000 in the past year and 0.36% in the past three months to €161,724,” said REA spokesperson Barry McDonald.