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13 Aug 2022

Latest report shows Louth house prices are up 9% in 2022

Latest report shows Louth house prices are up 9% in 2022

House prices in Louth were 9% higher than this time last year according to the latest quarterly report released by Daft.ie, this is compared with a rise of 14% seen a year ago.

The average price of a home in Louth is now €266,000, 109% above its lowest point.

Meanwhile, a national survey carried out by the Real Estate Alliance showed that the price of the average second-hand three-bed semi in County Louth has risen by 5% to €265,000 in the last three months.

The Q2 REA Average House Price Index has also shown that 70% of sales in the county are to first-time buyers, with 50% of all purchasers coming from outside the area.

Dundalk prices saw an increase of €10,000 to €250,000 this quarter, a rise of 4.2%, with first-time buyers representing 60% of sales and 40% of buyers coming from outside the area.

Prices in Drogheda rose by €15,000 to €280,000, an increase of 5.7%, with 80% of sales to first-time buyers and 60% of purchasers coming from outside the area.

“We have seen a noticeable increase in non-Irish buyers across both second-hand and new homes,” said Darina Collins of REA O’Brien Collins, Drogheda.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Nationally housing prices rose by 3.8% on average between March and June, the largest three-month gain in nearly two years, according to the latest Daft.ie Report

The average listed price nationwide in the second quarter of 2022 was €311,874, up 9.5% on the same period in 2021 and just 16% below the Celtic Tiger peak.

Commenting on the report local TD Ruairí Ó Murchú said:

“Every quarter, it seems that the selling prices for property in Louth, and across the State, are spiralling ever upwards.

“The 9.1% increase in Louth, when compared with last year, means that homes are getting further and further away from the reach of those who want to buy for the first time.

“This 9.1% increase means that people have to save for bigger deposits, which is next to impossible for some people, who are already struggling with huge cost of living rises since the start of the year.

“This is coupled with the fact that rents are at extortionate rates in Dundalk and Drogheda in particular, meaning it is impossible to save for a deposit while paying huge rents.

“It is brewing into a perfect storm for first-time buyers who just cannot get a break in this market.

“This week, Housing Minister Darragh O’Brien will have been in the department for two whole years and there has only been a small number of affordable homes to purchase made available in 2021. Homelessness has returned to pre-pandemic levels.

“There has to be a change in direction from this government and they have to dramatically increase capital investment to deliver at least 20,000 social and affordable houses a year.”

Commenting on the daft.ie report, its author Ronan Lyons, economist at Trinity College Dublin, said:

“Ireland’s housing market has been characterized for a number of years by strong demand, boosted recently by unexpected savings, but supply that has been steadily weakening.

“There are some signs that both sides of the market may be turning. On the supply side, the number of homes listed over the last twelve months has increased by 30% since early 2021, although it still remains 15% below the peak in 2019, while construction of new homes is set to reach a post-Celtic Tiger high this year.”

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