House prices rise by 13% in Leitrim

County bucks national trend

House prices in Leitrim between October and December 2015 were 13% higher than a year previous.

The latest House Price Report released by Daft.ie shows that house prices rose by a nat

The average house price in the county is now €104,256, 21% above its lowest point.

In 2014 house prices rose by 7% in Leitrim from 2013 so last year's increase is quite significant.

Longford has the cheapest homes in the country, with an average asking price of just €98,000, even after double-digit growth last year.

Around the region the average price of homes in Roscommon are €107,929, Sligo €112,424, Cavan €124,180 and Donegal €125,500.

The cheapest houses are for sale at €25,000 and are two bed cottages in Drumkeerin and Drumshanbo.

The national average of 8.5% hides a significant difference between Dublin, where prices rose by just 2.7%, and the rest of the country, where the average increase was 13.1%.

The national average asking price in the final quarter of 2015 was €204,000, compared to €188,000 a year ago and €164,000 at its lowest point in early 2013.

The different trends in Dublin and elsewhere marks a turn-around from 2014, when prices rose by 21% in the capital and by 9% elsewhere. This slowdown in Dublin inflation occurred at a time when inflation in Ireland’s other cities accelerated.

Prices rose by an average of 20.7% in Cork in 2015, compared to 14.7% in 2014, and by 19.7% in Galway (compared to 16.3% in 2014).

The total stock of properties for sale is now at its lowest point in nearly nine years, with just over 25,000 properties for sale nationwide. A year ago, there were nearly 30,000 properties on the market and the bulk of the reduction comes from outside the five main cities.

A number of local auctioneers have advertised they are low on stock and seeking more local properties to sell.

Daft.ie economist Ronan Lyons said housing shortages remained a problem, but the outlook for the housing market was healthier than it was for 2014.

“The Central Bank’s limits on mortgage lending, introduced last year, meant prices could not spiral out of control as they did during the boom,” he said.

He noted “a growing consensus that the cost of building needed to be reduced.”