Leitrim house prices rise 4.24% this year

Three bed semi detached

The price of the average three-bed semi detached house in Leitrim has increased by 4.24% to €86,000 in the last three months, a nationwide property survey has found.

The REA Average House Price Survey concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of Q1 this week.

The average home in Carrick-on-Shannon takes three weeks to sell, up from two weeks in December.

“Demand continues to grow from all sections including local authority purchases,” said James Spring from REA Peter Donohoe in Carrigallen. “Investor interest has risen due to lack of rental properties and increased rents. Stock is dwindling and we expect prices to continue to rise.”

According to Joe Brady from REA Brady in Carrick-on-Shannon, the market is active and there is excellent take up from owner-occupiers and investors, with competition on every house.

The average three-bed semi nationally now costs €191,194, a rise of €2,824 or 1.5% on Q4 2015.

The average price of a three-bed semi in Dublin City and County has risen by 0.6% from €332,000 to €334,000 in the first three months of the year.

However, this activity is mainly centered on limited new building activity in the north of the county and pockets of south Dublin which have seen the return of the cash buyer to the market.

While prices have risen slightly by €2,706 (+1.31%) to €209,559 in the commuter counties and main cities such as Cork and Galway, these rises are confined to the few towns that have new developments on the market.

The biggest growth has been in towns in the rest of the country where prices have risen by 9.58% in the past year, and 2.59% since December, with the average three bed semi increasing from €122,161 to €125,321.

However, REA agents around the country state that many local rises are now being caused by lack of stock driving up prices. There is also marked absence of the 25-40 year olds at viewings in the capital.