First-time buyers, encouraged by the easing of the Central Bank’s restrictions on mortgage deposit lending, will drive a continued rise of 9% in house prices in Leitrim throughout 2017, estate agents have predicted.
A survey carried out by the Real Estate Alliance Group has shown agents expect prices in the county to continue to rise after the 10.3% growth experienced in 2016.
This comes as the REA Average House Price Survey revealed that prices in Leitrim had increased by €8,500 over the past year – with the average three-bed semi across the county now costing €91,000.
However, the lack of building opportunity could hurt future economic development in Carrick-Shannon.
Local agents REA Brady report that employment is growing in the town and that there will be a shortage of suitable properties through till 2018 at the earliest, with lack of supply predicted to drive a 10% rise in the coming year.
“The average house price is €122,000 and unless houses can sell for €180,000, builders will not make money and start building,” said Joe Brady of REA Brady.
The survey found that agents expect prices nationally to rise by 6.1% over the next year – with Dublin predicted to grow by 6.8% over the next 12 months.