Leitrim house prices rise by 2.2% in last three months

Leitrim Observer reporter


Leitrim Observer reporter



Leitrim house prices rise by 2.2% in last three months

Leitrim prices rose by 11.9% to €117,500 in the past year

The price of the average three-bed semi in County Leitrim rose by 2.2% in the first three months of this year, according to a national survey carried out by Real Estate Alliance.

Leitrim prices rose by 11.9% to €117,500 in the past year, 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.

“While we saw significant growth last year, this has stalled in the last six months. We are seeing a restricted supply of new houses,” said James Spring of REA Peter Donohoe, Carrigallen where the average three-bed semi is currently selling for €80,000.

“Despite this, we are seeing a good rate of sales. In the last quarter, we also saw the time an average house spends on the market drop from five to four weeks.

“All told, we anticipate increasing demand and growth through the year.”

The market has been positive in the past three month according to Joe Brady of REA Brady, Carrick-on-Shannon, where a three bed semi currently averages €155,000.

The market in Carrick-on-Shannon has seen continuing growth, with 3.33% price increase this quarter.

“Supply is continuing to tighten in Carrick-on-Shannon and prices are hardening driven by owner occupier demand for family homes.

“This trend will probably continue. There is no supply of new builds because the economic threshold for building new homes has not yet been reached.”

The average semi-detached house nationally now costs €235,898, the Q1 REA Average House Price Survey has found – a fall of -0.16% on the Q4 2018 figure of €236,287.

The price of a three-bed semi-detached house in Dublin city has fallen by -1.7% since the end of December, wiping out the average €7,000 gains in value experienced throughout 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €437,500.

“Time taken to reach sale agreed in Dublin is now eight weeks – double that of a year ago – and reflects the difficulties that people are experiencing in obtaining a mortgage,” said REA spokesperson Barry McDonald.

“We are seeing an appreciable drop in people attaining mortgage approval – particularly for properties above €350,000 – which is creating a ceiling that is stifling the market.”

Prices also fell slightly by -0.3% in the commuter counties in the last three months – an annual rise of 2.7% – with the average house now selling for €248,750.

Prices were static in the country’s major cities outside Dublin with agents in Cork, Galway, Limerick and Waterford all reporting no price movements in the opening quarter, but an annual increase of 3.6% to €252,500.

The highest annual increases (6.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €9,400 in the past year and 1.1% in the past three months to €159,433.