Average 3 bed house in Louth now selling for €187,500
The average price of a three bed semi-detached home in Co Louth now stands at €187,500, an increase of 1.4% from last December.
That’s according to the latest Average House Price Index from estate agency group the Real Estate Alliance (REA).
Dublin three beds were the most expensive in the country at €404,167 while the cheapest homes in the country can be found in Longford where the average now sells for €81,000.
Every county in the country saw their prices increase in the first quarter of 2017, with the exception of Laois and Roscommon where prices remained stable.
REA say that the easing of the Central Bank restriction on lending for first-time buyers has had an immediate effect on the market with a large rise in numbers at viewings and potential buyers with mortgage financing. Supply, however, remains extremely limited.
“There has been a recovery in bank lending, which has been reflected in the purchasing end, but the accelerated figures in the Dublin market particularly, show that we are moving into a vendors’ marketplace,” said REA spokesperson Healy Hynes.
“Many private vendors are now emerging from negative equity and can afford to make the move from the starter to the second home.
“However, we need to look at these figures in relation to the market where stock levels are at their lowest nationwide since January 2007.
“Although mortgage drawdowns at 29,498, were up 12% in Q4 2016, they were actually less than they were in 1980 when the economy was in deep recession.
“At a current average price of €136,194, and an annual compound rise of 12.9%, it will be 2021 at the earliest before it becomes economic to build outside the cities.”