Home News Community Laois house prices expected to rise by six percent in 2019

Laois house prices expected to rise by six percent in 2019

The price of the average three-bed semi in County Laois is expected to rise by six percent in the next 12 months.

This is according to a survey carried out by Real Estate Alliance.

Prices in Laois rose by 18.2 percent to €195,000 in 2018 – the biggest county year-on-year increase, despite prices remaining stable between September and December.

The REA Average House Price 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.

“The market slowed quickly in quarter four, with lack of finance a huge problem,” said Seamus Browne of REA Seamus Browne in Portlaoise, where time taken to sell has increased from five to eight weeks.

“Supply is continuing to grow, but sales have slowed. The market in Laois is very much impacted by what happens in Kildare and Dublin.”

The average semi-detached house nationally now costs €236,287, the Q4 REA Average House Price Survey has found – a rise of 0.6 percent on the Q3 2018 figure of €234,284.

Overall, the average house price across the country rose by 4.6 percent in 2018 – a decrease on the 5.4 percent recorded to September and indicating that the market is continuing to steady after an 11.3 percent overall rise in 2017.

Growth in the commuter counties also slowed to 0.38 percent in the last three months – an annual rise of 4.18 percent – with the average house now selling for €249,472.

This is an annual rise of €10,000 and growth of €2,000 in the last three months.

The country’s major cities outside Dublin recorded the biggest rise of the quarter at 1.25 percent, an annual increase of 5.81 percent, with an average three-bed semi costing €252,500.

The biggest urban rise was seen in Galway City, where selling prices rose by 2.7 percent in the quarter to €282,500 – a yearly increase of 9.7 percent.

The highest annual increases (7.7 percent) were once again seen in the rest of the country’s towns, which rose in selling price by an average of €10,000 in 2018 and which experienced a 0.85% rise in the final three months of 2018, to an average of €157,717.

“In these areas, you largely have the perfect storm of affordability within the 10 percent deposit range, and no new homes as it is still uneconomical to build in many places,” said REA Spokesperson Barry McDonald.

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