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House prices nationally fall for the first time in ten years but Laois continues to rise

House Prices are on the rise
House Prices

The latest Daft.ie sales report shows that the average asking price of a house in Laois is now €236,000, 4% higher than what it was 12 months ago.

The figures are for the first quarter of 2023 and there are signs that the market is beginning to stabilise.

The number of homes available to buy on March 1st stood at just 13,000 nationally, up 30% on the same date last year but still significantly below the 2019 average of 24,200.

In all parts of the country, the rate at which availability has increased has slowed in recent months.

The average price of €236,000 is also €2,000 less than it was three months ago.

Nationally, housing prices fell by 0.3% in the first three months of 2023, the first time in a decade that there was a first-quarter fall in listed prices, according to the latest Daft.ie House Price Report.

The average listed price nationwide in the first quarter of 2023 was €308,497, 2.7% above the same period in 2022 and 17% below the Celtic Tiger peak.

In Laois, the cost of a one bedroom apartment is now €104,000 (up 13% from the same point last year) and up €3,000 from three months ago.

A two-bedroom terraced house is €125,000 (Up 1%) but a €4,000 decrease from three months ago.

€179,000 (Up 7% and a €1,000 increase from three months ago) is what a three-bedroom semi detached house will set you back.

The average four-bedroom bungalow is €341,000 (up 7%) but €5,000 cheaper than three months previous.

While the average five-bedroom detached house is €330,000 (down 2%) and down €2,000 from three months ago.

During the first three months of the year, prices in Dublin were on average 0.4% lower than in the final three months of 2022, and in Cork city they were 0.5% lower.

In Limerick city, prices were stable quarter-on-quarter, while Galway and Waterford cities saw larger quarterly falls – of 1.5% and 0.8% respectively.

Outside the cities, prices in Leinster and in Connacht-Ulster fell by roughly half a percentage point, but they rose in Munster, by 0.6%.

Commenting on the report, author Ronan Lyons, economist at Trinity College Dublin, said: “The change in market conditions over the last 12 months is clear from the figures in this latest Daft.ie House Price Report.

“A year ago, double-digit inflation in housing prices was still prevalent across much of the country.

“Now, very few markets are seeing prices more than a percentage point or two higher than a year ago – and those increases largely reflect increases seen March-June last year.

“But while demand has weakened, the post-covid recovery in supply also appears to be weakening, in both new and second-hand segments.

“Thus, while this year is unlikely to bring any substantial increases in housing prices, underlying issues stemming from housing shortages will persist.”

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Stradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016.