Laois house price growth slows finds latest daft.ie property report

GALLERY WITH THIS STORY SHOWS KEY FINDINGS IN REPORT

Conor Ganly

Reporter:

Conor Ganly

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news@leinsterexpress.ie

The rise in the price of houses in Laois has slowed but the average cost of homes here is more than 50% above what was paid during the worst days of the property crash, according to the latest report from Daft.ie

The property website latest House Price Report shows that house prices nationally rose by more than €20,000 on average during 2017.

With prices stable in the final quarter of the year, Daft.ie says this means that the average price was almost €241,000, 9.2% higher than a year ago. Compared to their lowest point in 2013, prices nationwide have risen by an average of almost 47% or just over €76,500.

However, in Laois prices rose more slowly than the national average. In the final three months of 2017 were 6% higher than a year previously, compared to a rise of 10% seen a year ago. The latest figures cover December, November and October. The Daft.ie data shows that prices were down 1.8% compared to the previous three months of 2017.

The average house price is now €158,000, 52% above its lowest point.

PICTURE GALLERY WITH THIS STORY SHOWS KEY FIGURES

The average price of a one-bedroom apartment in Laois is €60,000 while a two-bed terrace house will set you back €83,000. Three-bed semi-detached homes cost €119,000 while four-bedroom bungalows average €220,000. Five-bedroom detached homes are averaging €248,000. 

On January 1, 2018, there were 331 residential properties listed for sale in Laois. Of these 96 had a Portlaoise address. Some 46 had a Co Laois Portarlington address while there are eight Co Offaly, Portarlington homes on the market. There were just 12 homes listed for sale the Mountmellick area.

WHAT ARE THE CHEAPEST AND MOST EXPENSIVE HOUSES IN LAOIS?

The Daft.ie figures reveal that in Dublin, prices rose by 11.7% during the year, the first year since 2014 the rate of inflation in the capital exceeds the national average. In Cork, the change in prices during 2017 was 5.1%, while in Galway the figure was 8.1%. In Limerick city, prices rose by 6.9% during the year, while in Waterford, the increase was 8.6%. Outside the main cities, prices rose by 7.5% during 2017.

The number of properties available to buy on the market nationwide continues to fall. There were just over 21,000 properties on the market on December 1st, 2.6% lower than the same date a year previously. The total number of properties available has now fallen year-on-year for 100 months, having been above 62,000 in late 2009.

Commenting on the figures, Ronan Lyons, an economist at Trinity College Dublin and author of the Daft. ie report , said the main feature of the property market in 2017 was just how different the second half was from the first.

"The first half of the year saw prices jump by 9% in six months, as the relaxation of Central Bank rules for first-time buyers was factored into prices. But the second half of the year saw almost no change in prices, as those very same rules linking mortgages to the real economy placed a break on prices.

“The overall picture of the market remains one of strong demand but very tight supply, in particular of new homes. As we enter 2018, increasing supply – especially of apartments in Ireland’s major cities – must become the key success metric for policymakers when it comes to the housing market,” he said.

Martin Clancy from Daft.ie said: “Interest and demand in the property market  continues  to grow. We are now seeing over 1,000 property searches taking place every minute on Daft.ie.”

Average list price and year-on-year change – major cities, Q4 2017

Dublin City: €360,116 – up 11.7%
Cork City: €260,680 – up 5.1%
Galway City: €273,232 – up 8.1%
Limerick City: €176,952 – up 6.9%
Waterford City: €161,087 – up 8.6%


The full report is available from http://www.daft.ie/report and includes a commentary by Ronan Lyons.