House prices fall, but average Laois home of €173k almost 70% above its lowest point

House prices fall, but average Laois home of €173k almost 70% above its lowest point

The decade ends with a return to falling house prices, with prices in Laois in the final quarter of 2019 2% lower than a year previously, compared to a rise of 12% seen a year ago.

However the average house price in Laois is now €173,000, 67% above its lowest point.

In Dublin, prices in the third quarter of 2019 were 1% lower than a year previously, compared to a fall of 3% seen a year ago. The average house price in the capital is now €366,000, 26% below peak levels.

In Ireland housing prices fell by 1.2% during 2019, the first calendar year recording a fall in prices since 2012, according to the latest Daft.ie Sales Report released by Ireland’s largest property website, daft.ie.

The average price nationwide in the final quarter of the year was €250,766, 2.4% lower than in the third quarter and 1.2% lower than a year ago.

The number of properties available to buy on the market nationwide was just under 22,500 in December, down almost 5% year-on-year. Following nearly a year and a half of improving availability, this marks the fourth month where stock on the market has fallen. The fall in availability is seen in almost all parts of the country, with only Leinster – outside Dublin – bucking the trend.

Reviewing the latest figures, and the performance of the housing market over the last decade, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “In the first and final quarters of the 2010s, sale prices were falling – but that is where the similarities end. Over the last ten years, the sales segment of Ireland’s housing market has transformed, albeit slowly. As it enters the 2020s, there appears to be relatively good balance between the pipeline of newly built owner-occupied housing and the number of households able to buy that housing, given constraints such as the mortgage rules. Where falling prices represent the ability of developers to build new homes for less, this fall is good for the country’s competitiveness.”