House prices in Laois continue to rise, with the latest Daft.ie figures revealing that prices in the third quarter of 2017 were 5% higher than a year previously, compared to a rise of 12% seen a year ago.
The average house price in Laois is now €161,000, 55% above its lowest point. House prices nationally over the last year have risen by more than €50 on average every day, according to the latest House Price Report released by Ireland’s largest property website, Daft.ie.
Following a 0.3% increase in the third quarter of 2007, the national average list price is now almost €241,000, 8.9% higher than a year ago. It means that prices have risen by almost 47% on average from their lowest point in late 2013.
The number of properties available to buy on the market nationwide continues to fall, albeit at the slowest rate in over five years. There were almost 24,000 properties on the market on September 1, 4% lower than the same date a year previously. This is from extra supply, rather than less demand, with over 40,000 properties listed in the first eight months of the year, compared to 37,600 in the same period in 2016.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie report, said: “The relaxation of the Central Bank rules on the minimum deposit would be expected to bring about a one-off jump in house prices, particularly in Dublin. This appears to have happened in the first half of the year, when prices in the capital rose by 10% in just six months. Since June, though, prices have largely been stable, suggesting the change in rules has run its course.
“Nonetheless, with a shortage in supply, largely due to the lack of new homes being built, there is little to suggest that house prices will fall in the months and years ahead,” he said.