Slower house price growth - is Laois and the midlands the place to buy a home?

New figures from the CSO shows annual growth rate for all regions of Ireland

Conor Ganly

Reporter:

Conor Ganly

house prices laois offaly longford westmeath

Midland house prices rising more slowly than other parts of Ireland.

House prices in Laois and other midland counties jumped by more than 10% last year but the market value is rising at a slower rate than Dublin and the rest of Ireland.

New figures from the Central Statistics Office show that in the year to December, residential property prices at national level increased by 12.3%. This compares with an increase of 11.4% in the year to November and an increase of 9.0% in the twelve months to December 2016.

The Residential Property Price Index for December 2017 shows that in Laois, Offaly, Longford and Westmeath prices rose by 11.3% to December. Apart from being slower than the national average, the growth rate is also less the the prices rise in regions and outside Dublin.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 13.3% higher in the year to December. House prices in the Rest of Ireland increased 13.2% over the period. The West region showed the greatest price growth, with house prices increasing 16.4%.  The South-East region showed the least price growth, with house prices increasing 11.0%. Apartment prices in the Rest of Ireland increased 15.0% in the same period. 

In Dublin, residential property prices increased by 11.6% in the year to December. Dublin house prices increased 10.8%. Apartments in Dublin increased 14.7% in the same period. The highest house price growth was in Dublin City, at 13.2%. In contrast, the lowest growth was in Dun Laoghaire-Rathdown, with house prices rising 9.0%.

LATEST RENT RISE FIGURES FROM DAFT.IE

Overall, the national index is 22.9% lower than its highest level in 2007. Dublin residential property prices are 24.4% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 28.4% lower than their May 2007 peak.

From the trough in early 2013, prices nationally have increased by 72.1%. Dublin residential property prices have increased 87.3% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 64.8% higher than the trough, which was in May 2013.