Laois houses prices on the up with lots of buyers in Portlaoise - new survey

The price of the average second-hand three-bed semi in Laois is predicted to increase by 3% in 2024, according to a national survey by Real Estate Alliance (REA).

Three-bed semi-detached homes in the county now cost an average of €260,000, up 2pc on the December 2022 average of €255,000, the Q4 REA Average House Price Index shows.

County agents reported that first time buyers made up 75% of the market in Q4, with 35pc of sales coming from outside the county, and 20&% of sales attributed to landlords selling properties.

The biggest annual rise came in large towns around Ireland, which rose by 6.6% annually and 1.2% in the quarter to €223,638.

“The market for new homes is still strong in Portlaoise,” said Seamus Browne of REA Seamus Browne, Portlaoise.

“The number of property transactions in 2023 is unchanged compared to the same period in 2022.”

REA says its Average House Price Index concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Three-bed semi prices nationally will rise by 3% in 2024, estate agents across the country are predicting.

A record shortage of supply has driven a 1.5% rise in the last three months in the capital, but only in houses under a certain price, the index found.

House prices in Dublin and the other cities outpaced Ireland’s large towns and commuter counties as mortgage approved buyers chase properties within their price ceiling.

The actual selling price of a three-bed, semi-detached house across the country rose by 1pc in the final quarter of 2023 to €304,259 – an annual increase of 4.3%.

Time taken to reach sale agreed nationally is steady at five weeks as low supply continues to drive sales in an increasing interest rate environment.

Prices in Dublin city rose by 1.5% in the last three months, meaning that the average three-bed semi in the capital is now selling at €511,667 – an increase of 3pc in the last year.

Mortgage-approved first-time buyers are still the main market drivers, with 59% of sales nationally – a figure that rises dramatically to over 80% in commuter counties as they hunt suitably priced properties.

Homes in the commuter belt showed the most stability in 2023, rising by just 2.2% to €319,722, with counties within travelling distance of the capital recording growth of just 0.2% in the past three months.