'Time to deliver on housing' - New report shows latest Laois property price rises

The latest residential property price index from the Central Statistics Office (CSO) shows that property prices in Laois rose by €10,000 over an eleven month period last year.

The index for November 2024 shows that the average property price in Laois was €265,000. This is up from €255,000 in January 2024. The property index also shows the average prices by Eircode area. In the Portlaoise Eircode area property prices rose to €258,500 in November 2024. This is up from €250,000 at the start of last year. 

According to the Property Price Register the most expensive house sold in November 2024 was in Knockbaun, Spink for €625,000. This was closely followed by a property sold in Market Place, Portlaoise for €620,000 while Rathdaire Cottage, Bellgrove, Ballybrittas sold for €600,000 that month. On the other end of the scale some of the cheapest properties to be sold in Laois in November included a property in Glenkeen Park, The Fairgreen, Mountmellick for €53,542.09 and a property in Cullenagh, Portlaoise sold for €80,000. 

Nationally the property price index rose by 9.4% in the 12 months to November 2024. During that month 4,443 dwelling purchases by households at market prices were filed with the Revenue Commissioners, down by 3.8% when compared with the 4,618 purchases in November 2023. Across the country the average price of a property purchased in the 12 months to November 2024 was €350,000.The lowest average was €180,000 in both Leitrim and Longford, while the highest was €654,999 in Dún Laoghaire-Rathdown.

Commenting on the release, Niall Corkery, Statistician in the Prices Division, said: In the 12 months to November 2024, house prices in Dublin rose by 9.9% while apartment prices increased by 8.3%. The highest house price growth in Dublin was in Dublin City at 11.7% while Dún Laoghaire-Rathdown saw a rise of 6.9%.

"Outside Dublin, house prices were up by 9.5% and apartment prices increased by 5.8%. The region outside of Dublin that saw the largest rise in house prices was the Border (Cavan, Donegal, Leitrim, Monaghan, and Sligo) at 13.8%, while at the other end of the scale, the Mid-East (Kildare, Louth, Meath, and Wicklow) saw a 6.5% rise.In November 2024, 4,443 dwelling purchases by households at market prices were filed with the Revenue Commissioners, a decrease of 3.8% when compared with the 4,618 purchases in November 2023.Households paid a median or mid-point price of €350,000 for a residential property in the 12 months to November 2024. The lowest median price paid for a dwelling was €180,000 in both Leitrim and Longford, while the highest was €654,999 in Dún Laoghaire-Rathdown. The most expensive Eircode area over the 12 months to November 2024 was D06 'Dublin 6' with a median price of €725,000, while H23 'Clones' had the least expensive price of €127,000.”  

Commenting on the CSO figures IPAV, the Institute of Professional Auctioneers & Valuers, warned that unless there is a significant increase in supply house prices could rise a further 10% this year.

Pat Davitt IPAV’s Chief Executive said: “Agents are reporting strong prices with competing buyers in a limited market continuing to push beyond asking prices, particularly in high demand areas.

“That said there are locations where demand is lower and homes can still be bought for around the price of building them.But continuing increases of current levels are not sustainable over the longer term. 

“Those on high incomes, cash buyers and State bodies are all competing for the scarce resource that is homes for sale,” he said.

 Those on average wages have been largely squeezed out for several years at this stage. Many are now middle aged, he said.

“Unless we address the impediments to building more homes the future is looking worrisome for these people and for society as a whole.”

To that end, he said, everyone is hoping that the new Government will succeed in accelerating the supply of homes.

“We wish them well. It requires forensic focus on long standing impediments to building homes,” he concluded.

Brokers Ireland, the representative body and leading voice for over 1200 insurance and financial brokers in Ireland, said all eyes are now on the government to deliver on housing supply.

 Rachel McGovern, Deputy Chief Executive at Brokers Ireland, said: “It’s beyond time for talking about housing targets, all people want to know about now is how new homes are going to be delivered.”

She said it looks like the number of new homes for 2024 will come in at a disappointing 33,000 approximately. 

“Clearly this is why house prices rose more than most industry commentators expected, at about 10% for the year,” she said. “That level of increase is not sustainable except for those on high salaries and those wealthy enough to not be dependent upon mortgage finance.”

She said the commitment in the new Programme for Government to set up a new Strategic Housing & Infrastructure Delivery Office under the Minister for Housing was positive.

“It is to be hoped that it will deliver as its name suggests because up to now housing policy has been too dispersed across all arms of Government and lacked coordination,” she said.

Ms McGovern said time is of the essence, given economic uncertainty.

“We do not want to find ourselves looking back and regretting missed opportunities.”

She said a whole of Government approach is needed, not piecemeal change.