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24 May 2022

Laois family home prices rising at double the national house cost rise - Daft.ie report shows

Laois council cuts house build target  by 1,700 after regulator intervenes

Houses under construction on Higgs Lane Portlaoise in 2021

Laois family home prices are rising at double the national rate of house price inflation, according to the latest Daft.ie House Price Report.

In Laois, prices in the final three months of 2021 were 13% higher than a year previously, compared to a rise of 11% seen a year ago. The average price of a home is now €218,000 in the Midlands county which 110% above its lowest point.

Nationally, Daft.ie say that housing prices rose by 7.7% on average during 2021. The average asking price for a three-bed semi-detached family home in Laois rose by more than double that rate.

A snapshot of Laois asking prices shows the average asking prices and annual percentage change in quarter 4 of 2021.

A one bed apartment will set you back €90,000 a rise of nearly 14%. A two-bedroom terraced house will cost €116,000 a rise of about 12%.

A three bedroom semi-detached house costs €163,000 up by over 17%.A four bedroom bungalows are costing about €311,000 a rise of 12.5%. Finally, a five bed detached home is averaging €323,000 which represents a rise of just over 5%.

There were 155 transactions in Laois in 2021 which represents a 91% rise on the previous year.

The average price nationwide in the final quarter of 2021 was €290,998, up 0.6% on the third quarter of 2021 and just 21% below the Celtic Tiger peak.

Nationally Daft.ie says fewer than 11,500 homes were listed for sale on December 1st, the lowest total recorded since July 2006, when online advertising was still emerging.

A total of 179 properties were listed for sale on the Daft.ie website in Laois on December 29 but 34 of these were sites. Just six new homes were listed on the website.

While 2020 saw similar rates of inflation across the market, significant regional differences emerged during 2021. Daft.ie says the smallest increases were in urban areas. MORE BELOW GRAPHIC

Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “Inflation in listed prices continues to cool from its mid-year peak. Nonetheless, at nearly 8% for the year, it remains stubbornly high. This reflects a combination of unusually strong demand and on-going weak supply. Demand for homes to buy, which had been strong anyway from the mid-2010s, has received an unexpected boost during the covid19 pandemic, with prospective buyers able to tap into ‘accidental’ savings, as expenditure fell during the lockdowns. Meanwhile, both new and second-hand supply remain weaker than expected before the pandemic. While the pandemic has changed some particulars, the general health of the housing market is largely unchanged – it is one characterised by weak supply in the face of strong demand. For that reason, additional supply – not just of homes for sale but also of market and social rental housing – remains key to solving Ireland’s chronic housing shortage.”
Average list price and year-on-year change – major cities, Q4 2021 

●        Dublin City: €405,259 – up 3.4%
●        Cork City: €313,436 – up 5.5%
●        Galway City: €322,543 – up 1.6%
●        Limerick City: €234,908 – up 6.4%
●        Waterford City: €211,023 – up 7.5%

The full report is available from HERE and includes a commentary by Ronan Lyons, Assistant Professor of Economics at Trinity College Dublin and author of the Daft.ie Report.

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