House prices in Laois have fully recovered from the worst days of the real estate crash, with the average cost of buying a new home in the county rising at a faster rate than the national increase last year, according to the new Daft.ie report.
The results are contained in the Daft.ie House Price Report Q2 2021, which shows house prices are now 13% higher than a year ago across the country. The national average price in the second quarter of 2021 was € 284,313.
The average cost of buying a house in Laois has increased by 17.5% over the past 12 months to reach € 208,748. The quarterly average variation is 1.7%. The increase from the market bottom is now 101.3%.
Daft.ie breaks down the numbers for all counties. MORE DETAILS BELOW THE LINK.
A T2 Laois costs € 80,000, up 8.4% compared to last year, while a two-bedroom terraced house will cost you € 109,000, an increase of 21.7%.
It indicates that the average cost of a three-bedroom semi-detached house in Laois increased by 20.1% last year to reach € 153,000. A four-bed Laois bungalow rose 20.4% to € 303,000. The cost of purchasing a five-bedroom detached house rose 19.4% to € 310,000.
While there has been an 88% increase in new home transactions in Laois over the past year, the total number of new home sales was only 92 in one year. MORE GRAPHIC BELOW.
Daft.ie says there continues to be a divide between trends in Dublin and trends elsewhere. In Dublin, prices rose 8.4% through June 2021, the fastest rate of inflation since early 2018, but price increases outside the capital were roughly twice as large.
The report states that prices posted in the cities of Cork, Limerick and Waterford were between 14.3% and 15.5% higher in the second quarter of 2021 than a year ago, while in the city of Galway, prices were higher. increased by 12.6% over the same period. Outside major cities, prices rose on average 16.5% year-on-year, with Wexford and Waterford counties registering the largest increases, at just over 21%.
House prices are now 13% higher than a year ago, according to the latest sales report from Daft.ie/
The annual inflation rate is at its highest since early 2015. House prices are now 13% higher than a year ago.
The total number of properties available for purchase on June 1 was just over 12,300, up slightly from the 11,900 recorded in March, but one of the lowest numbers since the increase in properties advertising for sale online.
Despite a slight increase in listings, the total availability of homes for sale nationwide on June 1 was a third lower than on the same date a year earlier and only half the amount for sale in June 2019. Daft.ie reports that stock available for sale in Dublin has fallen less than the national average, while stock for sale in Leinster (outside the capital) is down by almost half.
Commenting on the report, its author Ronan Lyons, economist at Trinity College Dublin, said: “Very low supply continues to weigh on the Irish property market. Unlike much of the past decade, when urban centers drove home price inflation, the Covid-19 housing market has seen the opposite trend. Inflation is less severe in Dublin than elsewhere and, outside Dublin, less severe in other cities than in the rest of the country.
“If the volume of second-hand housing put up for sale improved somewhat in the second quarter compared to the first three months of the year, it remains very low compared to the real estate market before the pandemic. An easing of foreclosure restrictions in the second half of 2021 will help put used homes back on the market. But it once again underscores how important supply is in determining house prices, given the high demand. It also reminds policymakers that when the pandemic subsides, building new homes on a much larger scale than in recent years is needed to make housing more affordable, ”he said.
Average list price and year-over-year change – major cities, 2021Q2
Dublin City: € 402,028 – up 8.4%
Cork City: € 303,491 – up 14.3%
Galway City: € 313,360 – up 12.6%
Limerick City: € 224,587 – up 15.5%
Waterford City: € 199,562 – up 14.8%
The full report is available HERE.