Mayo records notable house price increases amid ‘very low supply'
Every house type in Mayo recorded an increase in prices. Most notable was the price of a one-bedroom apartment, which jumped from 23.4pc to €102,000.
This comes amid a nationwide annual increase in house prices. County Laois recorded the biggest annual increase, rising 16.6pc to €284,031 while Monaghan rose 2.2 pc to €245,222.
Dr Ronan Lyons, author of the Daft.ie House Price Report, said the housing market was 'starved of supply' at present.
'The underlying reason is largely unchanged. There are simply too few homes on the market at the moment,' he said.
Today (Monday, June 23) there are 868 properties in Mayo listed for sale on Daft.ie.
Elsewhere, the Real Estate Alliance (REA) has found that the average price of a second-hand three-bed semi-detached house in Mayo has increased to €265,000. This represents a 8.2pc increase in just three months – the highest increase of any area recorded during that period.
According to the Q2 REA Average House Price Index, the average time taken to sell a property has increased by one week to a total of five.
'We are experiencing very low supply, with a total of just seven properties sold in Castlebar in this quarter,' said Robert McGreal of REA McGreal Burke.
'There are eleven properties on market currently with an average of €265,000 as well.'
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The survey shows that across the county, 50pc of purchasers were first-time buyers. A 20pc of sales in Mayo this quarter were attributed to landlords leaving the market.
Additionally, agents across the county reported that the BER ratings of properties saw A-rated properties command 28pc price increases in comparison to comparable C-rated properties.
Castlebar-based auctioneer Kevin Beirne told the Irish Independent that new building regulations were contributing to house price inflation.
'There is such a different now between a modern new home with all the building regulations and the energy efficiency of them, that's why there is such a difference in the price. Building materials and triple-glazed windows and all that are longer lasting,' he said.
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