Latest news with #REAAverageHousePriceIndex
Irish Independent
24-06-2025
- Business
- Irish Independent
Limerick landlords flee the market as first-time buyers surge, report shows
The average price of a second-hand three-bed semi-detached home in Limerick city has risen to €330,000, marking a 1.5% increase from €325,000 in the past three months, according to the Q2 REA Average House Price Index. In the wider county area, prices have also seen an uptick. Average prices in the county rose to €270,000, up 1.9pc from €265,000 in that period, the report shows. 'We are seeing similar trends to the previous quarter, the only difference is that there seems to be a slight rise in stock levels,' said Pat Dooley of REA Dooley. In terms of buyer trends, the survey found 75pc of purchasers in the city and 80pc across the county were first-time buyers. Meanwhile 60pc of sales in the city and 45pc across the county this quarter were attributed to landlords leaving the market. Nationwide, the selling price of a three-bed semi rose by 2.7% over the past three months to €347,912, an annual increase of 10.3%. In Dublin, selling prices rose by 2.6% this quarter. The average three-bed semi in the capital is now selling at €572,693, a 9pc annual rise of almost €50,000. However, REA agents have noticed fewer first-time buyers at recent viewings. Homes in Cork city hit €400,000 for the first time, with prices in major cities outside Dublin rising by an average of 1.5pc to €360,605 in the last three months, an annual rate of increase of 8pc.
Irish Independent
23-06-2025
- Business
- Irish Independent
Roscommon house prices rise yet again amid ‘increasingly low' supply
Amid warnings of 'increasingly low' supply in the county, the average house price now stands at €228,883. According to the latest House Price Report, house prices in Roscommon are up 4.9pc on the previous quarter. Every house type in Roscommon has risen in the past year, with one-bedroom apartments rising 25.4pc to €93,000. Four-bedroom bungalows, meanwhile, stand at €283,000 (up 13.0pc) while five-bedroom detached houses now stand at €278,000 on average (up 7.9pc). Roscommon recorded the third-highest annual increase in house prices, behind County Galway and Galway City, where prices increased by double digits respectively. Separately, the Real Estate Alliance has found that the average three-bed second-hand semi-detached house in County Roscommon has risen to €265,000, up 1.9pc from the previous quarter. In Roscommon town, prices are up 1.6pc to €310,000, In Castlerea house prices are up 2.3pc to an average of €220,000, the Q2 REA Average House Price Index shows. The average time taken to sell a house stands at four weeks. Seamus Carthy of REA Seamus Carthy, a Roscommon town-based auctioneer, said: 'Supply for desired stock is becoming increasingly low in the county, with demand for ready-to-go family homes at the top of the list. 'Supply of older stock and refurbishment projects is improving but difficulty securing tradespeople may be dampening the desire among some, which could counteract the grants benefit of such a property. ADVERTISEMENT 'We are seeing a shift, as landlords begin to bed in again and hold on to property for the long term.' The RED survey found that 70pc of purchasers in County Roscommon were first-time buyers. Meanwhile, 20pc of sales in the county this quarter were attributed to landlords leaving the market. Agents across the count also y reported that the BER ratings of properties saw A-rated properties command 25pc price increases in comparison to comparable C-rated properties.
Irish Independent
23-06-2025
- Business
- Irish Independent
Mayo records notable house price increases amid ‘very low supply'
According to the latest House Price Report, the average house price in Mayo in Q2 of 2025 stood at €234,406. This is 52.3pc higher than pre-Covid prices and 4.1pc higher than the previous quarter. 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 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 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.' ADVERTISEMENT 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.
Irish Independent
23-06-2025
- Business
- Irish Independent
Sligo house prices rising as demand outstrips supply
Across the county this quarter, the average time taken to sell is four weeks, the Q2 REA Average House Price Index shows. In Sligo town, prices this quarter rose 1.7pc to an average of €300,000, and prices in Tubbercurry rose to €210,000, up 2.4pc. 'Despite the fact that new building has commenced in Sligo town, demand still outstrips supply, resulting in continued high demand from first-time buyers and investors in the €200,000-300,000 price bracket,' said Roger McCarrick of REA McCarrick & Sons. 'Larger family homes on the outskirts of Sligo and in the Strandhill area regularly sell for over €500,000. Lack of new building in smaller towns such as Tubbercurry have kept pressure on the values of existing stock, which means first-time buyers and investors are competing for the same limited supply.' The survey shows that across the county, 30pc of purchasers were first-time buyers, while a total of 10pc of sales in the county 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 10pc price increases in comparison to comparable C-rated properties. According to the lastest report from prices in the second quarter of 2025 in Sligo were 5% higher than a year previously, compared to a rise of 10% seen in the 12 months to March 2024. The average price of a home is now €224,000, 50% above the level seen at the start of the covid19 pandemic. The strong increases in prices are related to very tight supply. The number of second-hand homes available to buy nationwide on June 1st stood at close to 12,100. This is largely unchanged from the figure a year ago and less than half the pre-covid average of almost 25,000. Commenting on the report, its author Ronan Lyons, economist said: 'The substantial increases over the past year in almost all parts of the country are linked to the lack of second-hand supply. This in turn is related to the increase in interest rates earlier in the decade.'
Irish Independent
23-06-2025
- Business
- Irish Independent
The Irish Independent's View: New housing excuses sound remarkably similar to the old ones
The minister talked up returning vacant properties to the market and the potential for social housing and rental accommodation. Strategies will include streamlining the planning process, strategic use of land, funds for local authorities and more specific schemes. Construction levies and taxation will also be looked at. To understand the issue better from the inside out, and then to put measures in place that are practical and action-orientated, the minister was meeting with a wide variety of stakeholders. He also acknowledged that things will probably get worse before they get better. If this all sounds remarkably familiar, it's because this account of an interview by the housing minister is almost a decade old. This time nine years ago, the housing minister Simon Coveney was building up towards his big announcement of an action plan for housing. 'Rebuilding Ireland' was published in the summer of 2016 – complete with the commitment to end homelessness. Browne's overhaul of Rent Pressure Zones will arguably make the cost of rent worse Fast forward nine years and the current occupant of the Custom House, James Browne, is talking in strikingly similar terms about the imperative to increase supply. Browne's overhaul of Rent Pressure Zones will arguably make the cost of rent worse, initially, in order to increase the supply in the longer run, thereby making things better. But the minister doesn't appear to have the political wit to acknowledge there are immediate downsides to his plans. The impact of the lack of supply in the market is illustrated today in the Irish Independent/REA Average House Price Index. The survey shows asking prices still rising as buyers become desperate to get a home they can call their own. This summer, the minister will also launch an action plan for housing – the latest iteration of a running theme for a decade. Emerging from the ashes of the Celtic Tiger crash, successive governments of similar hues have failed to sufficiently increase the output of housing to anywhere near the levels required. A record 93,419 houses and apartments were built in 2006 – the highest rate in Europe. Nowadays we seem to be lucky if we break the 30,000 mark. Even the Government's bluff figure of 40,000 is well below that of a generation ago. Whatever bells-and-whistles plan is launched this time will doubtless try to suggest that the initiatives identified are new and therefore deserving of time to bed in and deliver results. It's a hard sell at this stage as the housing excuses wear thin for this Coalition. It is simply not credible to ask the public to ignore what has gone before simply because there is a new minister appointed in a newly formed government. Meet the new boss, he sounds remarkably similar to the old boss. Clear, coherent and credible policies will get a better reception than being told it will be different this time around.
