NEWS

Waterford house prices rise by 2.3% in past year

WaterfordLive.ie

Reporter:

WaterfordLive.ie

Email:

news@waterfordlive.ie

Waterford house prices rise by 2.3% in past year

The price of the average three-bed semi in County Waterford rose by 2.3% to €176,500 in the past year, according to a national survey carried out by Real Estate Alliance.

Waterford county prices were static in the first three months of this year, the REA Average House Price Survey found.

The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide to the close of last week.

The average three-bed semi in Waterford city is currently selling for €210,000 and sells in an average of four weeks.

“We are seeing a good demand for properties in Waterford city, but this is being met with a shortage of supply. While we saw 7.69% growth over the past year, that growth has stalled this quarter,” said Des O’Shea of REA O’Shea O’Toole.

“Throughout the county, we have seen a drop-off in the supply of second-hand homes coming to market compared to this time last year, and the average time to sell has increased this quarter from eight weeks to nine,” said Eamonn Spratt of REA Spratt Dungarvan, where a three-bed semi is currently averaging €176,500.

“Encouragingly, it does seem that there is increased competition by banks for new mortgage business in the marketplace.”

The average semi-detached house nationally now costs €235,898, the Q1 REA Average House Price Survey has found – a fall of -0.16% on the Q4 2018 figure of €236,287.

The price of a three-bed semi-detached house in Dublin city has fallen by -1.7% since the end of December, wiping out the average €7,000 gains in value experienced throughout 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €437,500.

“Time taken to reach sale agreed in Dublin is now eight weeks – double that of a year ago – and reflects the difficulties that people are experiencing in obtaining a mortgage,” said REA spokesperson Barry McDonald.

“We are seeing an appreciable drop in people attaining mortgage approval – particularly for properties above €350,000 – which is creating a ceiling that is stifling the market.”

Prices also fell slightly by -0.3% in the commuter counties in the last three months – an annual rise of 2.7% – with the average house now selling for €248,750.

Prices were static in the country’s major cities outside Dublin with agents in Cork, Galway, Limerick and Waterford all reporting no price movements in the opening quarter, but an annual increase of 3.6% to €252,500.

The highest annual increases (6.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €9,400 in the past year and 1.1% in the past three months to €159,433.