House prices in Meath to rise by 3% in the next 12 months
The price of the average three-bed semi in County Meath is expected to rise by 3% in the next 12 months, according to a survey carried out by Real Estate Alliance.
Prices in the county rose by 1.6% between September and December to €242,500 with average three-bed semis rising by €3,750 as the option to work from home incentivises buyers to move away from urban centres, the Q4 REA Average House Price Index shows.
“Lack of supply is keeping demand at strong levels, and mortgage approvals rates are high,” said Paul Grimes of REA Grimes Ashbourne, where prices have risen 1.7% to €305,000 over the past quarter and time taken to sell has fallen from four weeks to three.
“People are moving to better-sized houses, and there is a huge demand for higher-quality detached homes with a strong interest in local amenities.”
Prices in Navan rose 2.1% to €240,000 over the past three months, with time taken to sell falling from eight weeks to seven.
Kells prices have remained at €180,000 over the past 12 months, with time taken to sell in the area falling a fortnight to 10 weeks this quarter.
“There is hope for 2021 and the expectation for a busier year. With our high volume of sales in recent months and strong prices achieved, many in excess of the asking price, we now have a shortage of properties currently available for sale,” said Michael Gavigan of REA T&J Gavigan, based in Navan and Kells.
“Our advice for any potential vendor or landlord thinking of selling in 2021 is to sell, as we are confident that sales will remain strong.”
Prices in Trim rose 2.1% over the past quarter to €245,000, and time taken to sell fell from eight weeks to five in that period.
“Demand is strong for a good quality house, and we find many of the buyers who would have prior to Covid-19 sought property closer to Dublin now find better value in the rural towns with better lifestyle for their families,” said Thomas Potterton of REA TE Potterton, Trim.
“We are seeing a lot of local young couples buying in this market, many of whom are working from home.”
The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
Average house prices rose by almost 1.5% nationally over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply, the Q4 REA Average House Price Index found.
The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.
The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.
The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.
Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.
Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.
Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.