House prices rising by €400 EVERY WEEK

Property prices in Westmeath rose by almost €400 EVERY WEEK of the last year, a new report has found.

The latest MyHome.ie Property Report in association with Davy reveals that property prices in Westmeath leaped by almost €20,000 in the last year.

The report for Q2 2018 shows that the median asking price for a property in the county now stands at €174,500. This is up €5,500 or 3.3% from the previous quarter but is also up 12.6% from €155,000 at the same stage last year.

This means that the asking price for a home in Westmeath is up €19,500 in the last 12 months.

The latest price increase has left the asking price for a home in the county at its highest level since it stood at €180,000 at the end of Q4 2011.

The rise in Westmeath was reflected in the asking price of a 3-bed semi-detached house in the county. This jumped by 3.8% in the quarter from €159,000 to €165,000. This contributed to an annual increase of 18.7% with prices for this house type now €26,000 up on where they were 12 months back. This has left prices for a 3-bed semi in the county at their highest level since Q3 2010 when they stood at €184,500.

The asking price for a 4-bed semi-detached house in Westmeath grew by 1.3% in the quarter, up €2,475 to €197,475. This contributed to a year-on-year increase of 16.2% with prices €27,475 ahead of where they were 12 months ago.

The number of properties for sale in Co Westmeath on MyHome.ie has increased by 11.6% in the last quarter but remains 0.6% behind where it was this time last year.

The average time to go sale agreed on a property in the county now stands at just over three and a half months.

 

National picture

The report found that while house prices are continuing to rise the rate of inflation is slowing, due in the main to tighter bank lending.

Asking prices rose 7.2% in the year to Q2 2018 – the slowest pace of inflation in two years – and down from 9.5% in Q1.  In Dublin, asking price inflation has slowed to 6.8%, down from 11% at the turn of the year.

According to the report the prices of newly listed properties nationally rose by 3% in Q2 while prices in Dublin rose by 2.2%.  Newly listed properties are seen as the most reliable indicator of future price movements.

The median asking price for new sales nationally is €270K while in Dublin it’s €384K.

The author of the report, Conall MacCoille, Chief Economist at Davy, said that the slowdown in house price inflation should be welcomed as double-digit price growth could not be sustained over the long term.

 “The Celtic Tiger years demonstrated the folly of allowing rising leverage in the mortgage market to drive double-digit house price inflation indefinitely. This time round, the Central Bank’s 3.5 X loan-to-income (LTI) threshold is preventing households from chasing prices higher by taking on excessive mortgage debts” he said.

Angela Keegan, Managing Director of MyHome.ie said the improvement in stock levels, particularly in Dublin was most welcome.

“Our data shows that stock levels nationally are up 3.7% on the year to 21,600, the first positive growth since 2015. In Dublin where the housing shortage is most acute, stock has risen by 25% to 5,000 homes which is very positive. There are also now 409 new housing developments listed for sale on MyHome – well up from the 342 in mid-2017” she said.

Property prices in Westmeath rose by almost €400 EVERY WEEK of last year, a new report has found.

The latest MyHome.ie Property Report in association with Davy reveals that property prices in Westmeath leaped by almost €20,000 in the last year.

The report for Q2 2018 shows that the median asking price for a property in the county now stands at €174,500. This is up €5,500 or 3.3% from the previous quarter but is also up 12.6% from €155,000 at the same stage last year.

This means that the asking price for a home in Westmeath is up €19,500 in the last 12 months.

The latest price increase has left the asking price for a home in the county at its highest level since it stood at €180,000 at the end of Q4 2011.

The rise in Westmeath was reflected in the asking price of a 3-bed semi-detached house in the county. This jumped by 3.8% in the quarter from €159,000 to €165,000. This contributed to an annual increase of 18.7% with prices for this house type now €26,000 up on where they were 12 months back. This has left prices for a 3-bed semi in the county at their highest level since Q3 2010 when they stood at €184,500.

The asking price for a 4-bed semi-detached house in Westmeath grew by 1.3% in the quarter, up €2,475 to €197,475. This contributed to a year-on-year increase of 16.2% with prices €27,475 ahead of where they were 12 months ago.

The number of properties for sale in Co Westmeath on MyHome.ie has increased by 11.6% in the last quarter but remains 0.6% behind where it was this time last year.

The average time to go sale agreed on a property in the county now stands at just over three and a half months.

 

National picture

The report found that while house prices are continuing to rise the rate of inflation is slowing, due in the main to tighter bank lending.

Asking prices rose 7.2% in the year to Q2 2018 – the slowest pace of inflation in two years – and down from 9.5% in Q1.  In Dublin, asking price inflation has slowed to 6.8%, down from 11% at the turn of the year.

According to the report the prices of newly listed properties nationally rose by 3% in Q2 while prices in Dublin rose by 2.2%.  Newly listed properties are seen as the most reliable indicator of future price movements.

The median asking price for new sales nationally is €270K while in Dublin it’s €384K.

The author of the report, Conall MacCoille, Chief Economist at Davy, said that the slowdown in house price inflation should be welcomed as double-digit price growth could not be sustained over the long term.

 “The Celtic Tiger years demonstrated the folly of allowing rising leverage in the mortgage market to drive double-digit house price inflation indefinitely. This time round, the Central Bank’s 3.5 X loan-to-income (LTI) threshold is preventing households from chasing prices higher by taking on excessive mortgage debts” he said.

Angela Keegan, Managing Director of MyHome.ie said the improvement in stock levels, particularly in Dublin was most welcome.

“Our data shows that stock levels nationally are up 3.7% on the year to 21,600, the first positive growth since 2015. In Dublin where the housing shortage is most acute, stock has risen by 25% to 5,000 homes which is very positive. There are also now 409 new housing developments listed for sale on MyHome – well up from the 342 in mid-2017” she said.