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'Severe' lack of supply in housing

‘Severe’ lack of supply in housing

The price of the average three-bed semi in Co Clare has risen 3.1% to €165,500 in the last three months, according to a national survey carried out by Real Estate Alliance.

The REA Average House Price 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 property market in towns and cities countrywide for the first three months of the year.

“The lack of supply is severe,” said Liam Browne from REA Paddy Browne in Ennis.

“There is high demand from owner-occupiers and investors in the town centre, which will hopefully lead to new developments both in the short and long term.”

Property prices in the county have risen by 13.8% in the past year, the survey has found.The average semi-detached house nationally now costs €209,944, the Q1 REA Average House Price Survey has found – a rise of 3.5% on the Q4 2016 figure of €202,926.

Overall, the average house price across the country has risen by 10.9% over the past 12 months – a marked increase on the 7.7% rise registered to the end of December 2016.
The biggest percentage increases over the past year came in the country’s smaller rural towns situated outside of Dublin, the commuter belt and the major cities.

Prices here rose by an average of 12.9% over the year, with a three-bed semi now costing €136,194 – an increase of 3% in the past three months.

The commuter counties of Louth, Meath, Kildare, Wicklow, Carlow and Laois rebounded after a relatively static end to 2016 to rise by 2.9% in the past three months, with the average house appreciating by over €6,000 in the quarter.

Ireland’s major cities outside the capital experienced a 2.3% rise in the first quarter and 7.7% on the year, with the average semi now costing €305,000 in Cork (+3.4%), €132,000 in Galway (+2.1%) and €178,000 in Limerick (+0.6%).

The price of the average three-bed semi in Co Clare has risen 3.1% to €165,500 in the last three months,

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