House prices rise in Westmeath

House prices rose by an average of 12.7 per cent in Westmeath during 2015, according to the latest House Price Report from property website Daft.ie The average asking price for a house in county Westmeath is now €145,804.

A three-bedroom semi-detached home will now set Westmeath house buyers back €103,000, while at the top of the range a five-bed detached house costs an average of €236,000.

In neighbouring Roscommon, house prices rose by 8.6 per cent over the year, and the average price is now €107,929.

In Longford, there was a similar increase of 8.5 per cent, but the average price is slightly lower at €98,058. Meanwhile Offaly has seen a less sharp increase in prices of 4.2 per cent, with average prices now standing at €138,247.

Nationally, house prices rose by an average of 8.5 per cent during 2015, according to the report.

This national average hides a significant difference between Dublin, where prices rose by just 2.7 per cent, and the rest of the country, where the average increase was 13.1 per cent.

The national average asking price in the final quarter of 2015 was €204,000, compared to €188,000 a year ago and €164,000 at its lowest point in early 2013.

The average house price is now €138,000, 14 per cent above its lowest point.

Commenting on the figures, author of the Daft.ie Report Ronan Lyons said: “The dramatic slowdown in Dublin house prices in 2015 shows how effective the Central Bank rules have been. This has not been the case elsewhere in the country as house prices are lower relative to incomes and thus the new rules have not been as binding. Some have criticised the new rules as hindering new housing supply but the solution to a lack of supply is not stimulating demand even more. If supply is lacking, the solution to this must be found in reducing construction costs, not in giving borrowers access to potentially dangerous levels of mortgage credit.”

The full report is available on www.daft.ie/report

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