Average Westmeath house price continues to rise

House prices in Westmeath between April and June were 13 per cent higher than a year previously, with the average price now €159,000, according to the latest House Price Report released by Daft.ie

The divide between Dublin and the rest of the country persists, with prices effectively stable in the capital, rising just 1.1 per cent in the last year compared to a 10.2 per cent on average outside Dublin.

While prices are stable in Dublin, they continue to increase strongly in other cities. Compared to the same period in 2015, prices in the second quarter of 2016 were 11.2 per cent higher in Cork and 14 per cent higher in Galway. In Limerick city, the increase was 15.2 per cent, while in Waterford prices rose by 17.4 per cent in 12 months. Inflation outside the cities varies from 9 per cent in Munster to 12 per cent in Connacht and Ulster.

The total number of properties for sale nationwide recorded a rare increase between March and June having reached a nine-year low in March at less than 24,000.

Commenting on the figures, Ronan Lyons, economist at Trinity College and author of the Daft.ie Report, said: “While supply pressures have eased slightly in the last three months, the overall dynamic in the housing market currently is one of very strong demand pulling up prices. In Mayo and Roscommon, for example, average prices have increased by roughly 10 per cent since the start of the year.

“The obvious exception to this is Dublin, where Central Bank rules have linked house prices to the real economy. What we are seeing in the capital is buyers seeking out good-value locations. Whereas prices are now falling in year-on-year terms in markets like Dublin 6 and So uth County Dublin, they are rising by roughly 5 per cent a year in areas like Dublin 10, Dublin 11, and Dublin 12.”

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