House prices rise by 11pc in Westmeath

House prices in Westmeath for the final three months of 2016 were 11 per cent higher than a year previously, compared to a rise of 13 per cent seen a year ago. The average house price is now €162,000, 37 per cent above its lowest point.

The figures are provided by Daft.ie via its latest House Price Report, released on Tuesday this week.

Nationally, house prices rose by an average of 8 per cent during 2016. The rate of inflation in Dublin was 5.1 per cent, below the national average but significantly up on the figure for 2015 (2.7 per cent ). Outside Dublin, the rate of inflation was 10.1 per cent, down slightly from 13.1 per cent a year ago.

The national average asking price in the final quarter of 2016 was €220,500 compared to €204,000 a year ago and €164,000 at its lowest point. In Dublin, prices have risen by an average of €102,000 (46.2 per cent ) from their lowest point in mid-2012. Outside the capital, the average increase has been €48,000 (36 per cent ) since the end of 2013.

Prices continue to increase sharply in cities outside Dublin. Compared to the same period in 2015, prices in the final quarter of 2016 were 9.2 per cent higher in Cork and 13 per cent higher in Galway. In Limerick city, the increase was 14 per cent, while in Waterford prices rose by just under 15 per cent in 12 months. Inflation outside the cities varies from 9 per cent in Leinster to 12 per cent in Connacht-Ulster.

There were just under 21,800 properties for sale nationwide in December, compared to almost 25,500 the same month last year. This is the lowest national total since January 2007 and marks a fall of two thirds from a peak of 63,000 in late 2008.

Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie report, said: “While prices edged back in many markets in the final three months of the year, this comes after some very sizeable increases in earlier quarters, particularly outside Dublin.

"Overall, the market continues to be characterised by strong demand, albeit limited by Central Bank rules, coupled with very weak supply – both of new and secondhand homes. This year has seen a number of measures that will serve to stimulate demand in the years ahead. Hopefully, next year the focus will be on supply.”

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

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