House prices appear to be stabilising in Westmeath, with the price of a three-bed home rising for the first time since 2007, according to the latest survey from property website MyHome.ie
While the median asking price of four-bed homes in the county remained unchanged in the opening quarter of 2013, the price of a three-bed home actually rose by €1,250 in the first three months of the year – an increase of 1.1 per cent.
That is the first time prices have risen in the county since the peak of the market in the first quarter of 2007, with the annual percentage fall in Westmeath of 6 per cent the fourth lowest nationally.
The average asking price of a three-bedroom house in Westmeath is now €117,500, a figure which is still some 56.5 per cent lower than peak house prices.
In surrounding counties, median house prices now stand at €100,000 in Roscommon, €90,000 in Longford, and €127,000 in Offaly.
Nationally, the rate of decline in property prices has continued to moderate, with prices falling by 1.8 per cent in the first quarter of 2013. This compares with a fall of 3 per cent in the previous quarter.