Westmeath property prices decline in first quarter of calendar year

Property prices in Westmeath have fallen by €7,525 in Q1 2021, according to the latest MyHome.ie Property Report.

Property prices in Westmeath have fallen by €7,525 in Q1 2021, according to the latest MyHome.ie Property Report.

Property prices in Westmeath have fallen by €7,525 in Q1 2021, according to the latest MyHome.ie Property Report.

The report for Q1 2021 shows that the median asking price for a property in the county is now €182,475. This represents a fall of €12,525 since this time last year.

Continuing this trend, the asking price for a three-bed semi-detached house in the county fell by €4,950 over the quarter to €175,000. This means prices in the segment have fallen by €5,000 compared to this time last year.

The asking price for a four-bed semi-detached house in Westmeath fell by €15,025 over the quarter to €199,975. This segment recorded the same drop in price when compared to this time last year.

The number of properties for sale in Westmeath on MyHome.ie is down 13.1% compared to Q4 2020, and by 23 percent compared to this time last year.

The average time for a property to go sale agreed in the county after being placed up for sale now stands at nearly five and a half months.

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The report found that annual asking price inflation rose by 4.2% nationwide, by 4.1 percent in Dublin and by 4.8 percent elsewhere around the country.

Meanwhile, quarterly asking price inflation was flat – at zero percent nationally, while increasing by one percent in Dublin, and falling by 0.4 percent elsewhere around the country.

The author of the report, Conall MacCoille, Chief Economist at Davy, said that a striking feature of the report was how housing market activity had persevered through the third lockdown.

“Remarkably, new listings for sale in the first quarter were down only 30 percent compared with 2020 versus 80-90 percent annual falls during the first lockdown.

“All the data suggests that housing market activity should bounce back rapidly once the restrictions are lifted. Mortgage approvals in January were up 12 percent on the year, with the average approval up 8% to a fresh cyclical high of €256,000. So, there is no evidence of tightening credit conditions holding back homebuyers,” Conall remarked.

Angela Keegan, Managing Director of MyHome.ie, said that interest in the property market was at a historic high and as such it was imperative that the supply issue be dealt with.

“Traffic through the MyHome.ie website is up 13-30 percent on different metrics, such as users, sessions and page views. As such, it is crucial that the construction sector be allowed to return to normal activity in order to address this obvious demand and safeguard the market as we emerge from Covid-19,” Angela stated.

Full details of the report can be found at www.myhome.ie/reports

 

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