HOUSE prices in Laois have soared by €25,000 in the past year.
The average cost of a home in the county is €180,000, up a massive 16% on this time last year.
The latest MyHome.ie report shows that average property prices in Laois rose from €155,000 at the end of 2017 to €180,000 in December 2018.
The MyHome.ie report covers the last quarter of last year and was released on Wednesday 2 January in association with Davy stockbrokers. The December 2018 figure is down 2.7% or €5,000 from the previous quarter, but the year-on-year increase is still a whopping 16.1%.
The asking price for a three-bedroom semi-detached house in Laois rose from €165,000 to €167,000 (1.2%) during the last quarter of 2018. This is the highest since the first quarter of 2011, when the average asking price for this type of house in Laois was €170,000. The asking price at the end of 2017 was €137,475.
Corresponding figures for a three-bedroom semi-detached house in neighbouring counties are €159,500 in Offaly; €220,000 in Kildare; €169,975 in Carlow; €172,500 in Kilkenny and €145,000 in Tipperary. The cheapest county for a three-bed semi-detached house is Roscommon (€80,000), while the most expensive outside Dublin is Wicklow (€299,000).
Meanwhile, the asking price for a four-bed semi-detached house in Laois fell by 1.3% between September and December 2018, from €197,500 to €195,000. However, prices annually were up a massive 25.8% from €155,000 at the end of 2017.
The number of Laois properties for sale on MyHome.ie was up 14.1% in the last quarter and by 69.8% on this time last year. The average time to go ‘sale agreed’ on a property in Laois is three-and-a-half months.
House prices nationally are expected to rise by around 5% this year, after slowing sharply in the third quarter of last year and stabilising in the last quarter. The report predicts that “robust demand and rising incomes” will continue to push house prices higher, once the uncertainty of Brexit has been resolved.
The annual rate of property price inflation nationally last year was 6.1%, but it was just 3% in Dublin. The median asking price for new sales nationally is €266,000, down €2,000 from the last quarter, while the price in Dublin remains unchanged at €375,000.
The author of the MyHome.ie report, Davy chief economist Conall MacCoille, said the property slowdown has evened out and housing supply is slowly picking up, even if it remains well short of demand. He also said the tightening of Central Bank lending rules “took some of the heat out of residential sales” but did not cause the property market to stagnate, despite predictions.
MyHome.ie managing director Angela Keegan said 2018 will be remembered as the year when the stock of both new builds and secondhand homes finally turned the corner.