“Property prices in Roscommon have risen by €9,500 in the past year”

 

 

 

 

Property prices in Roscommon have risen by €9,500 in the past year, according to the latest MyHome.ie Property Report in association with Davy.

  The report for Q1 2019 shows that the median asking price for a property in the county now stands at €129,500. This was up 3.5% from €125,000 at the end of last year and by 7.9% on this time last year when prices stood at €120,000.

  The latest increase means that prices in Roscommon are now at their highest level in six years since standing at €139,000 in Q1 2013.

  The rise in prices was reflected in the asking price for a 3-bed semi-detached house in the county, which while down marginally (0.03%) in the last quarter to just under €80,000, were up 6.6% on this time last year when they stood at €75,000.

  The asking price for a 4-bed semi-detached house in Roscommon went in the opposite direction. It was down 9.2% in the quarter from €109,000 to €99,000. This contributed to a decline of 1% on this time last year when prices stood at €100,000.

  The number of properties for sale in Roscommon on MyHome.ie was down 10.4% in the last quarter but up by 9.4% from this time last year.

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The author of the report, Conall MacCoille, Chief Economist at Davy, said the slowdown in price inflation, which was concentrated in Dublin, was largely due to the Central Bank’s lending rules and unrealistic price expectations rather than uncertainties caused by Brexit.

  “At the beginning of 2018, the median loan-to-income (LTI) ratio among first-time buyers in the capital was already 3.5 times income and therefore close to the regulatory threshold. The tightening of the Central Bank of Ireland mortgage lending rules – and the resulting slowdown in price inflation – was always going to be felt first in the capital. It also appears that price expectations in early 2018 were unrealistic and a period of adjustment has taken place as a result”.

  The Managing Director of MyHome.ie Angela Keegan said the fact that we are seeing more transactions, more properties on the market and lower price increases were all positives for prospective buyers.

  “There were 21,250 properties listed for sale on MyHome in March, up 13% on last year. With 18,100 units completed in 2018, it is clear that new construction is also starting to add to supply. There are currently 509 new housing developments listed on MyHome. While this is still short of meeting natural demand, the graph is definitely going in the right direction” she said.