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Monday, 25th March 2024

Drogheda house prices rise 1.8% in three months

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The price of the average second-hand three-bed semi in Drogheda rose by 1.8 per cent in the last three months to €290,000, while in Dundalk the price was unchanged at €250,000.

Across the county, the average time taken to sell currently sits at four weeks, the Q1 REA Average House Price Index shows.

The survey shows that across the county 72% of purchasers were first-time buyers, and 55% of purchasers were from outside of the county.

A total of 8% of sales in the county this quarter were attributed to landlords leaving the market.

“There is a shortage of second-hand residential stock on the market, and the inability to upsize to larger homes is particularly affecting the market,” said Darina Collins of REA O’Brien Collins, Drogheda.

 “We are currently seeing an understocked market,” said Michael Gunne of REA Gunne Property, Dundalk.

The actual selling price of a three-bed, semi-detached house across the country rose by 1.3pc in the first quarter to €308,235.

The REA Average House Price Index concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Time taken to reach sale agreed nationally is steady at five weeks as historically low supply continues to drive sales - amidst a belief that interest rates may have peaked.

“There continues to be strong demand throughout the country as buyers compete for the lowest supply of residential property in two decades – despite the high level of values and interest rates,” said REA spokesperson, Barry McDonald.

“On the positive side for potential homeowners, the Vacant Property Refurbishment Grant has finally kicked in, opening up a market for homes in need of improvement.

“These were the type of property previously really hard to sell with people afraid of refurbishment costs, limiting the market to builders and developers.

“If a home is declared vacant for two years or more, and it qualifies under the scheme, buyers know they can avail of a grant for refurbishment of up to €50,000 and up to €70,000 if there is a structural issue.”

Mortgage-approved first-time buyers are still the main market drivers, accounting for 59pc of sales nationally.

Major cities outside the capital experienced the highest rise in the Q1 survey – up by an average of over €5,000 in the last three months. The 1.8pc increase is equivalent to an average selling price of €328,750 – with the annual rate of increase at 6pc.

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