Estate agents expect national property values to rise by 7.6% in 2019 – twice the rate forecast for Dublin properties

Most affordable homes are located in Leitrim, Longford and Sligo

The Sunday Times National Property Price Guide – the definitive guide to property values outside of Dublin – will be published this weekend

 

Estate agents expect national property values outside of Dublin to increase at twice the rate of those in the capital this year, according to the 2019 Sunday Times National Property Price Guide, a dedicated 32-page supplement, which will be published free with The Sunday Times this Sunday, 13 January.

Now in its 16th year, The Sunday Times Property Price Guide is the authoritative guide to the Irish property market, featuring interviews with a number of estate agents nationwide, who outline their predictions for the year.

The Guide’s findings indicate that estate agents expect average prices to rise by 7.6% across the 25 counties – double the 3.8% increase expected in Dublin.

The Guide also highlights how uncertainty surrounding Brexit, and in particular the possibility of a ‘No-deal Brexit’, continues to dog the market, with its outcome set to be most keenly felt in border counties such as Donegal, Monaghan and Cavan. However, estate agents remain hopeful that a satisfactory deal could end two years of indecision and restore confidence to the market.

The most affordable three-bedroom semi-detached homes can be found in Mohill in Leitrim, where they cost, on average, €90,000. This is followed by Edgeworthstown in Longford and Ballymote in Sligo, where three-bed semis cost between €90,000 and €100,000.

In counties such as Cork and Galway the new homes market has performed strongly, following a number of recent developments. Cork City continues to see steady price growth, with a number of A-rated new build homes developed. Prices in Co. Cork have also increased as buyers priced out of the city centre instead look to commute.

Similarly, in Co. Kerry there is a significant differential of up to €80,000 on the cost of 3-bed semi-detached homes between Tralee and the more affluent Killarney area.

By contrast, house prices in Sligo and Donegal continue to remain below the level at which developers can make a profit. The Guide also highlights how, in many counties, buyers are seeking out improved energy efficiency in an effort to reduce their bills, leading to a differential of as much as €40,000 in the price between new build and second-hand 3-bed semi-detached homes.

Elsewhere, in areas like Co. Clare, the ‘New Irish’ of settled migrants and their families who have saved enough for their first home have had a significant impact in driving demand.

Linda Daly, of the National Property Price Guide, says: “While the recovery in house prices in Dublin since the crash is now beginning to slow, the situation outside the capital remains much more dynamic. On the one hand we’re seeing a number of new factors including the increasing population and a need to commute for work drive this increase in prices around the country, but there’s still significant variation between and even within different counties. Sunday’s National Property Guide gives a detailed insight into the trends affecting house prices throughout the country, and should be invaluable to anyone looking to buy a home in 2019.”

For the complete National Property Price Guide, pick up a copy of The Sunday Times this weekend or online at: www.thetimes.ie.