Westmeath house prices rise 10% in twelve months – REA survey

The price of the average second-hand three-bedroom home in County Westmeath has increased to €285,000, up 10 per cent from €260,000 in the last twelve months, according to a national survey by Real Estate Alliance.

Across the county this quarter, prices remained unchanged, with the average time taken to sell currently sitting at four weeks, the Q1 REA Average House Price Index shows. The survey shows that across the county, 60 per cent of purchasers were first-time buyers, and 35 per cent of purchasers were from outside of the county.

A total of 5 per cent of sales in Westmeath this quarter were attributed to landlords leaving the market.

“The market has been slow to pick up after the Christmas period,” said Donna Hynes of REA Hynes. The actual selling price of a three-bed, semi-detached house across the country rose by 1.3 per cent 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 59 per cent 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 1.8 per cent increase is equivalent to an average selling price of €328,750, with the annual rate of increase at 6 per cent.