Monday 25 September 2017

Market mixed in Louth, with average house price over €150k

Donal Buckley

Contrasting price trends are seen for different types of homes in Co Louth.

While four-bedroom Co Louth houses, at an average of €220,000, are ranked third dearest in Leinster, other house types are among the cheapest in the province.

For instance, Daft.ie says that three-bedroom houses are asking an average of €123,000, which is seventh in the price ranks of the 11 Leinster counties outside of Dublin.

Five-bedroom houses are even better value at an average of €239,000, ranking eighth in the province. One-bedroom flats are also ranked eighth at an average of €59,000.

In contrast, two-bedroom apartments at an average of €93,000 are ranked joint fourth dearest by Daft, a ranking they share with Westmeath two beds.

Keith Lowe, chief executive of DNG, in an analysis of recent sales in the property price register, notes 370 residential deals in the first nine months of this year, which is 53 more than the same period last year.

He says prices average €154,456, which is slightly higher than the average Daft asking price of €145,039 recorded in the three months to September. That seems unusual considering that asking prices had traditionally been pitched well above the actual sale prices.

Home ownership rates in the county, at 72.2pc, are higher than the national and Leinster averages, with the latter less than 68pc.

According to the 'Roof Over Our Heads' analysis conducted by the Central Statistics Office into the 2011 census, the number of households in the Wee County increased by 13.7pc between 2006 and 2011 to over 43,897 on census night in April 2011.

Despite this 5,300 increase in the number of households, the number of dwellings owned through a mortgage or loan fell by 645 to 17,662 in 2011, which suggests that more than 4,400 people paid off their mortgage over the five years since 2006.

When allowance is made for those taking on mortgages during the boom years of 2006 and 2007, the numbers paying off their mortgages could well exceed 5,000.

The number of vacant dwellings in the county totalled 6,232 in April 2011, giving a vacancy rate of 12.2pc, which is higher than the average 10.3pc vacancy rate for Leinster but lower than the national vacancy rate of 14.5pc.

Of these vacant dwellings, 4,207 were vacant houses, 1,406 were vacant apartments and 619 were holiday homes. The lowest vacancy rates, at 6.1pc, were in Tinure, Tullyallen and Dunleer. Carlingford had the highest vacancy rate at 48pc, but that may be due to its popularity as a holiday home location.

Over a quarter of Louth households, or 11,538, are living in rented accommodation, which is lower than the Leinster average of 30.8pc and the national average of 28.8pc.

The average weekly rent for private rented accommodation, at €134.76 in 2011, is more than double that charged by the local authorities but is about €54 cheaper than the Leinster average.

The private sector rents also fell from an average of €146.38 a week in 2006 to €134.76 per week in 2011.

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