Longford: ‘Unprecedented demand’ from relocators fuels 45pc spike in prices of larger homes

City-based buyers moving to Longford are keen on properties such as ‘Ash Tree Cottage’, Greenhall Upper, Newtowncashel, which sold for €135,000

January 22 2022 02:30 AM

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Longford’s prices are up by a very heated 15pc thanks to an influx of buyers relocating from the cities and first-time buyers looking to escape high rents.

There is unprecedented demand for some house types as a result. Most sought is the ‘standalone home on a bit of land’ and family semi-detacheds.

Larger, detached homes with 2,000sq ft plus of space are averaging €400,000 and that’s up almost half, by an incredible 45pc.

This reflects the seriousness with which relocators are approaching the market right now and the levels of equity they are bringing with them.

Average Price €185,000
Areas Longford Town, Granard, Ballymahon
Up + 15%
One Year Forecast + 8%
Assessing Agent Sherry Fitzgerald McGill

Rural cottages are also popular among those coming out from the city.

Overall, the market has been driven roughly 50/50 by trader-uppers and first-time buyers.

House Type	2021	2022	2023
3-BED SEMI IN TOWN	€160,000	€175,000	€195,000
3-bed Semi Outside Town	€160,000	€180,000	€200,000
4-BED SEMI IN TOWN	€170,000	€185,000	€210,000
4-bed Semi Outside Town	€160,000	€190,000	€220,000
4-bed Detached	€265,000	€325,000	€360,000
5-bed Detached	€300,000	€340,000	€365,000
3-bed Bungalow In Town	€145,000	€200,000	€220,000
3-bed Bungalow Outside Town	€160,000	€195,000	€210,000
4-bed Bungalow In Town	€230,000	€260,000	€290,000
4-bed Bungalow Outside Town	€260,000	€295,000	€320,000
Detached 2000+ Sq Ft	€275,000	€400,000	€500,000
One-bed Apartment	€65,000	€75,000	€80,000
Two-bed Apartment	€90,000	€100,000	€110,000
3-bed Terrace	€120,000	€160,000	€210,000
2-bed Cottage	€95,000	€150,000	€180,000
Ex-council 3-bed	€100,000	€110,000	€110,000
2up/2Down	€95,000	€100,000	€110,000

“Selling houses is not hard right now and in fact the new Covid variants will only fuel the trend of people moving to the country,” says local auctioneer Fintan McGill of Sherry FitzGerald McGill.

“The problem is getting the stock. There are few new build schemes because the returns don’t make sense.”

The average house price in the county is now €185,000. The typical three-bedroom semi-detached home in Longford town is averaging €175,000 (up 9pc) and rising to €180,000 if it’s on the outskirts of the town.

That other mainstay barometer, the four-bedroom rural bungalow outside town, is now averaging €295,000, and that’s an increase of 14pc which is high by national standards.

Property Hotspot: Newtownforbes

Yet again this pretty little village near Longford town and close to the Shannon will attract first-timers ane trader uppers thanks to its good braoadband connectivity.

“This year there will be much more awareness around building energy ratings,” McGill says.

“The national broadband rollout is sort of everywhere and nowhere — it can be great in one spot and then three miles down the road it can be a disaster. This is still a big issue for people coming out from Dublin and then having to pay two grand for a broadband connection.

“However, the fact that you can get a mortgage for a decent house here for the price of an apartment in Dublin is very attractive.”

McGill predicts a strong market this year and another 8pc lift in average values.