Friday 15 November 2019

Longford: Supply surplus spurs demolition of houses

Average Price: €60,000
Areas: Longford Town, Granard, Ballymahon
Up: No change
One Year Forecast: + 3%
Assessing Agent: Sherry Fitzgerald McGill

The offloading of buy-to-let apartments and unfinished houses means that Longford has the opposite problem to much of the country - too much supply and not enough demand.

The price of a 4-bed semi-detached house in town, the most average type, remains unchanged at €60,000.

76 Teffia Park, Longford, sold in December 2013 for €50,000 and again in September 2014 for €57,000, an increase of 14pc.
76 Teffia Park, Longford, sold in December 2013 for €50,000 and again in September 2014 for €57,000, an increase of 14pc.

Local agent Fintan McGill says that the biggest problem is the atrocious quality of much of the housing built during the boom.

"The estates that were built then were thrown together, and they are starting to show wear already. Houses that were built more recently have high levels of insulation and are better built all round. The process of knocking the unfinished houses is ongoing.

House Types201420152016
3-bed semi in town, €50,000 €60,000 €62,000
3-bed semi outside town, €45,000 €50,000 €51,500
4-bed semi in town, €60,000 €60,000 €62,000
4-bed semi outside town, €50,000 €60,000 €62,000
4-bed detached, €155,000 €155,000 €160,500
5-bed detached, €160,000 €160,000 €165,000
3-bed bungalow in town, €60,000 €60,000 €62,000
3-bed bungalow outside town, €110,000 €120,000 €124,000
4-bed bungalow in town, €135,000 €135,000 €139,000
4-bed bungalow outside town, €140,000 €140,000 €144,000
"Detached 2,000+ sq ft", €185,000 €185,000 €190,500
1-bed apartment, €22,000 €25,000 €26,000
2-bed apartment, €25,000 €30,000 €31,000
3-bed terrace, €40,000 €60,000 €62,000
2-bed cottage, €45,000 €45,000 €46,500
Ex-corporation 3 bed, €50,000 €50,000 €51,500

"Recently, they knocked 32 unfinished units at Battery Court outside Longford Town. The remaining houses in the estate are much more desirable as a result, and should sell in the coming months."

McGill remains cautious about the prospects for the Longford market in the year ahead.

"There was some activity earlier in the year, and the average value of our transactions has recently gone up from €70,000 to €85,000, but prices are still very low.

"There is a lull now since the passing of the Capital Gains Tax deadline at the end of 2014. There are so many taxes that people have to pay now that they can't afford to buy houses.

"The water tax has had an impact, and the proposed new rules about first-time buyers having to have a deposit of 20pc won't help.

"There might be a slight increase in 2015; the hope is that Longford becomes more established as a commuter-belt location, with its proximity to Dublin and good rail links."

Hotspot: Quality houses wherever located are in demand. A lot of the available stock is of very poor standard. Guide to House Prices in Ireland

We have surveyed estate agents in every corner of the country to bring you the most comprehensive guide to house prices in Ireland. Whatever type of home and area you are interested in, the details are just a click away using the links below. 

Irish Independent

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