Thursday 19 September 2019

Louth: Large uplift in new homes market

Average Price: €230,000
Areas: Dundalk, Drogheda, Ardee, Dunleer
Up: + 15%
One Year Forecast: + 9%
Assessing Agent: Sherry FitzGerald Carroll, Dundalk

"There was a buoyant start to 2014 due mainly to a shortage of stock," says Brian Carroll of Sherry FitzGerald Carroll.

He notes an increased level of activity across the Louth market in the year, largely attributed to the availability of funding from the main lending institutions.

8 CastletownRoad, Dundalk, sold in January 2014 for €34,000 and again in May 2014 for €40,000, an increase of 17pc.
8 CastletownRoad, Dundalk, sold in January 2014 for €34,000 and again in May 2014 for €40,000, an increase of 17pc.

The price of an average four-bedroom detached house increased by 15pc, and Carroll confirms that increases have been greater for some other property types.

"There has been a steady supply of bank repossessions for sale," reports Carroll.

Louth
House Types201420152016
3-bed semi in town, €130,000 €145,000 €158,000
3-bed semi out of town, €130,000 €140,000 €152,500
4-bed semi in town, €170,000 €200,000 €218,000
4-bed semi out of town, €160,000 €170,000 €185,500
4-bed detached, €200,000 €230,000 €250,500
5-bed detached, €250,000 €300,000 €327,000
3-bed bungalow in town, €175,000 €200,000 €218,000
3-bed bungalow outside town, €150,000 €180,000 €196,000
4-bed bungalow in town, €200,000 €230,000 €250,500
4-bed bungalow outside town, €180,000 €210,000 €229,000
"Detached 2,000+ sq ft", €275,000 €300,000 €327,000
2-bed apartment, €75,000 €85,000 €92,500
2 up/2 down, €80,000 €90,000 €98,000
3-bed terrace, €80,000 €100,000 €109,000
1-bed cottage, €50,000 €70,000 €76,500
2-bed cottage, €70,000 €90,000 €98,000
Ex-corporation 2-bed, €50,000 €60,000 €65,500
Ex-corporation 3-bed, €70,000 €80,000 €87,000

"Generally, these properties were at the lower end of the price bracket with investors being the active purchasers.

"We saw high numbers of first-time buyers enter the market and an increase in mortgage buyers overall.

BLACKROCK: Has seen a surge in prices in particular in the Rathmount development where prices increased by over 25pc largely due to location within the village, and the spec of the family homes available.
BLACKROCK: Has seen a surge in prices in particular in the Rathmount development where prices increased by over 25pc largely due to location within the village, and the spec of the family homes available.

"Property sales within the urban areas performed very well with numerous bidders pushing prices upwards.

"Owner occupation still dominates the purchaser profile at 79pc."

Carroll predicts that supply will remain an issue for the market in the year ahead.

The presence of a number of good employers, both in Louth and within commuting distance, including PayPal, eBay, Prometric, Horsewear and DKIT, ensures continued strong demand for homes in the region.

"Despite the significant uplift in activity in the new homes market through 2014, it will be some time before the market will enjoy normal level of development activity.

The proposed changes in lending policy by the Central Bank will have a definite bearing on the performance of the market in the year ahead.

Independent.ie Guide to House Prices in Ireland

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