Sunday, July 03, 2022

By Keith Bourke

House prices in Mayo have surged by more than 15% in the past year, according to a new property price survey.

Homes have increased in price by 15.3% compared to the same period last year.

The latest house price survey from property website reveals that the average cost of a home in Mayo now stands at €200,760.

House prices in Co Galway rose by over 16%, with the average cost of a home there now €263,000. Galway city prices increased by 13%, with average prices in the city exceeding €350,000.

Sligo house prices went up by 15.4% and the average cost of a house in the Yeats County has reached €188,527. Roscommon homes rose in price by 13.4%, with a home there costing an average of €187,534.

National housing prices rose 3.8% on average between March and June, the largest three-month gain in nearly two years.

The rural-urban gap in housing inflation continues to narrow, although rural areas are still seeing the largest increases.

Outside the cities, prices rose by 11.4% in the year to June, down from a peak rate of inflation of 16.8% a year ago.

In Dublin, the year-on-year change in prices was 6.6%, compared to just 3.4% at the end of 2021.

Commenting on the report, its author Ronan Lyons said: “Ireland’s housing market has been characterised for a number of years by strong demand, boosted recently by unexpected savings, but supply that has been steadily weakening. There are some signs that both sides of the market may be turning.

“On the supply side, the number of homes listed over the last 12 months has increased by 30% since early 2021, although it still remains 15% below the peak in 2019, while construction of new homes is set to reach a post-Celtic Tiger high this year.”

The price of the average second-hand, three-bed semi in Co Mayo has risen by 2.7% to €189,000 in the last three months, according to another survey carried out by Real Estate Alliance.

The survey has shown that 50% of sales in the county are to first-time buyers, with 25% of all purchasers coming from outside the area.

Across the county, the average time taken to sell is four weeks.

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