Limerick city house prices rise by 1.9% in the past three months says survey
THE PRICE of a second-hand three bedroom semi-detached house in Limerick has increased by 1.9% in the last three months, according to new figures.
According to a national survey by Real Estate Alliance, the cost of these types of houses has risen to €265,000.
Average prices in the county Limerick area rose 2.3% to €225,000 this quarter, the Q3 REA Average House Price Index shows.
Across the county, the average time taken to sell increased from four weeks to five this quarter, while in Limerick city, it increased by one week to four weeks total.
In the city, agents report that 60% of purchasers this quarter were first time buyers, with 30% of buyers coming from outside the county.
The survey found that across the county, 55% of purchasers were first time buyers, with 45% coming from outside the county.
Pat Dooley of REA Dooley said: "This quarter has seen a modest rise in the number of properties coming to market
"While there is still growth, particularly in the three and four bed semi market, higher priced property has slowed somewhat, with not as many active viewers. Two interest rates hikes may be a contributory factor here.
"It is quite evident that the number of landlords exiting the market is now somewhere between one in two and one in three.
"A big issue here will be that tenants will have nowhere to go when their termination notices are up. It is important the government introduce meaningful legislation relating to the taxation of landlords, to slow the exodus of properties.
"County landlords seem to be exiting the rental market as much if not more than those in the city. This leads us to believe that it is more of a taxation issue and less of a rent pressure zone issue, as none of County Limerick is in a rent pressure zone".