Longford presents best value in the country for residential property
According to the IPAV's Residential Property Price Barometer Longford presents the best value in the country for three and four bedroom properties.
The latest Institute of Professional Auctioneers & Valuers barometer states, "Longford is the still the best value in the country for four bed semis despite prices rising 9.68% to €170,000 thus narrowing the gap on neighbouring Roscommon. Another neighbour Cavan is third cheapest at €190,000 despite an 8.57% rise."
In the same region, neighbouring Leitrim is fourth cheapest at €193,334 after a 4.5% rise and Mayo is fifth cheapest at €200,000 despite a 7.14% rise.
In the three bedroom semi segments of the market Clare scored the strongest growth rising 13.53% to an average of €206,250. It was closely followed by Mayo and Wexford which both spurted 13.04%.
A spurt of 6.09% price growth saw Roscommon three beds at €152,500 move from being cheapest in the first half of 2021 to move back above Longford. The latter’s 3.45% price growth to €150,000 was not enough to prevent it from falling back to cheapest three bedroom in the country.
Longford Residential Property
Jan - June '21 July - Dec '21 % Change Jul - Dec price per sq metre
Two Bed Apartment €70,000 €75,000 7.14% €1,250
Three Bed semi €145,000 €150,000 3.45% €1,500
Top Six Least and Most Expensive Locations for Q3 & Q4 2021
These figures are an average across the three property types – three and four-bedroom semi-detached houses and
2-bedroom apartments.
House Prices Now Close to 2006/7 Levels
Pat Davitt IPAV Chief Executive explained, "We are now very close to 2006/7 levels of house prices. However, we are in a very different market. At that time there was no shortage of supply, we were building 93,000 units per year. There was excessive lending with banks often approving several prospective buyers for the same property. They ended up competing against each other, thereby pushing up prices.
"We now have a shortage of supply and very tight lending rules, with the Central Bank of Ireland’s macroprudential mortgage rules. Many properties are being purchased from savings and parents are contributing hugely to deposits for young buyers."