House prices in Leitrim to increase by 5% in 2024

House prices in Leitrim will increase by an average of 5% in 2024, according to The Sunday Times Property Price Guide.

House prices in Kerry could rise by up to 15%, while Kilkenny and Laois could also see values increase by 10%. The overwhelming majority of counties are predicted to experience growth in values during 2024, with just a few areas remaining static. These include Monaghan (0%), Louth (0–5%) and Co. Westmeath (0-7%). 

The cost of building and renovating, the trickle of properties coming to the market, and the tightening of planning laws all affect price values. It is now cheaper to buy than to build in the likes of Wexford, Waterford, Mayo and Offaly. There is strong competition for second-hand homes, with buyers willing to consider fixer-uppers despite the huge costs involved in renovation projects.

Second-hand bungalows are back on trend, appealing to downsizers in rural towns and villages across Ireland. Buyers in Donegal are seeking properties from the 70’s unaffected by Mica, while remote workers are looking for bargain properties in Sligo.

Motivated first-time buyers are taking advantage of government incentives to get their foot on the property ladder. However, many have reservations about the Vacant Property Refurbishment Grant, given the 10-year occupancy clause or are underestimating the amount of work needed and the cost, while some are planning to tackle construction themselves.

Returning emigrants with savings and cash buyers from Dublin and commuter counties are pricing out locals from the area. However, the National Broadband Plan has been a game changer for many rural counties as buyers seek more space, home office potential, and a better quality of life in rural counties and coastal areas.

The Sunday Times Property Price Guide 2024 reveals that the top five most affordable areas for three-bed semi-detached houses are Mohill, Co Leitrim (€155,000), Ballinamore, Co Leitrim (€160,000), Castlerea, Co Roscommon (€160,000), Ballyconnell, Co Cavan (€160,000) and Strokestown, Co Roscommon (€165,000).

The top five most expensive areas for three-bed semi-detached houses are Greystones, North Co Wicklow (€605,000), Ballinlough, Cork City (€490,000), Model Farm Road, Cork City (€490,000), Naas, Co Kildare (€480,000) and Blackrock, Cork City South (€475,000).

Róisín Healy, Deputy Features Editor of Sunday Times Ireland, said: “The rental crisis, the cost of building and renovation works and the persistent lack of supply is leaving the property market nationwide at a standstill. 

“This is having a real impact across all age cohorts and at every end of the market as people struggle to rightsize. 

“This is affecting first-time buyers, growing families and older people who wish to trade down. The scarcity of homes to buy and to rent is a massive concern across every county.”