Shocking prediction on how much a house in Louth will cost in 2030

New figures from Chill Insurance predict that the avergae house price in Louth will rise to €350,000 by 2030, a 15% increase. The average price currently stands at €304,000, a 135% increase from prices in 2014.

Overall Louth was ranked the 8th least affordable county to buy a house with the average deposit standing at around €30,400. On average it takes people in Louth almost six years to save for a deposit. 

Ian O’Reilly from Chill Insurance shares tips for buying a home :

“Saving for a deposit can feel daunting, especially when facing the prospect of spending up to eight years accumulating funds. While skipping your morning latte or avocado toast won’t singlehandedly get you onto the property ladder, smarter saving habits can make a big difference.

“Experts recommend following the 50/30/20 rule: allocate 50% of your income to necessities, 30% to personal wants, and 20% to savings. This approach is 7% higher than the national average savings rate, giving you a crucial reduction in the time it will take to accumulate your deposit.

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“Consulting a mortgage advisor is another valuable step. They can help you understand what you can afford and potentially secure better mortgage deals, saving you money in the long run.

“Additionally, government help-to-buy schemes, especially for first-time buyers, can significantly reduce the financial burden and bring homeownership within reach.

“Finally, when you’re ready to finalise your purchase and transfer your deposit, don’t forget to purchase home insurance. Many banks require proof of home insurance before they will release mortgage funds, so having this in place is essential to ensure a smooth buying process.”

The full report can be read here.