Property price barometer records over 5% increase in Leitrim

placeholder image — Property prices have increased by 12.4%

Prices for first half of 2022

The latest Residential Property Price Barometer from IPAV, the Institute of Professional Auctioneers & Valuers, covering the first half of 2022, shows an overall price increase of 6.36% on the previous six months, roughly the same level of increase recorded in the first half of 2021.

IPAV’s Barometer records, not asking prices, but the prices actually achieved by auctioneers for three-bedroom and four- bedroom semi-detached homes and two-bedroom apartments.

In Leitrim, the figures showed increases of 4.35%, 5.5% and 5.75% in respect of the three categories.

Three-bedroom semi - detached houses

In the 3-bedroom category among the highest increases were Galway City (12.9%), Clare (11.52%) Carlow (10.98%) and Waterford (10.77%).

Even after a 6.67% rise, Longford’s three-bed semis are still the cheapest in the country at €160,000. Leitrim was third cheapest with a 5.5% rise to €170,556 and it was followed by Cavan at €177,500 - up 7.58%.

Four-bedroom category

In the four-bedroom category the top increases took place in Roscommon (10.42%); Wicklow (10.28%); Clare (9.81%) and Limerick (9.79%).

Longford yet again was the weakest in this category with a 5.88% rise to €180,000. Leitrim prices were third cheapest at €204,445 – up 5.75%. Cavan, despite a stronger than average 7.89% price growth to €205,000 was fourth cheapest.

Two bedroom apartments

Longford continues to offer the cheapest apartments at €80,000 despite an increase of 6.67% in line with the national sectoral average level of price increase.

Roscommon offers the third cheapest apartments at €95,000 despite an 8.57% increase. Donegal apartments rose 4.48% and were fifth cheapest at €116,667. Leitrim recorded a price of €120,000.

Pat Davitt, IPAV Chief Executive, said, however, that there was a noticeable change in the level of increases in the latter two months.

“In the first four months the overall increase would have been of the order of 10 percent but changes during May and June brought the six months figure to 6.36 per cent.

“In the latter two months the practice of increasing reserves - where the price expectations of neighbourhood sellers tend to escalate when a property achieves a particular level - had almost disappeared.”

He said in the period ahead the level of price increases is likely to slow further. “In the next six months we would expect prices to taper to about the 2 percent mark with some of the more expensive areas experiencing no increases at all,” Mr Davitt said.