Cost of three-bed semi expected to rise by 5% in County Sligo over the next year

The price of the average three-bed semi in County Sligo is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.

hree-bed semi-detached homes in the county now cost an average of €195,000, up 18% on the December 2021 average of €165,000, and a rise of 6.8% in the last three months, the Q4 REA Average House Price Index shows .

The survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

First time buyers made up 25% of the market in Q4 2022, with 25% of sales coming from outside the county.

Across the county this quarter, the average time taken to sell has fallen from four weeks to three, the REA Average House Price Index shows.

In Sligo town, prices rose by almost 7% this quarter from €220,000 to €235,000, while prices in Tubbercurry increased by €10,000 to €155,000.

“Lack of new building is driving up the price continually of existing stock. I expect prices will continue to rise by at least 5%,” said Roger McCarrick of REA McCarrick & Sons.

The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.36% over the past three months to €291,667 – representing an annual increase of 8%.

However, house prices in Dublin have fallen slightly by -0.34% in the same period, as mortgage interest rate rises and cost of living increases stem the stream of potential homeowners.

REA agents throughout the country expect prices to rise by just under 3% on average in the next 12 months.

The property market is expected to enjoy a calmer 2023 as mortgage interest rate rises and cost of living increases affect buying ability, according to the nationwide survey.

The majority of REA members feel that the scheduled changes to the Planning Acts will have little effect on market supply in 2023, due to the time lag between legislation and enactment.

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