Average House Price In Tipperary Rises

The price of the average three-bed semi detached house in Tipperary has risen 2.53% to €126,875 in the last three months, a nationwide property survey has found.

The Real Estate Alliance Average House Price Survey concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of September.

According to REA John Lee in Newport, demand is steady but there is a lack of supply and not enough new homes for first time buyers in the area.

REA Stokes & Quirke in Clonmel have seen strong demand for quality first time buyer properties in good areas with prices in the region of €150,00 being achieved. The top end of the market is quieter with the central bank requirement of a 20% deposit slowing things down. The recent positive job announcements for Clonmel and Cashel will further highlight the lack of availability of first time buyer homes and put pressure on rental prices.

REA Eoin Dillon in Nenagh, have seen strong demand with a good level of interest in any property that comes up for sale with offers at close to asking price within a week. However, there is also a shortage of supply in Nenagh.

Spiralling rents will cut off mortgages as an option for many young couples unless the Central Bank revisit the rules, raise exemption limits and include second-time buyers, according to REA.

Just as many couples cannot afford to get on the housing ladder, second-time buyers cannot move and free up cheaper properties for new entrants and causing a logjam in the capital.

While the average house price in Dublin city and county has fallen by over €5,000 in the past three months, South County Dublin has been the hardest hit in the country, with prices falling by -4.17% since the end of June.

“Our agents on the ground are reporting a growing withdrawal of couples aged between 25-40 from the market due to the new mortgage deposit regulations,” said REA Chief Executive Philip Farrell.

“When the Central Bank introduced the new rules, they stated that they could revisit them, and we believe that they need to do so as a matter of urgency.

“We believe that the new borrowing requirements are exceeding their desired affect and are now starting to prevent the market from functioning in a cohesive manner.

“We propose that the price ceiling for first time buyers should be extended to €330,000 – in line with the average values in Dublin and secondly, second-time buyers should be assisted by allowing them to borrow 90% up to €220,000 as the current requirements are too prohibitive.”

The average three-bed semi price rose by 0.71% to €206,676 in Tier two – the commuter counties and the larger cities over the three month period.

Prices in the rest of the country grew by 2.70% in Q3, to €120,786.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.