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House prices remain unchanged in Dundalk and Drogheda in last three months

House prices remain unchanged in Dundalk and Drogheda in last three months
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The price of the average three-bed semi detached house in Louth fell by 2.4% to €200,000 in the past year, according to a national survey carried out by Real Estate Alliance.

Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house remained unchanged in both Drogheda and Dundalk over the past three months.

The average price of a three-bed semi in Dundalk remained at €190,000 over the past 12 months, with time to sell rising from eight weeks to nine this quarter.

“The top end of the market is slower to move but the lower-priced properties continue to command pre-Covid levels of interest,” said Michael Gunne of REA Gunne Property, Dundalk.

“There is a lot of demand for any new listings at the lower priced end of the market, properties in the price range of €100k to 200k are remaining active, and we are not witnessing any notable price reduction.”

Prices in Drogheda stayed static this quarter and there was an increase in the average time to sell by one week to eight.

“The buyers who have mortgage approval are eager to take advantage of their existing mortgage approval, and there is a growing trend for four or three-bed houses with attic conversion for office space,” said Darina Collins of REA O’Brien Collins, Drogheda, where average prices fell by 4.5% to €210,000 in the past 12 months.

“Broadband is hugely important and enquiries are coming in for properties outside the main town. New homes developments in the area have kept a cap on the prices, and demand is good.”

The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%.

“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated,” said REA spokesperson Barry McDonald.

“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.

“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.

“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”