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Property transactions fall by 12.3% in Louth in first three months of 2020

Property transactions fall by 12.3% in Louth in first three months of 2020
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The number of property transactions recorded in Co Louth in the first three months of the year fell by 12.3%, according to a new study of the Property Price Register by MyHome.ie.

The figures released today show that there were 299 sales recorded between January 1st and March 31st in Louth, compared to 341 in the same period of last year.

Overall sales across the country are now at their lowest level for a first quarter since 2017.

The number of sales nationwide fell by 4.6% in Q1 2020 compared to the same quarter the year before (11,161 sales in Q1 2020, compared with 11,702 in Q1 2019). These are the lowest Q1 sales figures since Q1 2017, when 11,053 units were sold.

Across the country, 13 counties reported a fall in sales figures, eight counties experienced rises and five counties stayed flat (Galway at -0.5%, Kerry at 0.7%, Mayo at -0.3%, Offaly at 0% and Waterford at 0.6%).

Dublin, which is responsible for almost a third of sales in the Irish property market, recorded 3,482 sales in Q1 2020. The capital was followed by Cork with 1,267 sales, and Kildare with 567. The counties with the lowest number of sales were Leitrim (89), Monaghan (90), and Longford (91).

Angela Keegan, Managing Director of MyHome.ie, said that Covid-19 had negated any potential bounce-back in activity following the Brexit uncertainty of last year, and added that the figures emphasised the need for the resumption of construction activity as soon as possible.

“Brexit uncertainty had a significant effect on sales activity in 2019, something which was apparent into the new year. This was compounded by Covid-19 at the start of March, just when we thought we would see an increase in sales. However, the damage brought about by Covid-19 can be somewhat mitigated if the construction industry is allowed to resume work quickly. It is clear that the longer we wait for construction to resume, the greater the fall-off in new homes will be which is something the market can ill-afford at present.”