Price of average three-bed semi in Carlow rose by 4.4% to €171,000 in the past year

'One-in-four sales are falling through due to financing rules...'

Darren Hassett

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Darren Hassett

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news@carlowlive.ie

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'Brexit and financial availability have stalled an otherwise improving market...'

The price of the average three-bed semi in County Carlow rose by 4.4% to €171,000 in the past year, according to a national survey carried out by Real Estate Alliance.

Carlow prices were static in the first three months of this year, the REA Average House Price Survey found.

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 to the close of last week.

"Brexit and financial availability have stalled an otherwise improving market.

"While we saw a price increase of 2.41% to €177,000 in Carlow Town this year, property sale times have jumped from four to six weeks and growth has been static this quarter," said Harry Sothern of REA Sothern, Carlow Town.

"One-in-four sales are falling through due to financing rules. There are definitely issues with getting mortgages over the line at the final loan approval stage."

John Dawson of REA Dawson, Tullow said that the market has been quiet this quarter despite a growth of 6.45% to €165,000 since this time last year.

"We have seen a jump of two weeks in sales time with most properties now averaging five weeks on the market," said Mr Dawson.

The average semi-detached house nationally now costs €235,898, the Q1 REA Average House Price Survey has found – a fall of -0.16% on the Q4 2018 figure of €236,287.

The price of a three-bed semi-detached house in Dublin city has fallen by -1.7% since the end of December, wiping out the average €7,000 gains in value experienced throughout 2018.

The price of the average three-bed semi-detached house in the capital's postcode districts now stands at €437,500.

"Time taken to reach sale agreed in Dublin is now eight weeks – double that of a year ago – and reflects the difficulties that people are experiencing in obtaining a mortgage," said REA spokesperson Barry McDonald.

"We are seeing an appreciable drop in people attaining mortgage approval – particularly for properties above €350,000 – which is creating a ceiling that is stifling the market."

Prices also fell slightly by -0.3% in the commuter counties in the last three months – an annual rise of 2.7% – with the average house now selling for €248,750.

Prices were static in the country’s major cities outside Dublin with agents in Cork, Galway, Limerick and Waterford all reporting no price movements in the opening quarter, but an annual increase of 3.6% to €252,500.

The highest annual increases (6.3%) were once again seen in the rest of the country’s towns which rose in selling price by an average of €9,400 in the past year and 1.1% in the past three months to €159,433.