PROPERTY prices in Limerick city have witnessed the highest year-on-year change in the country, with prices increasing by over 22% in the past year.
While the year-on-year change in Limerick city amounted to 22.3%, properties in the county increased in price by 10.4%. However, in both the city and county the average asking price now stands in the region of €145,000, according to the latest report from Daft.ie, the property website.
Nonetheless, Limerick is still one of the most affordable places to buy in the country, with average asking prices in Cork rising to €171,643; in Galway city they are €223,602, and over €156,000 in Kerry. Excluding Dublin, Limerick is the 12th most affordable place to buy in the country.
The number of properties selling in Limerick have been steadily rising, according to the Property price Register, the national database of house sales, which shows that house sales in Limerick more than doubled between 2010 and last year, rising from 758 sales in 2010 to 1,841 in 2015.
In comparison with Limerick, house prices in Clare increased by 17.9% in the past year, rising to average asking prices of €143,030.
The author of the report, Ronan Lyons, assistant professor in economics at Trinity College Dublin, has highlighted that the housing shortage is persisting, pushing prices up in many areas of the country.
Having fallen from a peak of over 60,000 in 2009, there are just over 25,000 properties for sale in the country, the lowest total since early 2007.
“Just 25,000 homes were on the market on December 1, the lowest for this time of year since 2006. Nonetheless, the outlook for the housing market looks much healthier now than it did in 2014. Perhaps most importantly, the mortgage rules mean that whatever else happens, house prices cannot engage in the destructive upward spiral that took place in the decade to 2006,” he states in the report.
Daft.ie currently lists just over 1,600 properties for sale in Limerick city and county, with the majority of those – some 1,150 – priced under €250,000. Just 45 homes in Limerick have a price-tag over €400,000.
According to the report, almost three in five properties find a buyer within four months, only slightly less than a year ago (58% compared to 62%).
In many parts of Dublin now, house prices are largely unchanged compared to a year ago - in Dublin 6, prices are lower in year-on-year terms for the second quarter in a row. The most expensive areas to buy in the country are in south Dublin county, south Dublin city, north Dublin city, and county Wicklow.
The cheapest areas to buy in the country are county Longford, county Leitrim, county Roscommon, county Sligo respectively.