New Daft.ie report shows house prices continuing to rise in Limerick city

Maria Flannery

Reporter:

Maria Flannery

The latest House Price Report by Daft found that the average house price in the city is now €181,000 - which is 52 percent above its lowest point.

The latest House Price Report by Daft found that the average house price in the city is now €181,000 - which is 52 percent above its lowest point.

HOUSE prices have risen by four percent in Limerick city since this time last year, according to a new report by Daft.ie.

The latest House Price Report by Daft found that the average house price in the city is now €181,000 - which is 52 percent above its lowest point.

This is a slower rate of growth than last year, which saw a 16 percent jump in prices on the year before.

In the county, however, prices are increasing at a higher rate.

They are now eight percent higher than this time last year, while for the previous year, the growth rate was five percent.

The average house price in County Limerick is now €173,000 - 32 percent above its lowest point.

Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie report, said: “The picture of the housing market in Ireland currently remains one of strong demand and very tight supply pushing up prices.

“There are some elements for cautious optimism, including an increase in transaction volumes countrywide and in stock on the market in Dublin.

“Nonetheless, during a five-year period when consumer prices did not change, housing prices rose by 50 per cent.

“This is an indication of how inadequate housing supply is,” he added.

Martin Clancy from Daft.ie commented: “Interest and activity amongst property hunters remains very high.

“At the moment, we are seeing on average over 1,000 property searches taking place every minute on Daft.ie”.

Separately, a REA housing report found the price of the average three-bed semi in Limerick city has risen by 4.2 percent to €200,000.