27 Jun 2022

Price of three-bed house in Limerick rose by nearly 5% last year

Price of three-bed house in Limerick rose by nearly 5% last year

Pat Davitt, IPAV Chief Executive.

THE PRICE of a three-bedroom house in Limerick rose by 4.57% in the last six months of 2021. 

According to the latest Residential Property Price Barometer by the Institute of Professional Auctioneers & Valuers (IPAV) prices increased by 12% on average across the country. 

The barometer captures house prices actually achieved by auctioneers for three and four-bedroom semi-detached homes and two-bedroom apartments.

Limerick saw a 4.4% increase in prices of four-bedroom houses and the cost of a two-bedroom apartment rose by 6.56%. 

Pat Davitt, Chief Executive of IPAV said that countryside living has been attracting more and more people. 

He said: "There is a myriad of factors impacting the market, with many buyers, particularly those with family connections to the country, now seeing living in the country as a realistic, more affordable option given the new hybrid working arrangements.”

"Coastal properties or unique properties are now attracting greater interest. Hence we are seeing the higher increases this time around in areas like Wexford, Clare, Mayo and Donegal."

Mr Davitt said supply is improving but so far not quickly enough. “We need to see measures that tackle severe planning impediments, the tax take on buying a home where mortgage holders borrow money and pay interest on those borrowings for the lifetime of the mortgage to cover upfront VAT charges.”

He continued: “Unless these issues can be dealt with without further delay, the storm clouds of rising inflation could scupper many prospective buyers. 

"While the ECB is not predicting an interest rate rise for 2022 if current high levels of inflation across the EU persevere that situation will no doubt change, hampering the ambitions of some buyers but also impacting house prices, which for now look like continuing on an upward trajectory,” he concluded.

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