DONEGAL HOUSES PRICES SHOW SHARP RISE FOR START OF 2015

first_imgHouse prices in Donegal have shown a sharp rise in the first part of 2015..The price of an average three bedroom semi detached house in Co Donegal has risen by 3.45% to €75,000 in the first three months of the year.It means an overall rise of 5.63% in the past six months, according to a national survey carried out by Real Estate Alliance. The Real Estate Alliance Average house index concentrates on Ireland’s typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.It now takes seven weeks to sell the average house in Bundoran, compared to 12 weeks in September 2014, where the rise in sterling has been a contributory factor in a 7.69% rise in prices in the first three months of the year to an average of €70,000.“The affordable end of the market is extremely busy with strong demand for homes priced up to €100,000,” said Michael McElhinney from REA McElhinney in Bundoran.“We see a shortage of supply at this end but the market remains quite buoyant and this is reflecting the sterling exchange rate.” According to Paul McElhinney from REA McElhinney in Milford: “There is still strong interest in three bed semis, with our average price at €80,000, and although supply has eased up, there is still a steady stream and demand has kept pace.“As a result prices are stabilised rather than rising although over the course of the year we may see a slight increase.”The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell. “In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“DONEGAL HOUSES PRICES SHOW SHARP RISE FOR START OF 2015 was last modified: April 20th, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:donegalfor saleHOUSE PRICESlast_img

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