Property prices in Louth expected to remain largely stagnant

Residential property values are predicted to increase by just 0.5% in Co. Louth according to The Sunday Times ‘Nationwide Property Price Guide.’

The figure is the second lowest in the country after Monagahan where prices are predicted to remain stagnant with a 0% increase.

Although the majority of counties are predicted to experience growth in values, prices in Monaghan, Louth and Westmeath are forecast to remain largely static.

The report says that motivated first time buyers are taking advantage of government incentives to get their foot on the property ladder. 

However, many have reservations about the Vacant Property Refurbishment Grant given the 10-year occupancy clause or are underestimating the amount of work needed and the cost, while some are planning to tackle construction themselves.

It also found that returning emigrants with savings and cash buyers from Dublin and commuter counties are pricing out locals from the area. 

The report goes on to say that the National Broadband Plan has been a game changer for many rural counties as buyers seek more space, home office potential, and a better quality of life in rural counties and coastal areas. While second-hand bungalows are back on trend, appealing to downsizers in rural towns and villages across Ireland.

Overall nationally, it’s expected prices are set to rise even further this year, with estate agents predicting an average rise of 4.9% over the next 12 months.

Róisín Healy, Deputy Features Editor of Sunday Times Ireland, said:

“The rental crisis, the cost of building and renovation works and the persistent lack of supply is leaving the property market nationwide at a standstill. 

“This is having a real impact across all age cohorts and at every end of the market, as people struggle to rightsize. 

“This is affecting first time buyers, growing families and older people who wish to trade down. The scarcity of homes to buy and to rent is a massive concern across every county.”