By Justin Kelly
Figures released over the weekend by the Irish Independent have revealed a 12% rise in house prices in Co. Offaly. The Irish Independent's ‘How Much Is Your House Worth 2015?’ survey showed property prices on the rise in all locations around the country. It is the first time since 2007 that house prices have risen or stabilised in every region throughout the country, and this is despite the fact that stricter bank lending rules is making credit more difficult to acquire for buyers.
Property Partners Richard Cleary was the assessing agent for the survey in Offaly, and Cleary expects prices to continue to rise throughout this year. A four bed semi-detached house in an Offaly town will cost an average of €146,500 this year, an increase of €13,000 from 2014. The same house is projected to cost an average of €160,000 in 2016 in the county. A similar house across the border in North Kildare will cost €300,000 this year, rising a further €15,000 in 2016.
Apartment prices are also on the rise in Offaly with a two bed apartment, which sold for an average of €32,000 in 2014, increasing in price to €55,000 this year. The price of this type of apartment is expected to rise above the €70,000 mark in 2016. In Tullamore alone, a town centre apartment has doubled in price in the last twelve months, and there continues to be a strong demand in this market.
Cleary sees growth in the buy-to-let market as well, and he has been encouraged by developers again looking to purchase land for development for the first time in a number of years. “I see the main threat to the stability of the market being a large influx of repossessed houses at knockdown prices,” Cleary said.
On the average prices calculated through this survey, an increase of 10% in house prices is predicted for the coming year in Co. Offaly
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