House prices are expected to increase by up to 10 percent in some parts of the country – more bad news on the way for those trying to get on the property ladder this year.
Estate agents are predicting an average increase of seven percent in values nationwide for 2025, the Irish Mirror reports, with a jump of up to 10 percent expected in Cork City, Sligo, Donegal, Kilkenny, Laois, Leitrim, Offaly, and north Wicklow.
But lower price increases of between three percent and five percent are expected for Co Cork, as well as counties Carlow, Clare, Galway, Limerick, Louth, Meath, Roscommon and Tipperary.
The price rises are being put down to the lack of supply but on the plus side the overall increase is unlikely to match 2024’s average rise of 10.3 percent.
Mohill, Ballinamore and Ballyconnell are among the most affordable areas for three bed semi-detached houses, according to the Sunday Times Nationwide Property Price Guide. The report states the scarcity of houses and apartments, falling interest rates and increased competition for property will continue to push up house values in 2025.
Despite claims that immigration has no bearing on the housing market the Sunday Times Property Guide reveals that Asian buyers are active in Galway City and counties Roscommon and Cavan, with many workers from Cavan General Hospital purchasing homes.
The Guide’s editor Sorcha Corcoran said: “The property market around the country last year was a classic case of the law of supply and demand in action.
“Home buyers were out in force competing for the disappointing amount of new-builds and second-hand properties that went up for sale. The net result – combined with other factors such as population growth and high employment – was higher-than-expected hikes in prices everywhere.”