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Kildare records increase in property prices

Prices are increasing.

Prices are increasing.

Asking prices for houses in Kildare showed further signs of stabilisation in the fourth quarter of the year, with the latest survey from property website MyHome.ie showing that the median price for a four-bedroom semi-detached home has risen by 0.9% to €219,950.

While that increase is modest, it means that Kildare is one of just five counties to have recorded a year-on-year increase in asking prices, with prices also up 0.9% on this time last year.

The asking price for a three bedroom semi in Kildare continues to fall, however, as it dropped by 2.7% in the fourth quarter to €160,000.

Despite this, the annual rate of decline is just 5.9%, which is one of the lowest for this property type nationwide.

Nationally the mix adjusted asking price continued to show moderation in the rate of decline, down 0.9% in Q4.

This is the lowest rate of decline in the past six years.

The mix adjusted asking price nationally now stands at €189K, down 5.6% on a year ago.

The annual mix adjusted asking price in Dublin rose by 2.4% last year – the largest annual increase in seven years. The average asking price in Q4 rose by 0.6% to €241K.

Angela Keegan, Managing Director of MyHome.ie said 2013 was a positive one overall for the property sector after six very challenging years and that prices looked set to rise further in certain urban regions

“People are looking ahead to 2014 with renewed confidence,” she said.

“It’s very heartening to see the median price of four bed semis rising or remaining stable in most of Leinster and Munster.

“We believe prices will continue to rise in key areas of Dublin, Cork and Galway in the coming year. In large part, this will be driven by the weak supply situation.

“The current price increases we are seeing in Dublin are unsustainable over the medium term and we don’t want to see the same pattern emerge in Cork and Galway. The banks also need to address the mortgage arrears issue and free up properties so people can get on the property ladder” Ms Keegan added.

The author of the report, Caroline Kelleher, from DKM Economic Consultants says the Dublin property market turned a corner in 2013, with prices first stabilising and then rising from Q2 2013 onwards.

However, she warned that prices around the country have yet to bottom out.

“The market turned in Q2 when the year on year change in mix adjusted asking prices in Dublin entered positive territory for the first time in six years,” she explained.

“While the rate of decline in prices nationally continued to moderate throughout 2013, price increases in the capital, due in large part to a shortage of supply, has meant the divergence between Dublin and the rest of the country is growing and looks set to widen further in 2014.

There is now a 28% price differential between mix adjusted asking prices nationally and in Dublin compared to a 17% difference a year ago” Ms Kelleher added.

The average time to sale agreed is three months in Dublin, five months in Galway, six months in Cork, seven months in Waterford and 10 months in Limerick.

 

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