Newbridge house prices rising higher than other areas

Housing

Paula Campbell

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Paula Campbell

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paula@leinsterleader.ie

Newbridge house prices rising higher than other areas

File photo

House prices in Newbridge rose at a higher rate than in other Kildare towns in the first three months of this year

The price of the average three-bed semi in Kildare rose by 1.1% in the first three months of this year, according to a national survey carried out by Real Estate Alliance.

Kildare prices rose by 3.8% to €276,500 in the past year, the REA Average House Price Survey found.

Prices in Newbridge rose by 1.9% in the first quarter to €235,000, Naas is up by 1.1% to €175,000 while Celbridge and Maynooth have both risen by 1.02% to €298,000.

The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide to the close of last week.

“We are seeing consistent growth across the county, with this quarter continuing the trend,” said Brian Farrell of REA Newbridge and Naas.

“While we are seeing steady supply, the supply of second-hand homes is somewhat limited, partially due to an influx of new homes in the area.”

The average three-bed semi is on the market for seven weeks with no change across the county in the past three months.

The average semi-detached house nationally now costs €235,898, the Q1 REA Average House Price Survey has found – a fall of -0.16% on the Q4 2018 figure of €236,287.

The price of a three-bed semi-detached house in Dublin city has fallen by -1.7% since the end of December, wiping out the average €7,000 gains in value experienced throughout 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €437,500.

“Time taken to reach sale agreed in Dublin is now eight weeks – double that of a year ago –and reflects the difficulties that people are experiencing in obtainin

g a mortgage,” said REA spokesperson Barry McDonald.

“We are seeing an appreciable drop in people attaining mortgage approval – particularly for properties above €350,000 – which is creating a ceiling that is stifling the market.”

Prices also fell slightly by -0.3% in the commuter counties in the last three months – an annual rise of 2.7% – with the average house now selling for €248,750.