Property

Donegal house prices rise by over 5% in last three months

Still among cheapest in country

Staff Reporter

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House prices on the rise in Tipperary

The last three months has seen of house prices in Donegal by 5.6%, but it still remains one of the cheapest place to buy a home in Ireland, according to a new survey.
According to the latest Real Estate Alliance Average House Price Survey that despite the absence of sterling buyers because of Brexit and the exchange rate, prices in some parts of county Donegal have risen by an average of €6,250 since June, fuelled by an acute lack of supply of suitable properties.
This lack of supply has seen prices in Bundoran rise by €10,000 or 11% in the last quarter, they state
However, Donegal (€93,750) is still among the only three counties, Longford (€90,000) and Leitrim (€97,000), where properties can be still be purchased for a five-figure sum.
Brexit
“Brexit and the resulting exchange rate has reduced the number of sales to sterling-based clients. What is more, we see this situation continuing for the foreseeable future,” said Michael McElhinney from REA McElhinney in Bundoran.
Demand
In Milford, there is good demand for three-bad family home, but the lack of supply is still an issue, according to Paul McElhinney from REA McElhinney in the town.
The average semi-detached house nationally now costs €221,843, the Q3 REA Average House Price Survey has found – a rise of 3.1% on the Q2 figure of €215,269.
Overall, the average house price across the country has risen by 11.2% over the past 12 months – just under twice the 6% increase registered to the full year to September 2016.