House prices fall in Donegal bucking national trend

By staff reporter

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House prices fall by 2% in Donegal

Donegal is the only county in the country where the price of houses have fallen in the final three months of 2017, according to the latest report from daft.ie. 

House prices nationally rose by more than €20,000 on average during 2017.

With prices stable in the final quarter of the year, this means that the average price was almost €241,000, 9.2% higher than a year ago.

Compared to their lowest point in 2013, prices nationwide have risen by an average of almost 47% or just over €76,500.

In Donegal, prices in the final three months of 2017 were 2% lower than a year previously, compared to a fall of 11% seen a year ago.

The average house price is now €137,000, 48% below peak levels.

Speaking on Highland Radio, Ronan Lyons suggested that the uncertainty relating to Brexit may be accountable for the fall. 

The number of properties available to buy on the market nationwide continues to fall. There were just over 21,000 properties on the market on December 1st, 2.6% lower than the same date a year previously.

The total number of properties available has now fallen year-on-year for 100 months, having been above 62,000 in late 2009.

Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “The main feature of the property market in 2017 was just how different the second half was from the first. The first half of the year saw prices jump by 9% in six months, as the relaxation of Central Bank rules for first-time buyers was factored into prices. But the second half of the year saw almost no change in prices, as those very same rules linking mortgages to the real economy placed a break on prices.

Martin Clancy from Daft.ie said “Interest and demand in the property market continues to grow. We are now seeing over 1,000 property searches taking place every minute on Daft.ie.”