Despite fears of a downturn in the market during the COVID-19 crisis, the price of a three-bedroomed semi-detached house in Westmeath remained unchanged over the past three months, according to a national survey carried out by Real Estate Alliance.
The price of the average three-bed semi in the county rose by 2.6 percent to €195,000 in the past year, the REA Average House Price Survey found.
“We are extremely busy, with no negative effect from COVID-19,” said Donna Hynes of REA Hynes, Athlone, where the average time taken to sell increased by a fortnight this quarter to seven weeks.
“We are seeing that all ends of the residential sector are strong, with excellent sales on new homes.”
The REA Average House Price Survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15 percent over the past three months to €234,667, an annual decline of -0.56 percent.
“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated.
“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.
“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.
“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown,” said REA spokesperson Barry McDonald.
