Residential property prices in Westmeath declined by €5,000 during the final quarter of 2020, according to the most recent MyHome.ie Property Report in association with Davy.
The report for Q4 2020 shows that the median asking price for a property in the county is now €190,000. Prices have fallen by the same amount compared with this time last year.
Despite this, asking prices for a three bed semi-detached house in the county stayed steady over the quarter at €179,950. Prices for this house type are down €50 compared to this time last year.
Meanwhile, the asking price for a four bed semi-detached house in Westmeath stayed steady over the quarter at €215,000. This means prices in the segment were up €50 compared to this time last year.
The number of properties for sale in Westmeath on MyHome.ie fell by 4.5 percent in the last quarter and was down 16 percent on this time last year.
The average time for a property to go sale agreed in the county after being placed up for sale now stands at five months.
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The author of the report, Conall MacCoille, Chief Economist at Davy, said that house price increases were now likely in 2021.
“This quarter’s MyHome report points to an acceleration in annual asking price inflation to six percent, the fastest pace in almost three years. This pressure has not yet turned up in transaction prices, although the Central Statistics Office (CSO ) Residential Property Price Index (RPPI ) rose by 0.5 percent in October, the sharpest monthly increase in over one year. It is probably only a matter of time before the official measure of house price inflation accelerates.
“As we head into 2021, homebuyers have saved additional funds to purchase homes, with sentiment helped by the likely recovery in the economy as vaccines are disbursed. Given that homebuilding will remain impaired, with banks seeking lending opportunities, too much cash is chasing too few homes, which can only push prices higher,” Conall remarked.
“The property market mirrors the overall economy, and we are in a much better place now than we may have expected to be earlier in the year when the virus emerged. Government Covid-19 supports, increased mortgage lending, and the concentration of job losses among mostly lower-paid workers have ensured the property market has remained buoyant, while the ongoing issue of supply has exacerbated demand leading to a rise in house price inflation,” Angela Keegan, Managing Director of MyHome.ie, said.
Full details of the report can be found at www.myhome.ie/reports
