Mayo property prices rise €6,000 in past year

PROPERTY prices in Mayo have risen by €6,000 in the last year, according to the latest MyHome.ie Property Report in association with Davy.

The report for Q2 2018 shows that the median asking price for a property in the county now stands at €155,000. This is up €5,000 - or 3.3% - from the previous quarter but is also up 4% from €149,000 on this time last year.

The latest price increase has left the asking price for a home in the county at its highest level since it stood at €159,000 at the end of Q1 2013.

The latest price increase was reflected in relation to the asking price of a 3-bed semi-detached home in the county. This increased by 1.9% or €2,500 to €132,500 in the second quarter of the year and was also 2.5% ahead of this time last year when the median asking price stood at €129,250.

This latest rise in asking prices has left prices at their highest level for this house type since they stood at €139,000 at the end of Q4 2012.

There was a slight fall, however, in the asking price of 4-bed semi-detached homes in the county. These fell by 0.4% in the last quarter, down €500 to €139,000. This contributed to an annual decline of 0.7%, with prices now €1,000 short of 12 months ago.

The number of properties for sale in Mayo on MyHome.ie has increased by 5.1% in the last quarter but remains 5.6% behind where it was this time last year.

The average time to go sale agreed on a property in the county now stands at six and a half months.

Nationally, the report found that while house prices are continuing to rise the rate of inflation is slowing, due in the main to tighter bank lending.

Asking prices rose 7.2% in the year to Q2 2018 – the slowest pace of inflation in two years – and down from 9.5% in Q1. In Dublin, asking price inflation has slowed to 6.8%, down from 11% at the turn of the year.

The full report is available at www.myhome.ie/reports.