€25,000 wiped off asking price of Kilkenny houses: report

The average asking price of a house in Kilkenny has plummeted by €25,000 in the last year – the largest recorded drop of any county in Ireland, accroding to a new report.

The stark figures are revealed in the latest house price report from MyHome.ie which examines the national housing market for the final quarter of 2020.

The report shows the average price asked for a home in Kilkenny was €175,000 in the last three months of 2020, down from €200,000 in the same quarter of 2019 and a 12.5% drop year-on-year.

In the final three months of 2020, the average asking price fell by almost 6% in Kilkenny, the largest drop of any county.

Kilkenny is just one of five counties that recorded a drop over the same period. The others include Limerick (4.8%), Monaghan (3.4%), Sligo (0.7%) and Westmeath (0.03%).

Kildare, Meath and Leitrim remain unchanged, while every other county recorded an average asking price increase – in Kerry it was up by 15%, while the annual asking price inflation rose by 6.3% nationally.

Commenting on the fidings, Davy Chief Economist Conall MacCoille said: “This quarter’s MyHome reports points to an acceleration in asking price inflation to 6% in the final quarter of 2020, the fastest pace in almost three years.

“This trend confounds warnings made early in 2020 that Ireland’s housing market could suffer ‘double-digit’ price declines. Ireland is not alone in this regard.

“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.”