April 12, 2021
Business News Property

Kilkenny house prices soar by 28%

County Kilkenny has just recorded the highest increase year-on-year in house prices in the country.

Some types of homes in Kilkenny have increased in price by more than 28% year-on-year according to the latest house price report released by Daft.ie today.

These increases can be explained by a shortage of houses coming to market and people having more expenditure due to the Covid-19 lockdowns.

The report showed huge price increases in all house types in Kilkenny over the past year. The average asking price of a house in Kilkenny now stands at €245,441.

One-bedroom apartments are up 22% year-on-year from €81,000 to €99,000. Two-bedroom apartments are up 21.6% from €104,000 to €127,000.

Three-bed homes have risen the least but are still up 17% on the prices at end of Q1 in 2020, from €147,000 to €172,000.

There has been a 22.1% increase in the price of four-bedroom homes in Kilkenny over the past year, rising from €290,000 to €357,000. While the largest jump has been seen a massive 28% hike in the price of five-bedroom houses from €303,000 up to €388,000 currently.

The report also reveals that house prices in Kilkenny are now almost double the price they were at the lowest point of the housing slump in 2013 – up 92.3%.

The total number of properties available to buy nationally on March 1 was less than 12,000, the lowest figure for stock nationally at any point since the start of 2007.

In explaining this strong increase in house prices, Ronan Lyons, Associate Professor in Economics Trinity College Dublin and author of the report said: “In the year to the end of February, there were 45,700 properties advertised for sale. That is down by a full third on the nearly 69,000 advertised during 2019.

“While many people have had their jobs or even businesses wiped out, for huge swathes of the economy, their incomes have stayed the same and their expenditures have gone down. As a result, those homes that are coming on to the market are easily finding buyers.

“There were fewer than 12,000 homes available to buy on March 1 this year, down 40% on the already very low level seen a year ago,” Ronan Lyons concluded.

 

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