Latest reports show further house price rises

A number of reports published show Cavan's house prices continue to rise.

House prices in Cavan continue to rise, with the county seeing one of the largest increases in one of the latest property surveys.

The myhome.ie report for quarter two shows prices locally now stand at an average of €190,000, up 13.43% on the same period last year.

That’s the fourth highest percentage increase in the country, behind only Wexford, Donegal and Roscommon.

Surrounding counties also saw increases, with Carlow the only area to see a drop in prices over the past year.

Meath rose by 7.6% to €285,000 on average, Leitrim was up 10.7% to €165,000 and Westmeath prices have reached €200,000 after an 8.1% increase. Monaghan also saw a sizable increase at 12.1% to stand at €185,000 on average.

Of the counties to see price increases, Longford saw the smallest in the country at 0.82% to €119,975. Prices nationally rose by an average of 4.9%.

In Cavan, a two-bed apartment will set you back an average of €97,500, while a four-bed semi-detached house will cost an average of €197,000.

While prices have risen over the past year, a comparison between the first and second quarter of this year shows no change in average prices across Co Cavan.

Cavan saw a 15.3% increase year-on-year according to the latest Daft.ie report. Average prices locally have now passed €200,000 according to that report and now stand at €201,559.

Again, Cavan saw one of the largest rises in average prices. Donegal and Leitrim had the highest at 19.1% and 19% respectively.

Economist Ronan Lyons, who drew up the report for Daft.ie, says with the rise in prices in Dublin slowing as people looked to move out of the city during the pandemic, there has effectively been a “levelling off” in average prices across the country.

“This in effect means that there has been a levelling off in overall inflation since the bottoming out of prices between 2012 and 2014. Pre-covid, Dublin had seen prices rise overall by 69% from their lowest point, while prices in Cavan had increased by just 53%. Now both counties have seen cumulative increases of 95%.”

He forecasts rising interest rates will have the biggest impact on prices going forward, with increasing mortgage rates tempering supply.

Prices rose by 7% in the last three months when compared with the first quarter of the year according to the latest Real Estate Alliance report also released this week.

Average prices across Cavan in that report stand at an average of €168,000, well below the other reports.

Prices in Cavan town rose by €10,000 to €185,000, an increase of 5.7% in the quarter. In Ballyconnell, prices also rose by €10,000 to stand at €150,000, representing an increase of 7.1%.

In Ballyconnell, first time buyers represented 70% of sales, while 30% of total buyers came from outside the county. It’s a similar situation in Cavan town where 75% of sales were to first time buyers and 25% of buyers came from outside the county.