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Brexit hits Donegal house prices
26.09.16
DONEGAL has been the
only county to register a post-Brexit decline in
house prices in the last three months, according to
a national survey carried out by Real Estate
Alliance (REA).
The REA said the price of an average three-bed semi
in Donegal dropped by 1.73% to €85,000 since the UK
voted to leave the European Union in June.
The REA Average House Price Survey concentrates on
the actual sale price of Ireland's typical stock
home - the three-bed semi - giving an "up-to-date
picture" this week of the property market
countrywide.
The REA said the "Brexit effect'" had been most
keenly felt in traditional holiday home spots such
as Bundoran where the average three-bed semi has
dropped by 3.41%. |
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REA agents in other
holiday home areas such as west Cork reported an
immediate slump post the Brexit announcement but
feel that the market has bounced back over the past
month.
The average three bed semi nationally now costs
€200,093, an increase of €4,732 (+2.42%) since the
end of June. This is a rise of 6.37% against the
same time last year.
“We are seeing little or no increase in supply
nationally, with an increase in funded buyers
fueling the market in the short-term,” said REA
chairman Michael O’Connor.
“Many of our agents are now reporting some buyers
are returning to the market having achieved a level
of savings and that there is an increase in
mortgage-funded purchases."
The alliance said the Central Bank’s mortgage
deposit rules are still being "keenly felt in the
commuter areas" with most rises occurring in towns
where three-bed semis are available for under the
deposit threshold of €220,000. |
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