Landlords leaving the market make up over half of Limerick house sales

The REA Average House Price Index showed that the majority of Limerick house sales were landlords leaving the market.

OVER half of all property sales in Limerick City in recent months related to landlords leaving the market, as the price of the average three bed-semi in Limerick reached €285,000, according to a new report.

According to a national survey by Real Estate Alliance (REA), 65 per cent of all sales in Limerick City related directly to landlords who wanted to leave the market.

An increase in stock was also seen locally, with Pat Dooley from REA Dooley claiming that the increase was “notable”.

“Quarter three has seen a modest increase in prices and also a notable increase in stock,” the local estate agent said.

The REA Average House Price Index report claims that the extension of the Rent Pressure Zone (RPZ) to cover all of county Limerick would lead to an increase of eviction notices countywide.

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“A notable decision to increase rent pressure zones to all of Limerick county as well as the city should see an increase in notices to terminate and a larger supply of rental houses coming to market,” Mr Dooley said.

While mortgage interest rates remained high, the report found that 75 per cent of buyers in Limerick city and county were first-time buyers.

The report highlights that it is currently a seller’s market in Limerick, with houses in the city selling in an average of three weeks.

In the county, the average selling time was four weeks.

Nationally, the average price for a three-bed semi-detached house had hit €301,370, breaching the €300,000 mark for the first time since pre-crash figures in 2007.

Waterford and Galway cities were the only Irish cities where prices remained the same.