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Record House Price Increases In Cavan

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Record house price increases in Cavan

by Tom Carron

County Cavan had the second fastest growth rate in house prices in the country last year, according to a leading survey.

The 2005 year-end edition of the permanent tsb House Price Index - compiled in association with the ESRI - reveals that house prices in County Cavan grew by 14% during 2005 with the average cost of a home now costing €236,749.

House prices grew nationally by 9.3% during 2005. This compares to annual growth of 8.6% 2004.

Most house prices in the regions grew in line with national levels with border area counties experiencing the most notable growth. House prices grew annually in the border counties by 3% and have grown a staggering 189% in this region since 1996.

The average cost of a home in County Cavan in 2004 was §206,993, an increase of §29,756 from December 2004 to December 2005.

Significantly the index reveals that the rate of house price growth accelerated during the year – unlike previous years when price growth tended to moderate as the year progressed. Dividing the year into two reveals that the rate of house price growth rose at more than twice the rate in the second half of 2005 (6.7%) than in the first half of the year (2.5%), the equivalent rates in 2004 were 3.7% and 4.7% respectively.

The index also reveals that the cost of houses for First Time Buyers grew significantly faster than was the case for second-time buyers or indeed any other market sector. According to the index, the price of houses for First Time Buyers rose by 12.7% in 2005 compared to an increase of 8.3% for second time buyers. The average price paid for a house by a First Time Buyer is now just shy of a quarter of a million euro - some §249,499.

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  • 301 Brexit, House prices and Summer 2020

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