Mayo House Price Survey June 2020

The price of the average three-bed semi in County Mayo fell by 4.1% to €153,500 in the past year according to a national survey carried out by Real Estate Alliance.

Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the county remained unchanged over the past three months.

Prices for the average three-bed semi in Castlebar fell 4.1% to €153,500 over the year, with time taken to sell falling this quarter by one week to 13 weeks.

“Covid-19 restrictions have had an impact on the volume of sales, but pricing is steady and business has been encouraging since we reopened,” said Robert McGreal of REA McGreal Burke Castlebar and Westport.

“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated.”

Westport prices fell 6.7% to €235,000 in the last year, with time taken to sell falling by one week to nine weeks this quarter.

Prices in both Castlebar and Westport remained unchanged this quarter.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%. 

“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money,” said REA spokesperson Barry McDonald.

“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.

“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”