House prices in NW to rise in coming year

House prices are predicted to increase across the region this year.

A survey was recently conducted by the Real Estate Alliance for the Irish Independent which found prices in Leitrim are expected to increase the most over the next year in the north west..

The price of a house in Co. Sligo is predicted to increase by 3% compared to 2020.

House prices in Donegal are predicted to increase by 4%.

Leitrim’s house prices are expected to increase by 5%, the largest increase in the region for 2021.

A range of factors are contributing to the increase, according to the Real Estate Alliance survey.

An increase in the quality of broadband in rural areas and a large uptake in remote working due to Covid-19 means that location is no longer as big a factor in where people choose to live.

Data from the Central Statistics Office shows that 2020 had the largest number of Irish people returning home from abroad in 13 years, a trend that is expected to continue this year.

While there is an increase expected nationwide, Brexit is set to prevent ‘runaway growth’ according to those surveyed.

Joe Brady, from REA Brady in Carrick on Shannon, Co. Leitrim, says there are three major factors contributing to the predicted increase.

Another factor that could contribute to people moving to rural areas is a proposal from Minister of State for Local Government and Planning, Peter Burke.

The Fine Gael Minister believes that cutting the Local Property Tax and other rates in certain parts of Ireland would encourage people to live in smaller towns and villages.

The proposal falls under the Town Centres First Scheme, which aims to make use of vacant land and buildings in towns and village.

Deputy Burke said that an inter-departmental group would report within 6 months on proposals for the policy.