House prices could rise by 10 percent in Galway city this year

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House prices could continue to see a meteoric rise this year by as much as 10 percent according to estimates.

The Sunday Times Property Price Guide 2019 is predicting that house prices in Galway city will rise between 8%-10%, with an average cost of €250,000 for a house.

Out in the county the guides predicts lower, but still substantial increases of up to 5%.

It predicts averages prices to vary significantly from town to town in county: Tuam (€146,000), Clifden (€102,500), Loughrea (€156,000).

In 2018 the average price of a house rose by 10.3 percent, while apartment prices went up by nearly 15 percent according to the guide, driven by investor activity.

It says the rising prices have been driven by low mortgage rates and on ongoing issue with low housing stock.

While the number of homes being built is starting to climb, its still not matching the 35,000 needed each year to meet demand.

Standard & Poor’s said house building was up 30% in the first half of 2018, but supply and demand aren’t expected to start to equalise until 2021.

Whereas previously growth had centred on Dublin, according to the guide last year prices increases in the rest of Ireland outstripped the capital.

Average house prices rose by 8.4 percent nationwide, but when you take Dublin out of the equation that goes up to 10.6 percent.

The county which is predicted to see the biggest jump in prices this year is Westmeath, where it’s estimated that a house in Athlone will cost and average of €165,000.

Overall prices are expected to go up by an average of 8 percent nationwide, more than twice the prediction for the capital.

However it warns that all of this is up in the air until the end of March, when the outcome of Brexit could stabilise fears, or plunge markets into chaos.

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