House prices in Laois continue to soar

Property prices in Laois have risen by €10,000 during the second three months of this year, according to the latest MyHome Property Price Report. 

The report for the three month period, in association with Bank of Ireland, shows that the median asking price for a property in the county is now €225,000, which means prices have risen by €15,000 compared with this time last year.   

Asking prices for a three-bed semi-detached house in the county stayed steady over the quarter at €215,000. This means that prices in the segment have risen by €5,000 compared to this time last year.   

Meanwhile, the asking price for a four-bed semi-detached house in Laois rose by €14,500 over the quarter to €264,000. This price is up by €31,500 compared to this time last year.   

There were 118 properties for sale in Laois at the end of June, an increase of 11% over the quarter.  The average time for a property to go sale agreed in the county after being placed up for sale now stands at nearly two and a half months.

The author of the report Chief Economist at Bank of Ireland Conall MacCoille said: “Uncertainty following President Trump’s announcement of ‘Liberation Day’ tariffs hasn’t been sufficient to dent Ireland’s housing market. The average mortgage approval in May was up 6.7% on the year, while the typical residential transaction is being settled 7.5% above the original asking price. Meanwhile, one in six properties is sold by 20% or more over asking price, indicating that competition for homes remains fierce.

“Another factor at play is loosening of the Central Bank mortgage lending rules. The average first-time-buyer borrowed 3.4 times’ their income in 2024, up from a 3.2x multiple in 2022. This change has pushed up house prices by €15,000 to €20,000.” 

 Mr MacCoille said: “That said, the process of rising leverage may be coming to an end. The proportion of first-time buyers taking out a mortgage with a 3.5-4x loan-to-income (LTI) multiple is now steady, at just under 50%. If so, Irish house price inflation is more likely to return to mid-single digit territory.” 

 He warned: “Whatever the outcome for housing completions in 2025, it will fall well short of the 50,000-60,000 units required. Attention should focus on difficult problems surrounding build costs and the viability of apartment development in Ireland over the medium-term.” 

He said that newly introduced rent controls would likely serve to eliminate the two-tier rental market, as RTB figures from end-2024 show new tenants were paying on average €240 per month in rent more than those in existing tenancies.

Managing Director of MyHome Joanne Geary said: “The volatile geo-political climate in which we are living is particularly unhelpful for the economy. It is promising that, to date, the threat of US-EU tariffs does not appear to have had a major negative effect on the market, but it remains to be seen what the coming months will bring.

“As ever, we need to focus on what we can actually control, which means continuing efforts to significantly increase our national stock of properties, and urban apartments in particular.”