Offaly property prices soared in final months of 2020 despite pandemic

Property prices in Offaly increased by 6.45% during the final quarter of 2020, according to the latest MyHome.ie Property Report in association with Davy.

The report for Q4 2020 shows that the median asking price for a property in the county is now at €165,000.

The author of the report, Conall MacCoille, Chief Economist at Davy, said that house price increases were now likely in 2021.

“This quarter’s MyHome report points to an acceleration in annual asking price inflation to 6%, the fastest pace in almost three years. This pressure has not yet turned up in transaction prices, although the Central Statistics Office (CSO) Residential Property Price Index (RPPI) rose by 0.5% in October, the sharpest monthly increase in over one year. It is probably only a matter of time before the official measure of house price inflation accelerates.

“As we head into 2021, homebuyers have saved additional funds to purchase homes, with sentiment helped by the likely recovery in the economy as vaccines are disbursed. Given that homebuilding will remain impaired, with banks seeking lending opportunities, too much cash is chasing too few homes – which can only push prices higher.”