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Brexit and Sterling to drive Donegal house prices 09.01.17

BREXIT and Sterling uncertainty will be the "main drivers" of Donegal house prices this year with price rises lower than the national average as a result.
A survey by the Real Estate Alliance Group (REA) has found that Donegal estate agents expect prices to rise by 2.5% on average in 2017 compared to the national average of 6.1%.
The latest REA Average House Price Survey reveals that prices in Donegal increased by a total of 3% over the past year bringing the average three-bed semi to €85,000.
The latest survey, meanwhile, showed that Donegal house prices rose by 11% in the last three months of 2016 compared to the same period in 2015. said the average asking price for a home across all categories now stands at €140,000 in Donegal.
REA McElhinney in Milford said supply in Donegal "remains an issue and if property is available, the demand will be there to meet it".
REA chairman Eamonn Spratt said: “The announcement of the easing of the Central Bank restrictions has given the market great short-term hope, but the real problem in the property lies in supply.
“The fact remains that builders will not create developments unless those properties can be sold for more than €200,000."
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