Cavan property prices set for 5% rise in 2024

Cavan house prices are being forecast to increase by an average of five per cent in 2024.

The study, which was carried out as part of the The Sunday Times Nationwide Property Price Guide, also reveals that on average house prices outside of Dublin are set to increase by an average of 4.9% in the next 12 months.

Kerry will see the sharpest spike in prices – as much as 15% – while prices in Kilkenny and Laois could see an increase of 10%.

Monaghan, Louth and Westmeath are the only counties where prices are expected to remain the same.

The latest CSO figures for the county town, Belturbet, and Cootehill show average property prices of €194,000, €164,000, and €160,500 respectively. If achieved, a five per cent increase, could see those prices rise above €200,000 in some places by this time next year.

In some counties, such as Wexford, Waterford, Mayo and Offaly, it is now generally cheaper to buy than it is to build a home.

Ballinlough and Model Farm Road in Cork (both €490,000), are among the most expensive areas for three-bed semi-detached houses. Greystones, Co Wicklow, is also on the pricey side (€605,000), as a popular commuter town.

The three most affordable areas for the same house are Mohill (€155,000) and Ballinamore (€160,000) in Co Leitrim, alongside Castlerea, Roscommon (€160,000).

In recent years, the government has introduced a number of schemes to make home ownership more achievable.

The age of the average first time buyer is now higher than ever at 35 years old and with house prices on a steady incline, many people still feel locked out.

Meanwhile, a chronic shortage of housing has pushed rents upwards leaving many renters in a position where they struggle to save enough for a deposit.