7% Increase In Cost Of Midlands Home

A new report shows the average cost of a home is €273,000.

The price of a midlands home has increased by 7%-on-year.

The latest Daft.ie report shows the average cost of a home in the region stands at €273,000

Prices in Westmeath are nearing €300,000, according to the report, while the cost in Laois and Offaly is about €30,000 cheaper, respectively.

Author of the report, Economist Ronan Lyons, says it's a simple case of supply and demand:

The average cost of a newly-built home in the midlands is over €350,000.

Daft.ie's latest report shows Offaly offers the most expensive option for a new house, at €359,000.

While that figure is €357,000 in Westmeath, and €350,000 in Laois.

The report has also found the average price of a home in the region is up nearly 47% when compared to pre-Covid levels.

Mr. Lyons says the lack of supply is driving up prices:

An injection of new housing is needed in the market in the midlands and across the country.

That's the view of the CEO of the Institute of Professional Auctioneers and Valuers, Pat Davitt.

The Castlepollard man says vendors can still look for people who can afford a home without having a mortgage and this can push prices up:

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