House Prices in Ballinasloe

House Prices

Average house prices in County Galway fell in the first quarter of 2021 compared to the same time last year by 2% with an average price of €205,837.7

According to houses for sale in Ballinasloe online today, house prices vary with four-bedroom homes on the market varying from €160,000 to €235,000.8 For many, affordability is a major challenge as they struggle to rent at enormous cost and are therefore, unable to save a deposit to buy their own home. Banks will not consider lending without at least 10% of a deposit of the sale price and due to unprecedented demand for housing, especially during Covid-19 many houses are being sold for above the asking price which puts the true cost further out of reach. Both rent prices and demand are driving up house prices which is making it almost impossible for First Time Buyers.

Recommendations:

 Government must recognise that delivering social and affordable housing and addressing the crisis in the rental sector will reduce the pressure that is pushing up house prices.  Double direct capital investment in public housing to meet social and affordable need to at least €2.8 billion annually  Agree annual targets for the delivery of affordable cost rental and affordable purchase homes with Galway County Council, including those to be delivered by Approved Housing Bodies, Co-operatives and Community Housing Trusts

7 https://ww1.daft.ie/report/2021-Q1-houseprice-daftreport.pdf?d_rd=1 8 https://www.daft.ie/property-for-sale/ballinasloe-galway?pageSize=20&from=0